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The Petrobaltic corporation last week announced the discovery of three
oilfields in the Polish zone of the Baltic sea with an estimated reserve
of 15 million tonnes, ‘one third of which could be positively exploited’.

Petrobaltic began its existence in the mid-1970s as a ‘fraternal socialist’
consortium of Poland, the Soviet Union and the then German Democratic Republic.
During some 15 years of its existence, however, it failed to locate any
significant oil reserves. Last December, Poland purchased the Soviet and
former East German holdings. A few weeks later the successful strike was
announced.