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The extraction of the Lotos Group increased by 15% y/y to 23.54 thousand boed in Q1 2020
Author:Mariusz Dasiewicz
The extraction of hydrocarbons in the Lotos Group averaged 23,539 barrels of oil equivalent per day (boed) in the first quarter of 2020, i.e. 15% more than a year earlier (20,512 boed), the company reported. Start of form
From this, mining in Norway amounted to 18.9 thousand boed, including 10.8 thousand boed on the Sleipner project, 6.1 thousand boed on the Utgard project and 2,000 boed on the Heimdal project, in Poland 4.9 thousand boed, including 3.8 thousand boed on the B8 deposit and 1.1 thousand boed on the B3 deposit, and in Lithuania 0.6 thousand boed, were given in the resultant presentation for the first quarter.
Total sales of hydrocarbons in the first quarter amounted to 2 million barrels of oil equivalent, compared to 1.6 million boe a year earlier, were also reported.
The sales structure accounted for 50% of oil and natural gas, while on average in 2019 oil accounted for 58% and gas was 42%.
The confirmed reserves of 2P of the company at the end of the first quarter of 2020 amounted to 79.2 million boe, compared to 81.3 million boe at the end of 2019, also according to the presentation.
The Lotos Group is a vertically integrated oil company that deals with the exploration and extraction of oil, its processing and wholesale and retail sales of high quality petroleum products. Consolidated sales revenue reached PLN 29.49 billion in 2019.
Source: ISBnews
