Another Latvian exploration license for PKN ORLEN
The company SIA Balin Energy, a joint venture of PKN ORLEN and Kuwait Energy Company has obtained the second exploration and production license for its activity in the Latvian Baltic Sea economic area. The decision has been announced today by the Latvian government in the Official Journal of the European Union.
The granted license concerns the area about 80 km to the west from Liepaya, in the direct neighbourhood of the exploration and production license no. 1, obtained by SIA Balin Energy in 2008.
Winning of the tender is of great importance for future operations which the partners plan to undertake in the Baltic Sea region. The obtained license brings PKN ORLEN closer to the first exploration of crude oil from sea deposits.
"The particularly important aspect of this project is the geographical location of deposits that will enable us to directly supply our refineries in Poland and Lithuania. The fact that we gained another license proves that we are prudently and at the same time unwaveringly heading towards widening of our capabilities and powers in the field of exploration and production" - says Jacek Krawiec, the President of PKN ORLEN Management Board.
SIA Balin Energy is a joint venture of PKN ORLEN SA and Kuwait Energy Company in which the partners have 50% of shares each. On the part of PKN ORLEN SA the project is implemented by its affiliated company ORLEN International Exploration & Production Company bv, whereas on the part of Kuwait Energy by the company KEC Netherlans Cooperative.
