Another off-shore exploration concession in Latvia
Balin Energy, a 50-50 joint venture between PKN ORLEN and Kuwait Energy, has received in Riga (Latvia) the crude oil exploration and production concession in the Latvian off-shore economy zone of the Baltic Sea. Together with the concession which was won in 2008, Balin Energy operates in the area of approximately 900 km2.
- We are getting closer to the first upstream undertaking of the Baltic sea. According to specialists this will happen in 2014. So far, we have invested several million Polish zlotys of concessions in Latvia. For obvious reasons, we are focusing on projects which are less financially consuming, but which give us a chance to obtain a necessary knowledge - said Jacek Krawiec, President & CEO of PKN ORLEN.
In addition to the off-shore projects in Latvia, PKN ORLEN also conducts PGNiG joint energy and exploration projects in Poland.
