Poland's second-biggest oil refiner Lotos has launched test production at its oil field at the Baltic Sea, the group's key upstream project, the company said on Oct. 6.
The B8 field is estimated to have about 3.5 million tonnes of oil where Lotos has said it plans to produce ultimately some 250,000 tonnes.
Lotos Chief Executive Pawel Olechnowicz said last month that commercial output at the B8 field would be launched in 2016.
After commercial output begins, the company has said B8 would produce up to 5,000 oil barrels per day to be the third biggest production field in Poland. Lotos is now producing 24,000 barrels a day.
Recommended Reading
Oil and Gas Investor A&D Trends: A&D Relapse
If dealmakers can get over the past year, with its misery as treacherous and deep as a river of mud, they may find a promising market in the months ahead.
Apache Gains $147 Million from Change in Natgas Hedging Before Texas Freeze
Analysts at Cowen & Co. boosted their earnings estimates for Apache due to better-realized pricing, notably in gas that “reflect greater exposure to daily pricing versus bid week.”
California Resources Appoints TJ Cepak as Board Chairman
The appointment of Tiffany “TJ” Thom Cepak as board chairman replaces Mark A. “Mac” McFarland, who was named as permanent president and CEO of California Resources last month.