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The largest oil and gas deposit in Poland’s history has been discovered in the northwest of the country near the city of Szczecin, according to the Central European Petroleum (CEP) company.

The deposit is located on the Baltic Sea coast, near Szczecin. According to the company's statement, the recoverable reserves are estimated at 22 million tons of oil and 5 billion cubic meters of market-quality gas.

Total reserves in the area are estimated at approximately 33 billion tons of oil and 27 billion cubic meters of gas.

The first well, Wolin East 1, was drilled to a depth of 9.5 meters. Drilling work was completed in February.

Rolf G. Skaar, CEO of CEP, described the discovery as a historic milestone for both the company and Poland’s energy sector.

Central European Petroleum is a Canadian company, with a controlling stake owned by Norwegian investors. A subsidiary of CEP holds the license for the Wolin block, which covers an area of 593 square kilometers.

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Photo: businessinsider.com.pl