Grupa LOTOS S.A. - Integrated Annual Report 2012
Exploration and production
The LOTOS Group views further development of the exploration and production segment as a priority. The LOTOS Group’s development directions until 2020 provide for:
- Increased production of hydrocarbons to approximately 100,000 boe/day (equal to 5m tonnes of crude a year),
- Access to proven recoverable reserves of hydrocarbons of approximately 330m boe in 2020.
Strategic objectives for the exploration and production business are achieved through:
- Continued operations in the Baltic Sea, in Lithuania, on the Norwegian Continental Shelf and in the North Sea,
- Acquisition of hydrocarbon deposits with a low or moderate risk profile,
- In the short term, projects in their final stage of development and/or in the production phase; in the long term, growth projects and acquisition of new licences,
- Looking for growth opportunities in market niches beyond the oil majors’ interests,
- Acquisition of new licences as part of the development of the onshore and offshore exploration and production business, including in the area of unconventional hydrocarbon exploration.