Oil bonanza expected off Latvia coast

RIGA - Representatives from companies searching for oil deposits in Latvian territorial waters said after a meeting with President Andris Berzins at the House of the Blackheads on May 20 that they were optimistic and hopeful, reports LETA.

Kuwait Energy Company representative Mohammed Al-Howqal told reporters after the meeting that his company was optimistic and hopeful, but declined to say whether, and how much, oil could be found in the Baltic Sea.

Work is continuing on schedule, said Al-Howqal, adding that the company has made significant investments in the project, but they will pay off only if oil deposits are found in the sea. Al-Howqal also declined to reveal how many people were working on the oil platform, saying that crews were working in shifts, and that he was about to leave for Liepaja from where he would fly to the platform.

Berzins had a meeting with Kuwait Energy Company, PKN Orlen and PBK representatives on May 20.

Balin Energy, a joint venture of Poland’s refinery PKN Orlen and Kuwait Energy Co., has begun drilling in Latvian territorial waters in the Baltic Sea, searching for possible oil deposits.