Balin Energy SIA, a company co-owned by Poland's largest oil firm PKN Orlen and Kuwait Energy Company Netherlands Cooperatief, is to launch activities on offshore oil fields under the Baltic Sea. The drilling is to start in the second quarter of 2013.

The first exploration well will be drilled to 1,500 meters below sea level. Balin Energy holds two exploration licenses in the Latvian exclusive economic zone of the Baltic Sea. Its total area amounts to 1,664 square kilometers.

The project is to be carried out together with various Latvian government ministries, which together own a 10 percent share in the licenses.

Poland A.M.