LOTOS Group’s reserves
Ample oil and gas resources
A well-diversified portfolio of production licences is what gives us a competitive advantage. Our hydrocarbon exploration, production and sale operations are located in Poland (mainly crude oil and small quantities of associated gas), Norway (gas and condensate, i.e. light crude), and Lithuania (crude oil).
At the LOTOS Group, the E&P activities are carried on through LOTOS Petrobaltic S.A. and its subsidiaries, LOTOS Exploration and Production Norge AS and AB LOTOS Geonafta.
LOTOS Petrobaltic Group’s crude oil and natural gas resources as at December 31st 2015
| Classification | Crude oil [million tonnes] |
Natural gas [bcm] |
in [million boe*] equivalent |
|---|---|---|---|
| 2P - proved and probable reserves (according to the SPE 2007 international classification) | 6,724 | 2,755 | 66,834 |
* Barrels of oil equivalent
Crude oil and natural gas resources as at December 31st 2015, by country
| Volume | Crude oil | Natural gas | Total | ||
|---|---|---|---|---|---|
| [million tonnes] | [million boe] | [billion m3] | [million boe] | [million boe] | |
| Poland | 4.815 | 37.38 | 0.509 | 3.2 | 40.581 |
| Norway | 0.982 | 4.99 | 2.246 | 14.125 | 19.115 |
| Lithuania | 0.927 | 7.138 | n.m | 0 | 7.138 |
Production volumes of crude oil and natural gas as at 31 December 2015 by country
LOTOS Petrobaltic Group’s production volumes in 2015
| LOTOS Petrobaltic Group's production volumes in 2015 | Crude oil [million tonnes] |
Natural gas [billion m3] |
Total [million boe] |
|---|---|---|---|
| Poland | 0.162 | 0.018 | 1.374 |
| Lithuania | 0.063 | n.m. | 0.486 |
| Norway | 0.316 | 0.981 | 2.484 |
| Aggregate production in LOTOS Petrobaltic Group for 2015 |
0.541 | 0.999 | 4.344 |
Production volumes of crude oil and natural gas as at 31 December 2014 by country
LOTOS Petrobaltic Group’s production volumes in 2014
| LOTOS Petrobaltic Group's production volumes in 2014 | Crude oil [million tonnes] |
Natural gas [billion m3] |
Total [million boe] |
|---|---|---|---|
| Poland | 0.160 | 0.018 | 1.352 |
| Lithuania | 0.070 | n.m. | 0.537 |
| Norway | 0.075 | 0.221 | 1.957 |
| Aggregate production in LOTOS Petrobaltic Group for 2014 |
0. 305 | 0.239 | 3.846 |
Criteria and methodology used in the calculations: volumetric method, mass-balance approach and Monte Carlo method; resource audits carried out by external auditors.
