PKN Orlen probes Baltic oil and gas

Pharma

Polish energy giant PKN Orlen has launched a search for oil and natural gas on the Baltic Sea’s Latvian shelf, local media reported. The search is being undertaken on a concession belonging to Balin Energy, a joint venture of which the major shareholders are PKN Orlen and Kuwait Energy Company, Netherlands Cooperatief U.A.. “The search for and extraction of crude oil and natural gas is one the pillars of the strategy adopted by PKN Orlen last year,” Jacek Krawiec, chief executive of PKN Orlen said in a statement sent to the Polish Press Agency (PAP). Drills are being carried out from the so-called Ocean Nomad rig, which was towed into place about 104 km (64 miles) off Latvia’s western coast on 10 May.

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