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PKN Orlen and Kuwait Energy to explore oil and gas off Latvian coast
Petras Vaida, BC, Vilnius, 10.04.2008.
Print version
Print versionPoland's largest oil company PKN Orlen (PKN) has teamed up with Kuwait Energy to buy a company with concessions to search for oil and gas in the Baltic Sea off the coast of Latvia, the Polish company informed LETA--THOMSON FINANCIAL.
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PKN agreed to buy a 50% stake in Odin Energi Latvija for USD 950,000, giving the company a 45% share in concessions to search and drill for oil and natural gas in Latvian economic zone on the Baltic Sea.
Kuwait Energy Company will take the remaining 50% stake in Odin Energi Latvija through its Netherlands-based subsidiary.
The Polish state-controlled refiner has so far had little success in trying to secure its own oil deposits and reduce near total dependence on crude imports from Poland's eastern neighbor Russia.
PKN plans to spend USD 130 million annually through 2009 on upstream assets and expects to boost its crude oil production to 4.3 million tons of crude in 2015 from zero right now.
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