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Swedish oil could supply one fifth of nation's demand

Around 50,000 barrels of oil a day could be extracted in the Swedish area of the Baltic Sea, enough to cover 20% of Sweden's needs for 20 years, local media reported on Friday.

Test-drillings close to Gotland and the mainland have showed clear traces of oil. Now Swedish company Oljeprospektering AB plans to carry out a detailed search of the sea bed in the Swedish economic zone in the Baltic, Swedish news agency TT reported. Poland already pumps between 15,000 and 20,000 barrels a day from its economic zone. “We have indications that there is significantly more oil on the Swedish side,” said Torgny Berglund, CEO of the prospecting company. The company aims to start test drilling in 2008. Only when this is complete will it be possible to take a view on whether Swedish oil extraction can be profitable, according to the TT. (