Statoil, LOTOS Norge and Total Norge: Production from the Utgard field scheduled to start in late 2019

Gdańsk, Poland, 15-Aug-2016 — /EuropaWire/ — Statoil, LOTOS Norge and Total Norge, which together hold the Utgard licence (formerly Alfa Sentral), have submitted the Plan for Development and Operation of the licence to the Norwegian and British regulators. Production from the Utgard field is scheduled to start in late 2019.

LOTOS’s recoverable reserves amount to 10.3 million boe, and the daily output attributable to its interests is estimated at 4,000 boe.

“The Utgard licence is very important for LOTOS’s business growth in the North Sea,” emphasises Marcin Jastrzębski, Vice President and Chief Operating Officer at
Grupa LOTOS S.A. and President of LOTOS Petrobaltic. “Production will be launched with the use, among other assets, of the infrastructure of the Sleipner gas field, in which LOTOS holds interests too, and will continue until 2032.”

The Utgard licence area is located in the North Sea, on the border between Norway’s and UK’s territorial waters, approximately 20 km to the west from the Sleipner field. The hydrocarbon reserves are located at the depth of 3,700 metres, with the sea depth of 110 metres.

LOTOS’s recoverable reserves comprise natural gas (45%) and condensate (55%), which is light crude used to make such products as gasoline and LPG.

The operator of the licence is Statoil. Interests in the Norwegian part of the licence are held by Statoil (62%), LOTOS Norge (28%) and Total Norge (10%).

Sleipner is a major gas hub (distribution centre) on the Norwegian Continental Shelf, linked to numerous countries, including Germany and the United Kingdom, by a gas pipeline network.

Communications Office, Grupa LOTOS S.A., ul. Elbląska 135, 80-718 Gdańsk, Poland, tel. (+48) 58 308 87 31, (+48) 58 308 83 88, e-mail:media@grupalotos.pl

SOURCE: GRUPA LOTOS S.A.

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