Latest news with #CEP
Yahoo
11 hours ago
- 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."
Euronews
19 hours ago
- Business
- Euronews
What could biggest oil discovery in Poland's history mean for Europe?
Central European Petroleum (CEP) has announced the largest ever oil discovery in Poland's history near Wolin Island. Discovered about six kilometres from Świnoujście, a Baltic Sea port city in Poland's northwest, the well could hold 22 million tonnes of recoverable crude oil and condensate, along with 5 billion cubic metres of commercial-grade natural gas. The broader concession area, spanning 593 square kilometres, is estimated to contain over 33 million tonnes of oil and condensate, as well as 27 billion cubic metres of gas. That would more than double Poland's current estimated oil reserves, which stood at around 20.2 million tonnes in 2023, according to Polish public broadcaster TVP. On Monday, CEP asserted that Poland would have priority in benefiting from the oil and gas it produces. "This is some kind of nonsense" Piotr Woźniak, former CEO of Polish oil and gas company Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), said in an interview with Euronews. According to 2019 data, PGNiG produced 1.2 million tonnes of oil in Poland and abroad. "The priority is not Poland, it is not Russia, it is not Sudan or the Ivory Coast. The priority is given to whoever discovers the mineral. If it is discovered by this company, it has priority over all others. Except that it must first document the deposit. This is what European law states," Woźniak said. "They care about cash, not about any nation. They can sell it to whoever they want. Of course, with all the international considerations, they can't sell it to the Russians or the Medellin cartel in Colombia either, because everyone would be furious," he added. 'Showing off' in front of a possible buyer Woźniak said that CEP will want to raise funds as soon as possible. "It needs to document that deposit of its own so that it has full rights to it and the legal ability to mine it. It has to drill, and to drill, it has to spend money," he said. "They're kind of flaunting themselves here in front of a possible buyer, because they know that we [in Poland] want to have diversification of sources, that we're betting on — at least from the rationale you hear from the government administration — our own resources," Woźniak added. "They should be congratulated because it rarely happens in such quantities, it is all the more reason to congratulate them," the former CEO of PGNiG said. Woźniak was critical of the sluggishness of the Polish state-owned company Orlen, which took over PGNiG in 2022 and had a chance to uncover the resources that CEP can now extract. "Orlen has not produced a single cubic metre of gas and not a single barrel of oil in Poland. For 14 years they did nothing, taking obviously fat money, neither under one government, nor under another, nor under a third. Nothing came of it," he says. "How did a company the size of CEP, which fits in a liquor glass, discover huge resources, where was the state then?" asks Wozniak rhetorically, referring to Orlen. Will it help to become independent from Russia? According to Woźniak, the extraction of deposits from the wells discovered by CEP will not shake up the European energy balance. Yet Poland itself may do so, he said. The deposits may reach 22 million tonnes of oil, and, as the expert emphasised, "the processing capacity of Polish refineries is about 24 million tonnes of crude oil a year, which is the amount we are able to process within Poland's borders". Polish energy analyst and journalist Wojciech Jakóbik told Euronews that from "the point of view of a major energy policy — this is not a breakthrough". "But from the point of view of investment in the Baltic Sea — yes, because it is several times more than we are currently extracting in the Baltic Sea," Jakóbik said. "It is also a positive investment signal that there could be more of these deposits, that it pays to look for raw materials in our basin, so who knows if there won't be more news on this from other investors. "Investors have moved to look for hydrocarbons all over Europe. Poland is not isolated. We hear, for example, that Germany, in cooperation with the Dutch, wants to extract hydrocarbons in the North Sea and beyond. "This is further evidence that we have a change in Europe. Tough security is making us look again more favourably at gas and oil extraction from Europe," Jakóbik added.
Canada News.Net
19 hours ago
- 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.
