An independent Canadian exploration and production firm has announced what it considers the largest offshore oil discovery in Canadian history, setting a new benchmark for oil and gas prospects in the Baltic region. Central European Petroleum (CEP), based in Calgary and owned by Norwegian interests, reported a new well near Wolin Island that has uncovered a reservoir containing up to 22 million tonnes of oil (approximately 160 million barrels) and five billion cubic meters of natural gas. This find ranks among Europe’s largest conventional oil discoveries in recent years.
CEP also estimates that its 600-square-kilometer concession area holds an additional 11 million tonnes of oil and 22 billion cubic meters of natural gas. The company has maintained full ownership of the Wolin lease area since acquiring the license in 2017. This discovery could potentially double Poland’s oil reserves, which currently produces about 3% of its oil and 20% of its natural gas, according to the IEA.
Experts suggest that this find not only signals potential for increased energy self-sufficiency but also encourages further exploration in Poland’s underdeveloped Exclusive Economic Zone. Energy analyst Wojciech Jakóbik emphasized that the discovery reflects a shifting perspective in Europe towards oil and gas extraction amid evolving security concerns.