Independent Driller Discovers Poland's Biggest Offshore Oil Reservoir

 

An independent Canadian E&P firm has discovered what it believes to be the largest offshore oil find in the nation's history. Though modest by global standards, it sets a new bar for oil and gas prospects in the Baltic.

According to Norwegian-owned, Calgary-headquartered driller Central European Petroleum (CEP), a new well near Wolin Island uncovered a reservoir with up to 22 million tonnes of oil (about 160 million barrels) and five billion cubic meters of natural gas. This is among the largest conventional oil discoveries in Europe in years. Across the rest of CEP's 600-square-kilometer concession area, it estimates that it has rights to another 11 million tonnes of oil and another 22 billion cubic meters of natural gas. CEP owns 100 percent of the Wolin lease area concession and has held the license since 2017. 

The new well appears to contain enough oil to double Poland's reserves. Poland produces about three percent of its own oil, and 20 percent of its own natural gas, according to the IEA; the new find would make a minor contribution to energy self-sufficiency, but if it were replicated in other areas of the underexplored Polish EEZ, it could make a significant difference, Poland's chief national geologist Prof. Krzysztof Galos told TVP. 

"It is also a positive investment signal that there could be more of these deposits, that it pays to look for raw materials in our basin, so who knows if there won't be more news on this from other investors," energy analyst Wojciech Jakóbik told Euronews. "This is further evidence that we have a change in Europe. Tough security is making us look again more favorably at gas and oil extraction."

Poland's foreign minister added that the discovery may even be a sign of divine favor, as it follows a string of other good news for Poland. In a social media post, minister Radoslaw Sikorski suggested that the successful drilling results mean that "God probably really loves the [coalition] government."