LOTOS Geonafta takes over Lithuanian Manifoldas

abarrelfullabarrelfull wrote on 01 Dec 2012 08:19
Tags: deals europe lithuania lotos upstream

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November 28th 2012 saw the consummation of an agreement whereby LOTOS Geonafta acquired the remaining 50% interest in Manifoldas. LOTOS Geonafta, which had held a 50% interest prior to the transaction, took full control over the company. Manifoldas is a successful player in Lithuania's hydrocarbon exploration and production sector. The company produces approximately 30 thousand tonnes of crude a year.

- The transaction follows from Grupa LOTOS' strategy to gradually step up hydrocarbon production to 1.2 million tonnes in 2015 - said Zbigniew Paszkowicz, Vice-President of the Management Board of Grupa LOTOS S.A. and Chief Exploration and Production Officer. - Taking full control over Manifoldas is also another stepping stone towards consolidation of the Company's exploration and production assets in Lithuania.

- Manifoldas is the third-largest company in Lithuania by crude production volumes - said Andrius Bartkevičius, Executive Director at AB LOTOS Geonafta. - We intend to continue investing in oil exploration and production on license areas held by the company.

LOTOS Geonafta's core business is crude exploration and production. The company has secured a leading position in the sector at home. In 2011, LOTOS Geonafta extracted approximately 80 thousand tonnes of crude oil. The owner of LOTOS Geonafta is LOTOS Petrobaltic S.A., the anchor company of the LOTOS Group's upstream segment.

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