Stockholm-based Gripen Oil & Gas AB has submitted application for four offshore licences in the Baltic Sea, offshore Lithuania.

Lithuanian Geological Survey (LGT) has conducted 2D seismic surveys across the territorial waters of Lithuania that covers about 11,500 km2, and found between 25-30 prospects and leads. Only two wells have been drilled offshore since the exploration started in the early 1970’s, and both encountered oil. The four offshore licences cover an area of approximately 4,250 km2.

According to the Gripen’s press release, the company believes that the fields potentially hold 20-60 mmbo, located in shallow water depths (10-120 m).

The main reservoir targets are located at depths between 1,500-2,200m.

Licences in Lithuania are awarded with the initial rights to both production and exploration through a tender program for a primary period of 10 years which can be extended subject to an agreed work scope.

Explaining the significance and the opportunity to explore the Lithuanian offshore, Niclas Biörnstad, CEO of the company said: “These licence applications for offshore Lithuania represents a major step of the company and fits in with our proven track record of exploring for and producing from Paleozoic reservoirs. The Lithuanian offshore area is vastly underexplored and represents a significant growth opportunity for the company.”

Source: www.offshoreenergytoday.com

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