Balin Energy SIA, a vehicle co-owned by PKN ORLEN - ORLEN International Exploration and Production Company B.V and Kuwait Energy Company Netherlands Cooperatief U.A., is planning to drill its first vertical well in the Northern Block of Latvia's economic zone.
Having interpreted and integrated the collected data and having analysed an archive of geological, seismic and geochemical data, as well as the additional 300 square kilometres of 3D seismic data acquired in 2010, the partners in Balin were able to pinpoint the location of the first vertical exploration well. Drilling is scheduled to start in the second quarter of this year, and its aim is to confirm oil accumulations in the licence area.
The contractor to perform the drilling is Diamond Offshore Drilling Inc. (Diamond Offshore), a global leader in offshore projects. The contracted semi-submersible rig dubbed "Ocean Noamad" is going to be mounted within the area of exploration licence No 1/2009 (North Black – Northern Block). Jack-up rigs could not be used in this area due to the depth of water, reaching 132 metres. The vertical well is planned to be drilled to the depth of 1,500 metres below sea level. The project is being executed in cooperation with the Latvian Ministry of Economy, Ministry of Foreign Affairs and Ministry of Environmental Protection and Regional Development. The drilling work is to be supervised by Senergy, a global energy supplier.
Balin SIA holds two licences, under which it conducts oil exploration activities on the Baltic Sea. All work is performed in compliance with the applicable Latvian and European laws as well as the highest international standards.
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About Balin Energy
SIA Balin Energy is a company co-owned by Kuwait Energy Company Netherlands Cooperatief U.A. (50% equity interest) and PKN ORLEN - ORLEN International Exploration and Production Company B.V (50% equity interest). Balin holds two licences (No. 1/2004 and No. 1/2009), covering areas within Latvia's economic zone of the Baltic Sea which total 1,664 square kilometres. Balin's interest in each of the licences is 90%, with the remaining 10% held by the Latvian government.
About ORLEN International Exploration and Production Company B.V
ORLEN International Exploration and Production Company B.V is a subsidiary of PKN ORLEN SA, one of the largest oil industry corporations in Central and Eastern Europe (http://www.orlen.pl). PKN ORLEN SA operates Central Europe's largest network of almost 2,700 service stations, located in Poland, Germany, the Czech Republic and Lithuania. It holds eight licences for exploration and appraisal of shale gas deposits in Poland, awarded by the Polish Ministry of the Environment. PKN ORLEN's strategy in this area is implemented by a special purpose vehicle, ORLEN Upstream (http://www.orlenupstream.pl//)
About Kuwait Energy Company Netherlands Cooperatief U.A.
Kuwait Energy Company Netherlands Cooperatief U.A. is owned by Kuwait Energy Company. Kuwait Energy is active in the field of exploration for and production of natural gas and crude oil in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan.
Diamond Offshore
Diamond Offshore is a company of Diamond Offshore Drilling Inc., owned by Loews Corporation. Diamond Offshore Drilling, Inc. is a global leader in offshore projects, operating in many parts of the world, including South China Sea, Gulf of Alaska and the Strait of Magellan.
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