Poland's Lotos May Seek Compensation From Norway Oil Field Operator

Date : 02/10/2012 @ 8:17AM
Source : Dow Jones News
Stock : (TLM)
Quote : 7.99  0.0 (0.00%) @ 2:05AM

Poland's Lotos May Seek Compensation From Norway Oil Field Operator

Polish state-controlled oil refiner Grupa Lotos SA (LTS.WA) may seek compensation from Canada's Talisman Energy Inc. (TLM.T) over a delay in the start of production at the Yme oil field off Norway's shore, said Pawel Olechnowicz, Lotos chief executive Friday.

Talisman operates the Yme field, in which Grupa Lotos through its Norwegian unit holds 20% in the Yme field. Talisman told Reuters on Thursday the Yme project may not begin in 2012, as expected earlier.

"We're analyzing various options. I'm not expecting today that we'll pull out from the Yme project, but I assume that the cost of delays and lost benefits will be covered," he said on news channel TVN CNBC. "We will pursue this from Talisman using the legal or business path."

-By Marcin Sobczyk, Dow Jones Newswires; +48 22 447 2432; marcin.sobczyk@dowjones.com

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