Oil field discovery to cut Poland's imports reliance

Poland has discovered one of Europe's largest conventional oil and gas fields in a decade, a finding likely to massively boost national production and cut heavy reliance on imports.

The discovery was made in the Baltic Sea, 6 kilometers from the northwestern Polish port of Swinoujscie, the Canadian company Central European Petroleum, or CEP, revealed on Monday.

The Wolin East 1 well is believed to hold 22 million metric tons of crude oil and 5 billion cubic meters of commercial-grade natural gas, according to preliminary figures.

Natural gas deposits within the Wolin site could be comparable to more than 300 million barrels of oil, it said.

The company added that the broader concession area, spanning 593 square kilometers, is projected to hold more than 33 million tons of oil and condensate, as well as 27 billion cubic meters of gas.

The discovery would surpass Poland's current estimated oil reserves, which totaled around 20.2 million tons in 2023, according to Polish public broadcaster TVP.

The finding would represent Poland's largest conventional hydrocarbon deposit and be among the most significant in Europe in the last 10 years, according to the Polish Press Agency.

"This is a historic moment for both Central European Petroleum and the Polish energy sector," said the company's CEO, Rolf G Skaar. "Wolin East is more than just a promising deposit, it is a joint opportunity to unlock the full geological and energy potential of the Baltic Sea."

The discovery represents a significant step toward Poland's energy independence, potentially decreasing its reliance on foreign fossil fuel imports, according to local media outlets.

Using a jack-up drilling platform, crews accessed the deposit through 9.5-meter-deep waters, boring down to a final depth of 2,715 meters, reported Euronews.

"The discovery of the Wolin East hydrocarbon deposit (...) could prove to be a breakthrough in the history of hydrocarbon exploration in Poland, especially in areas still insufficiently explored, such as the Polish Exclusive Economic Zone in the Baltic Sea," said Krzysztof Galos, undersecretary of state in Poland's Ministry of Climate and Environment, and chief national geologist.

"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," he added.

Poland currently imports 95 percent of its crude oil, reported the Euractiv news website, noting that CEP projects the new field could more than double national oil production and increase gas output by 20 percent.