CEP discovers large oil deposit off Poland’s Baltic Sea coast

Canadian-based Central European Petroleum (CEP) has discovered a significant hydrocarbon deposit off Poland’s Baltic Sea coast. According to OilPrice.com, the find has the potential to become one of Europe’s—and particularly Poland’s—largest oil and gas fields.

The discovery was made at the Wolin East 1 (WE1) well, near the port city of Swinoujscie. The broader concession area spans about 600 square kilometers and could contain over 33 million tons of crude oil and 27 billion cubic meters of natural gas. Such a volume could significantly increase the country’s known reserves. In 2023, they stood at around 20 million tons. CEP’s discovery may double this figure, OilPrice.com notes. Rolf G. Skaar, the CEO of the Canadian firm, has urged the Polish government to continue collaborative exploration efforts along the Baltic Sea coast.

Meanwhile, Poland has been actively reducing its reliance on imported fossil fuels to boost the country’s energy security. This new deposit could bring the country closer to achieving those goals, OilPrice.com reports.