A major oil discovery offshore Poland was revealed on Monday by the Canadian exploration and production company based in Calgary, Central European Petroleum (CEP).
Central European Petroleum z o.o. (CEP) has announced a significant oil discovery (33.4 API oil) in the 100% owned and operated Wolin East 1 (WE1) well, located in the Baltic Sea approximately 6 km offshore from the city of Świnoujście.
The Canadian explorer and producer on Monday said the oil discovery in the 100%-owned and operated well, is a “historic moment,” for both Central European Petroleum and Poland’s energy sector.
According to CEP, the Wolin East oil discovery is estimated to contain mean recoverable oil, sales gas and natural gas liquids totalling 200 million barrels of oil equivalent (mmboe).
The company said the oil and gas resources in Wolin East constitute the largest conventional hydrocarbon field yet discovered in Poland, and one of the largest conventional oil discoveries in Europe in the past decade.
The well was drilled using a jack-up rig in waters 9.5 meters deep and reached a vertical depth of 2715 meters.
“Tests confirmed a 62-meter hydrocarbon column and excellent reservoir properties for oil and gas production in the Main Dolomite geological formation,” CEP pointed out in its statement.
Chief executive of CEP Rolf G. Skaar said he believes Wolin East is more than just a promising field – “it represents a shared opportunity to unlock the full geological and energy potential of the Baltic Sea.”
“We are advancing conceptual infrastructure development studies utilizing the latest technology and Wolin East is poised to become a vital component of Poland’s domestic energy portfolio,” added Skaar.
Central European Petroleum Ltd. is a Canadian exploration and production company based in Calgary. The majority of its ownership is held by Norwegian investors.
According to CEP, its subsidiary CEP Central European Petroleum Sp. z o.o. holds the Wolin concession in northwestern Poland and serves as its operator.
“The Wolin concession was granted to CEP in 2017 after the Polish Ministry of Environment issued a public tender in 2016 as part of the first licensing round,” the company said, adding that, “CEP Central European Petroleum Sp. Z o.o owns 100% of the Wolin license.”
Source: Central European Petroleum (CEP). For more information pls see here.
