LOTOS Exploration and Production Norge AS has entered into an agreement with ExxonMobil Exploration and Production Norway to acquire a portfolio of assets in the Sleipner gas field located in the North Sea.
The Extraordinary General Meeting of Grupa LOTOS S.A. to be held on September 8th 2014 will decide whether to approve increasing the Company's share capital by issuing new shares, which would be offered to the Company’s existing shareholders. LOTOS expects to raise approximately PLN 1bn through the issue. The proceeds will be used to finance the Company’s strategy, which envisages further investments to increase the refinery's complexity and step up hydrocarbon production. How much money is obtained from the issue will depend on the macroeconomic climate, capital market conditions, demand for the shares, and final terms and conditions of the offering.
LOTOS Exploration & Production Norge and PGNiG Upstream International have signed a letter of intent for collaboration in projects on the Norwegian Continental Shelf. The companies are to work together in the review and pursuit of potential acquisitions, and will participate together in licensing rounds held by the Norwegian Ministry of Petroleum and Energy.
Following the drilling of an exploration well in the Trell prospect, the presence of crude oil was confirmed in the PL 102F licence area. LOTOS Exploration & Production Norge holds an interest in this licence, acquired in 2013 as part of the Heimdal portfolio. This marks the first time oil has been discovered in a Polish-held Norwegian licence area.
Lotos Exploration & Production Norge AS has been awarded two new production licenses on the Norwegian Continental Shelf. The offers were issued on the 21st of January after the authorities had evaluated applications from 50 companies in the Awards in Pre-defined Areas (APA) 2013.
LOTOS Exploration & Production Norge, which had entered into an agreement with Centrica Norge on the acquisition of the Heimdal assets on the Norwegian Continental Shelf, has received clearance from the Norwegian authorities to finalise the transaction. All conditions precedent of the agreement have now been met.
LOTOS Exploration & Production Norge (LOTOS), a subsidiary of the Polish energy corporation Grupa LOTOS S.A., has reached an agreement with Centrica Energy Norway, a subsidiary of the UK based Centrica Plc., to acquire shares in 14 licences on the Norwegian Continental Shelf, including one operatorship. The package of oil and gas assets includes producing fields, developments, discoveries and exploration prospects.
Spring has greeted us with snow and blizzards. The atmosphere offshore – 80 km distant from the mainland – makes both working and rest conditions far more difficult than usual for this time of year. The weather now is not very different from the wintery conditions here, a fact documented in photos just a few days ago.
On March 12th 2013, Talisman Energy (operator of the Yme field) and SBM Offshore (owner of the MOPU - Mobile Offshore Production Unit) announced that a settlement had been reached to remove the defective platform from the Yme field.
LOTOS Geonafta, a company owned by LOTOS Petrobaltic, has been contracted to supply crude oil to the Gdańsk refinery. The contract has just be concluded for an indefinite period of time. Its value over the next five has been estimated at PLN 822m.
November 28th 2012 saw the consummation of an agreement whereby LOTOS Geonafta acquired the remaining 50% interest in Manifoldas. LOTOS Geonafta, which had held a 50% interest prior to the transaction, took full control over the company. Manifoldas is a successful player in Lithuania's hydrocarbon exploration and production sector. The company produces approximately 30 thousand tonnes of crude a year.
The cooperation between PGNiG and the LOTOS Group in oil and gas exploration is gaining speed. First exploration work will be carried out in four of PGNiG's licence areas situated in the region of Pomerania.