Poland's Lotos Group finds valuable Baltic Sea oil deposits

Poland's Lotos Group fuels company has discovered two oil deposits deep below the Baltic Sea floor totalling an estimated 16 million cubic meters, worth 8 billion dollars, Polish Radio reported Tuesday.

The company intends to begin extraction from the two deposits in 2008 and 2011, according to a company spokesman.

Lotos Group is majority-owned by the Polish State Treasury. Its PetroBaltic oil and gas exploration company made the discovery.

It comes at a time when Poland's state-owned refiners are looking for alternatives to Russian crude oil and natural gas supplies, upon which EU newcomer Poland remains heavily reliant.

The bid to diversify supplies is part of a drive by the right-wing Law and Justice (PiS) government to improve Poland's energy security.

Source:news.monstersandcritics.com,