Latest news with #CentralEuropeanPetroleum
New York Times
24-07-2025
- Business
- New York Times
Canadian Company Claims to Find Large Oil Reserves in Poland
The fall of the Berlin Wall in 1989 raised hopes for oil and gas exploration by Western companies in the former Soviet bloc in Europe, but a burst of drilling activity by companies like Chevron and Exxon Mobil in the 2010s produced mostly disappointment. Now, explorers from a small Canadian company say they have found in Poland what could be the largest petroleum discovery in Northern Europe in more than a decade in the shallow waters of the Baltic Sea near the border with Germany. The oil company, Central European Petroleum, said in a news release that recent drilling at a well near Swinoujscie, in northwest Poland, has revealed an estimated 200 million barrels of 'recoverable' oil and natural gas. If confirmed, this trove would be welcome in Poland, which consumes 740,000 barrels a day of oil. Like most European Union members, Poland relies mostly on imports. But the prospect of a new oil development on the Baltic coast has already led to environmental concerns in neighboring Germany. The chief executive of Central European Petroleum, Rolf G. Skaar, said in an interview that the field might eventually produce up to 40,000 barrels of oil a day. 'It's quite a surprise for this to come in offshore Poland,' said Lewis Lawrence, an analyst at Wood Mackenzie, an energy consulting firm. 'It's not an area where there has been that much offshore activity.' Mr. Lawrence said that the find, known as Wolin East, would be the largest in northern Europe since 2013 if it proves out and could strengthen what had been weak interest in exploration in Europe, especially in the Baltic. The European Union has seen a steady decline in oil production in recent decades, partly because of objections to drilling on environmental concerns. The Polish discovery was the result of around two decades of exploration, including digging into geological records from the Soviet era, Mr. Skaar said. He said that Alula Damte and Peter Putnam, the president and chairman of the company, went to 'old libraries, both in old East Germany and in Poland, scouring for data.' The company also drilled several wells in Germany, before figuring that there were likely to be larger hauls across the border in Poland. 'We've also been able to get hold of data on both sides of the border, which means we see the bigger picture,' he said. The company is backed by money from family offices in Norway and Canada as well as other private investors, said Mr. Skaar, an oil industry veteran. Other investors, though, would probably be brought in to aid in developing the discovery. Mr. Lawrence of Wood Mackenzie estimated that the development costs would be around $1 billion. The field should be relatively easy to bring online because it is in shallow water about 30 feet deep. It is also only roughly four miles from Swinoujscie, a port that could be used as a base for construction. Swinoujscie already has a liquid natural gas receiving terminal built by Poland to help break its energy dependence on Russia. Mr. Skaar said that one approach being considered would involve building an artificial island at the site. The discovery provoked dismay in Germany, where authorities and locals on the island of Usedom, home to a popular seaside resort, expressed concern that an oil platform visible from the beach would keep tourists away, depriving the region of a crucial source of income. 'The project represents a backward-looking industrial policy in terms of climate policy, which runs counter to environmental and tourism interests on the German side,' said Till Backhaus, the minister for the environment of Mecklenburg-Western Pomerania, the state with jurisdiction over the island.
Russia Today
23-07-2025
- Business
- Russia Today
German officials attack Polish Baltic Sea oil drilling plan
German officials and environmental groups have hit out at Polish plans to develop a newly discovered oil and gas field in the Baltic Sea, warning of potentially 'catastrophic' damage to local ecosystems, local media reported on Tuesday. Canadian company Central European Petroleum (CEP), which has held exploration rights off Poland's western coast since 2017, announced the discovery of the Wolin East deposit on Monday, describing it as Poland's largest hydrocarbon discovery and one of the biggest in Europe in a decade. The deposit lies 6km off the port of Swinoujscie on the Polish-German border, which divides an island shared by the two countries, known in Germany as Usedom, and is renowned for its holiday resorts. CEP estimates recoverable reserves at over 33 million tons of oil and 27 billion cubic meters of gas, with production potential of more than 400 million barrels of oil equivalent. German officials, however, fear the project will harm local tourism and ecosystems. Mecklenburg-Western Pomerania Environment Minister Till Backhaus told Die Welt the plans run 'counter to the environmental and tourism interests of the German side,' and criticized Poland for not informing Berlin of exploration 'with potentially transboundary environmental impacts' in advance, allegedly in violation of cross-border environmental agreements. Concerns have also been raised about noise, vibrations, and possible damage to marine flora and fauna. In an interview with Bild news outlet, Laura Isabelle Marisken, mayor of the Heringsdorf resort on Usedom, called for clarification from the Polish government and protection from Berlin, stating the area was 'not a place for industrial-political poker games.' Environmental group Lebensraum Vorpommern accused Poland of 'destroying the nature-protected Wolin Baltic Sea coast' and warned of an 'environmental catastrophe.' It said it plans to sue the Polish government. There has so far been no official reaction to the planned extraction from Berlin. Poland considers the discovery a 'breakthrough' that could reduce its reliance on energy imports. Undersecretary of State and Chief Geologist Krzysztof Galos said the deposit may cover 4-5% of annual oil demand, with production starting in 3-4 years, pending permits. The EU has been scrambling to replace Russian energy after supplies dwindled due to Ukraine-related sanctions. Moscow has denounced the restrictions as illegal, warning the bloc will be forced to rely on more expensive alternatives or indirect imports.