Euractiv
a day ago
- Business
- Euractiv
Poland's largest oil and gas discovery revealed off Baltic coast
CEP Central European Petroleum, the Polish arm of Canadian-founded Central European Petroleum, has announced Poland's largest-ever oil and gas discovery near Świnoujście, a discovery that could sharply boost output and cut heavy reliance on imports. The discovery was made at the Wolin East 1 exploration well, just six kilometers from the Baltic coast. In a statement on Monday, the company said the broader Wolin concession could hold over 33 million tons of oil and 27 billion cubic metres of market-grade natural gas. The deposit is 'the largest conventional hydrocarbon discovery ever made in Poland and one of the largest conventional oil finds in Europe in the last decade,' said CEP CEO Rolf Skaar. In an interview with the Polish Press Agency (PAP), he said the confirmed reserves may rival or even exceed the size of the Barnówko-Mostno-Buszewo field, previously considered Poland's largest. 'BMB holds around 400-500 million barrels of oil, with an estimated recovery of 100 million barrels. We're talking about a deposit of the same scale – if not larger,' he added. Poland currently imports 95% of its crude. CEP estimates the new field could more than double national oil production and increase gas output by 20%. CEP is working with US-based Noble Corporation on drilling operations and is now seeking both Polish and international partners to help develop the site. 'This is a huge opportunity for the national energy sector,' Dariusz Joński, MEP of the ruling Civic Coalition, wrote on X , noting the oil reserves 'amount to as much as 20 times Poland's annual production, and the gas reserves are five times that amount.' Foreign Minister Radosław Sikorski also welcomed the discovery, comparing it to recent national milestones, including Iga Świątek's Wimbledon victory and the country's latest space mission. 'Apparently, God really does love our government,' he wrote on X.
Euronews
2 days ago
- Business
- Euronews
Poland discovers one of Europe's largest oil deposits in a decade
Central European Petroleum (CEP) has announced Poland's largest and one of Europe's most significant conventional oil finds in a decade, located off the central European country's Baltic Sea coast. The breakthrough was made at CEP's Wolin East 1 (WE1) well, some 6 kilometres from the port city of Świnoujście in Poland's northwest. Preliminary figures suggest the WE1 site contains 22 million tonnes of recoverable crude oil and condensate, along with 5 billion cubic metres of commercial-grade natural gas. The broader concession area, spanning 593 square kilometres, is estimated to contain over 33 million tonnes of oil and condensate, as well as 27 billion cubic metres of gas. That would more than double Poland's current estimated oil reserves, which stood at around 20.2 million tonnes in 2023, according to Polish public broadcaster TVP. If confirmed, the discovery would rank as Poland's largest conventional hydrocarbon deposit and among the biggest in Europe in the last 10 years, according to the Polish Press Agency. The well was drilled using a jack-up platform in waters measuring 9.5 metres deep, and reached a total vertical depth of 2,715 metres. 'This is a historic moment for both Central European Petroleum and the Polish energy sector,' said the company's CEO, Rolf G Skaar. 'Wolin East is more than just a promising deposit — it is a joint opportunity to unlock the full geological and energy potential of the Baltic Sea,' he added. The find could play a key role in reducing Poland's dependence on imported fossil fuels, particularly as the country looks to strengthen its energy autonomy, local media reported. 'The discovery of the Wolin East hydrocarbon deposit (...) could prove to be a breakthrough in the history of hydrocarbon exploration in Poland, especially in areas still insufficiently explored, such as the Polish Exclusive Economic Zone in the Baltic Sea,' said Krzysztof Galos, Poland's Undersecretary of State and Chief National Geologist. 'If this discovery is ultimately confirmed, the Wolin East deposit could become the largest deposit of crude oil and associated natural gas ever discovered in Poland,' he added. CEP Central European Petroleum, the company's Polish subsidiary, is overseeing the project. The parent firm, based in Canada and majority-owned by Norwegian investors, was originally established to explore for hydrocarbons in the European Union, with early activities focused on Germany.
