The draft decree on the designation of a new exploration and extraction area in the western Latvian regions has been drawn up based on an application filed by Geobaltic in September 2016. The Lithuanian company intends to prospect for oil in a 185.17 hectares-large territory.
According to the Economics Ministry's information, the proposed exploration area is located in the perspective part of the Kuldiga hydrocarbon exploration structure, to the southwest of the Kuldiga oil deposit, which was discovered in 1963.
If the Lithuanians find a hydrocarbon deposit of commercial value there and decide to begin oil extraction, the company will first have to carry out an environmental impact assessment.
