Starting from 2010 oil in Latvia will be extracted for sale instead of testing. Balin Energy Polish-Kuwaiti joint venture obtained the third license for exploration elaboration within Latvian waters and it is getting ready to produce oil, informed, Baltic-course.
As per NRA newspaper, in October oil field exploration stage is to be completed.
Oljeprospektering Aktiebolag (Sweden) is another company that obtained license for exploration and development of oil fields in the sea. This company was the first to get license in 1996, but it hasn’t started production due to absence of contract on maritime boundary signed between Latvia and Lithuania.
There are another two companies implementing oil extraction projects within land territory of Latvia.
As per the State geological service, the volumes of Latvian oil resources amounts to 145 million tons, but the extraction volumes can be technically greater.