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Lotos E&P in new Polish gains off Norway


Published Aug 26, 2008
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Lotos E&P

Polish oil company Lotos Exploration & Production has secured a foothold off Norway by farming into the acreage of locally based oil company Noreco.

Lotos penned a deal Tuesday to pay 60 percent of the costs related to a recent survey of production license PL 455 in exchange for a 20 percent stake in the acreage.

Noreco is operator of the license and retains its 50-percent interest after the farm-in deal.

It’s the second big acquisition by a Polish oil company off Norway in the past year, after PNGiG acquired a stake in the Skarv and Skadd gas fields in November 2007.

Tags: Lotos E&P, PNGiG




   

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