Balin to Drill in Baltic Sea Using Ocean Nomad Semi (Latvia)

February 18, 2013

Balin Energy SIA, a company co-owned by PKN ORLEN – ORLEN International Exploration and Production Company B.V and Kuwait Energy Company Netherlands Cooperatief U.A., is planning to drill its first vertical well in the Northern Block of Latvia’s economic zone.

Having interpreted and integrated the collected data and having analysed an archive of geological, seismic and geochemical data, as well as the additional 300 square kilometres of 3D seismic data acquired in 2010, the partners in Balin were able to pinpoint the location of the first vertical exploration well. Drilling is scheduled to start in the second quarter of this year, and its aim is to confirm oil accumulations in the licence area.

The contractor to perform the drilling is Diamond Offshore Drilling Inc. (Diamond Offshore), a global leader in offshore projects. The contracted semi-submersible rig “Ocean Noamad” is going to be moored within the area of exploration licence No 1/2009 (North Black – Northern Block). Jack-up rigs could not be used in this area due to the depth of water, reaching 132 metres. The vertical well is planned to be drilled to the depth of 1,500 metres below sea level. The project is being executed in cooperation with the Latvian Ministry of Economy, Ministry of Foreign Affairs and Ministry of Environmental Protection and Regional Development. The drilling work is to be supervised by Senergy, a global energy supplier.

Balin SIA holds two licences, under which it conducts oil exploration activities on the Baltic Sea. All work is performed in compliance with the applicable Latvian and European laws as well as the highest international standards.

[mappress]
February 18, 2013