One of the largest oil deposits in Europe/ Discovered in Poland. Contains 22 million tons of crude oil and 5 billion cubic meters of gas
Central European Petroleum (CEP) has announced the largest and one of the most significant conventional oil discoveries in Europe in a decade, located off the Baltic Sea coast of Poland.
The discovery was made in the Wolin East 1 (WE1) well, about 6 kilometers from the port city of Świnoujście in northwestern Poland. Preliminary figures suggest the deposit contains 22 million tons of recoverable crude oil and condensate, along with 5 billion cubic meters of commercial-grade natural gas.
The wider concession area, covering 593 square kilometres, is estimated to contain over 33 million tonnes of oil and condensate, as well as 27 billion cubic metres of gas. This would be more than double Poland's current estimated oil reserves, which were around 20.2 million tonnes in 2023.
If confirmed, the discovery would rank as the largest conventional hydrocarbon deposit in Poland and among the largest in Europe in the last 10 years.
The well was drilled using a jack-up rig in waters 9.5 meters deep and reached a total vertical depth of 2,715 meters. According to experts, Wolin East is more than just a promising deposit, it is a shared opportunity to unlock the full geological and energy potential of the Baltic Sea.
The discovery could play a key role in reducing Poland's dependence on imported fossil fuels, especially as the country seeks to strengthen its energy autonomy, local media reported.
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.
Central European Petroleum, the company's Polish subsidiary, is overseeing the project. The parent company, headquartered in Canada and majority owned by Norwegian investors, was originally established to explore for hydrocarbons in the European Union, with early activities focused on
Eurozone businesses optimistic/But expect impact of trade tensions, ECB survey shows
Eurozone businesses remain optimistic about their growth prospects but are also experiencing pressure on their profits, partly due to trade tensions, an ECB......
UK water pollution alarm/ Government launches reform. Consumers will pay 36% more
Britain should overhaul its water regulatory system by creating a single, powerful body and replacing the current regulator Ofwat, to better protect......
Banks "shake hands" for loans/ Citizens are expected to seek fewer loans in the third quarter
Citizens are expected to seek fewer loans for home purchases in the third quarter, as commercial banks will tighten lending standards. As previously......
Strengthening and reconstruction of substations/ OSSH invests 600 million lek for the 35kV line in Elbasan
The High Voltage Directorate of OSSH sh.a has announced the opening of the tender for the construction of the 35kV line, 220 kV substation Elbasan - Mjekës -......
What are the steps to reduce cash? Isaji: Strategy is required, banking infrastructure is ready in Albania
"We have another ambition, that by the end of this decade, Albania will be "cashless" This is what Prime Minister Edi Rama recently stated, from where by......
Pensions, which regions are the oldest? Tirana holds the record for the number of pensioners
The number of pensioners in Albania is increasing due to the aging population, the phenomenon of emigration and the decline in the birth rate, causing high......
"Achievements and challenges towards University 4.0"/ Report of the Accreditation Board of Higher Education Institutions Presented
The Report of the Accreditation Board of Higher Education Institutions, "Achievements and Challenges Towards University 4.0", a journey of transformation of......
Why is Albania so dependent on physical money? Measures to be taken by 2030. From POSs to the limit on cash payments
At a time when many countries are close to fully implementing electronic payments, the situation in Albania is different. Albanians continue to be closely......
