Petrobaltic to Begin Production at Two New Fields

Petrobaltic plans to begin oil production at two new oilfields: B8 and B23, the estimated reserves of which are approximately 16 million cubic meters of crude oil. Both fields are located in the Polish economic zone of the Baltic Sea.

B8 oilfield

The B8 oilfield is located nearly 68 km from the coast, off the Hel peninsula, and lies 2.1 km below the seabed. The field development plan assumes that crude oil will be produced through three production wells, from a drilling rig located in the centre of the reservoir area. The procedure whereby the company is to obtain an exploitation license is underway; it is expected to be completed in a few weeks.

The field is planned to be commercially operational from 2008 for ten years.

The surveys and analyses of the B8 reservoir conducted prior to the extended production test revealed that reserves amount to almost 1 million cubic meters of crude oil with more than 100 million cubic meters of natural gas. However, the initial production shows that the reserves of crude oil in the reservoir may be larger than expected.

The crude oil and accompanied natural gas extracted from the reservoir will be delivered to the B3 field's "Baltic Beta" Production Center via an undersea pipeline approximately 35 km. Then the separated oil will be delivered onshore by tankers, while the pre-processed natural gas will be delivered by undersea gasline to Elektrociepłownia Władysławowo (CHP plant) to be used in the production of electricity, heat and LPG.

B23 oilfield

Furthermore, Petrobaltic is preparing to develop a new reservoir named B23 within the area of "Gotlandia" exploration license, approx. 135 km north off Gdansk. Geological surveys revealed hydrocarbons reservoir lying approx. 1.6 km below the seabed; the sea depth is 105-125 meters. Based on the surveys, the recoverable reserves are estimated at approx. 15 million cubic meters.

Exploration and appraisal wells are planned to be drilled from 2010. If the reserves are confirmed , field development, including extended production test, drilling of production and injection wells will be managed in 2011-2018. In accordance with the current plans, the field will be in production until 2033.

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