Lotos may buy more production assets in Norway
August 20, 2014
Fuel group Lotos hopes to conduct further acquisitions of production assets on the Norwegian continental shelf in 2014-2015, deputy CEO for exploration and production Zbigniew Paszkowicz said on Tuesday.
"We are analyzing further acquisition opportunities. . . market opportunities are not numerous, but they are there," Paszkowicz said.
"We give ourselves time for the years 2014-2015 in order to realize the strategy."
Lotos will want to acquire new assets in order to consume the tax shield generated by the unsuccessful Yme investment, the official added.
Lotos group acquired stakes in twelve production assets in Norway in November 2013 for USD 175.8 million. The production attributable to Lotos amounts to 5,000 boe/daily, including 70% of natural gas and 30% light oil condensate.