Lithuania Misses Opportunity as Russia Profits from Nearby Oil Fields
The Lithuanian oil industry is on its last legs, with the country's main oil producer, Minijos nafta, struggling to stay afloat. The company has the right to work at five fields, but production has already been stopped at two of them due to exhausted reserves. Moreover, the courts have blocked the company from starting production at a new field in Kintai.
According to geologist Jonas Satkunas, the main potential for oil resources lies under the Baltic Sea, rather than on land. He believes that if Lithuania were to explore this resource, it could receive volumes of up to half a million tons per year, which is a quarter of the country's own consumption.
The head of Minijos nafta, Ignas Vaicelunas, agrees with Satkunas, saying that producing more oil in Lithuania and supplying it to the Orlen plant in Mazheikiai would be more profitable for the country. However, the Ministry of Environment is not interested in changing course, citing its focus on green technologies and renewable energy.