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Polish firm involved in new oil extraction venture on Norwegian Continental Shelf

The oil production on the Yme field on the Norwegian Continental Shelf, a site in which Lotos Norge, the Norwegian branch of the Lotos Group, has 20 percent of operating interests, has started, the company announced on Monday.

The total resource potential of the Yme field is approximately 63 million barrels of oil, and in the next 5 years, the average production should reach 5,000 barrels a day. This translates into a resource potential of 12.5 million barrels for the Lotos group.

“Effective management of resources in various locations is another element of diversification and increasing Poland’s energy security,” said the Vice-President of Lotos for Investments and Innovation, Jarosław Wróbel. He expressed hope that this investment will be beneficial not only for the concern, but also for the entire Polish economy.

The Yme field was discovered in 1987. It is located in the North Sea, some 130 km off the coast of Norway. The field is operated by Repsol Norge. The deposit development project is a brownfield investment, which includes both the reuse of the existing infrastructure and the design and construction of new facilities.

The Yme project is implemented on the basis of a new field development plan, which was approved in March 2018. As Lotos also recalled, Lotos Norge has so far extracted natural gas and condensate from deposits in the Heimdal and Sleipner areas, where the company could have counted on approximately 13,000 barrels of oil equivalent per day.

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