The shares in Poland’s fuel giant climbed yesterday on the Warsaw’s stock exchange, after the company announced a new agreement it has signed with investment guru Warren Buffett. CalEnergy (owned by Buffett) and Petrobaltic (owned by Lotos) are set to start exploration for hydrocarbon deposits in the Baltic sea. “We expected to start drilling next year, and this will determine the future plans,” says Paweł Olechnowicz, head of Lotos.
Lotos holds a significant gas portfolio, that enables it to explore up to 4bn cubic meters of gas, though a lot depends on a future tax on hydrocarbon production, that’s currently being discussed. “At this stage, the climate for this type of ventures is not encouraging,” says Olechnowicz.
