A new Petrobaltic oil extraction platform, expected to start work on the Baltic Sea by the end of 2015, will extract about 250,000 tons of oil each year, it was reported Thursday.
An agreement to reconstruct the oil extraction platform, belonging to the Lotos Petrobaltic firm, was also signed Thursday.
The reconstruction will be conducted by a consortium of companies belonging to the Polish Armaments Group, the whole cost of which will be about 345 million zloty (107 million U.S. dollars).
So far, the platform was used to make holes in order to search for hydrocarbons beneath the Baltic Sea. Now, the unit will be adjusted for extraction.
Currently, Petrobaltic extracts 170,000 tons of oil per year from the Baltic Sea.