Russia Today
23-07-2025
- Business
- Russia Today
German officials attack Polish oil extraction plans in Baltic Sea
German officials and environmental groups have hit out at Polish plans to develop a newly discovered oil and gas field in the Baltic Sea, warning of potentially 'catastrophic' damage to local ecosystems, German media reported on Tuesday. Canadian company Central European Petroleum (CEP), which has held exploration rights off Poland's western coast since 2017, announced the discovery of the Wolin East deposit on Monday, describing it as Poland's largest hydrocarbon discovery and one of the biggest in Europe in a decade. The deposit lies 6km off the Polish port of Swinoujscie near the island of Wolin, close to the German holiday island of Usedom. CEP estimates its recoverable reserves at over 33 million tons of oil and 27 billion cubic meters of gas, with production potential of more than 400 million barrels of oil equivalent. German officials, however, fear the project will harm local tourism and ecosystems. Mecklenburg-Western Pomerania Environment Minister Till Backhaus warned the plans run 'counter to the environmental and tourism interests of the German side,' and criticized Poland for not informing Berlin of exploration 'with potentially transboundary environmental impacts' in advance, allegedly in violation of cross-border environmental agreements. Concerns have also been raised about noise, vibrations, and possible damage to marine flora and fauna. Laura Isabelle Marisken, mayor of the Heringsdorf resort on Usedom, called for clarification from the Polish government and protection from Berlin, stating the area was 'not a place for industrial-political poker games.' Environmental group Lebensraum Vorpommern accused Poland of 'destroying the nature-protected Wolin Baltic Sea coast' and warned of an 'environmental catastrophe.' It said it plans to sue the Polish government. There has so far been no official reaction to the planned extraction from Berlin. Poland considers the discovery a 'breakthrough' that could reduce its reliance on energy imports. Undersecretary of State and Chief Geologist Krzysztof Galos said the deposit may cover 4-5% of annual oil demand, with production starting in 3-4 years, pending permits. The EU has been scrambling to replace Russian energy after supplies dwindled due to Ukraine-related sanctions. Moscow has denounced the restrictions as illegal, warning the bloc will be forced to rely on more expensive alternatives or indirect imports.
Yahoo
22-07-2025
- Business
- Yahoo
German officials up in arms over oil, gas deposit found in Poland
Local politicians in north-eastern Germany were up in arms on Tuesday, after news broke that a major oil and gas deposit has been discovered in neighbouring Poland, with some experts also cautioning against extraction. The find off the Polish Baltic coast by Canadian company Central European Petroleum (CEP) was hailed as a possible "breakthrough moment" in Poland, but officials across the border in Germany were quick to point out that extracting fossil fuels should not take priority in times of climate change. "Our future does not lie in oil from the Baltic Sea, but in energy from the sun, wind and biomass," said Till Backhaus, environment minister of the coastal state of Mecklenburg-Vorpommern, which borders Poland. "The project stands for a backward-looking industrial policy in terms of climate policy, which is contrary to the interests of the environment and tourism on the German side," he added. Major breakthrough? The Wolin East offshore oil field discovered by CEP is said to be located around 6 kilometres from the port city of Świnoujście on the fringes of north-western Poland. Parts of the city are located on the island of Usedom, which is divided between Germany and Poland. According to the results of test drilling, the recoverable reserves of crude oil and natural gas are estimated at 200 million barrels of oil equivalent. CEP said the Wolin East site is estimated to represent "the largest conventional hydrocarbon field" ever discovered in Poland and "one of the largest conventional oil discoveries in Europe in the past decade." If the deposit is confirmed, this "may prove to be one of the breakthrough moments in the history of hydrocarbon exploration in Poland," said the country's chief national geologist Krzysztof Galos. "The future development of this site may significantly contribute to strengthening Poland's energy security and reducing its dependence on external hydrocarbon suppliers," he told news agency PAP. Mining could begin in three to four years, with the field estimated to be able to cover 4% to 5% of Poland's annual oil demand for several years, according to Galos. CEP has held a licence for exploration off the western Polish coast since 2017. Officials and experts sound alarm Officials in the German part of Usedom were less euphoric, however, with the mayor of the town of Heringsdorf noting the area's status as a nature conservation area. "We are a spa and holiday resort. We do everything we can to keep our beaches, our town and the sea clean," said Laura Isabelle Marisken. "Heavy industrial gas and oil extraction right on our doorstep, it's obvious that this is a massive intrusion into our natural environment." The German Institute for Economic Research also advised against exploiting the oil field, noting not only possible considerable negative consequences for tourism, but also the risk of cross-border pollution caused by an accident. "In addition, the promotion of fossil fuels thwarts climate protection goals," said Claudia Kemfert, head of the institute's Energy, Transport and Environment Department. "The costs and benefits [of the project] are therefore disproportionate."
Canada News.Net
22-07-2025
- Business
- Canada News.Net
Major oil, gas deposit discovered off Polish Baltic coast
WARSAW, 22nd July, 2025 (WAM) -- The Canadian company Central European Petroleum (CEP) on Monday announced it has made a major oil discovery off the Polish Baltic coast. According to the results of test drilling, the recoverable reserves of crude oil and natural gas are estimated at 200 million barrels of oil equivalent, the company said. CEP said the Wolin East offshore oil field is located around 6 kilometres from the port city of winoujcie, which is in the extreme north-west of Poland on the border with Germany. The company said the Wolin East site is estimated to represent "the largest conventional hydrocarbon field" ever discovered in Poland and "one of the largest conventional oil discoveries in Europe in the past decade." Mining could begin in three to four years. The field could cover 4 percent to 5 percent of Poland's annual oil demand for several years.
