History

20.07.1964:  Established Oil Exploration Expedition and hydrocarbon exploration activities launched in Lithuania. 
1966–1969:  Šiūpariai, Plungė, South Šiūpariai and Vilkyčiai oil fields were discovered. The last two are considered to be among of the largest by estimated hydrocarbon resources in Lithuania.
1970–1982:  Degliai, Vėžaičiai, Šilalė, Pociai, Ablinga, Sakučiai and Lauksargiai oil fields were identified during oil exploration activities.
1983:            Two oil fields were found in the Silurian sequence – Kudirka and Lapgiriai.
1984:            Genčiai oil-field that also is considered to be largest discovery, proves petroliferousity of new zone in Lithuania.
1988–1992:  Kretinga, Nausodis and Girkaliai oil fields were found in the Cambrian sequence and North Bliūdžiai field discovered in the Silurian horizon.
1990:            commercial oil production launched from Vilkyčiai, Genčiai and Kretinga fields for the first time in Lithuania. Until 1990 almost all those discoveries were explored and their reserves were approved by the State Resources Commission.
1991:            Gargždai State Oil Geology Enterprise substitutes Oil Exploration Expedition.
1993:            Government of the Republic of Lithuania makes a decision to establish a joint company for the hydrocarbon production from Genčiai oil-field. Limited Liability joint Lithuanian-Swedish company named UAB “Genčių nafta” was established. Gargždai State Oil Production Enterprise holds 50 percent of the shares of the company. 
1995:            Gargždai State Oil Geology Enterprise was restructured into a public limited liability company “Geonafta”. UAB “Minijos nafta”, another joint company, was established by the decision of the Government of the Republic of Lithuania. AB “Geonafta” and Danish investors both hold 50 percent of share portfolio. The joint company receives licences to produce hydrocarbons from South Šiūpariai, Šiūpariai, Vilkyčiai, Degliai and Pociai oil fields.
2000:            UAB “Naftos gavyba”, managed by Lithuanian and Polish investors, purchased a controlling interest of AB “Geonafta” in an open international tender. During the privatization period AB “Geonafta” had licenses for the oil production in Girkaliai, Kretinga and Nausodis fields, as well as for the hydrocarbon exploration in Plungė block.
2001:            AB “Geonafta” purchased 50 percent of shares of the company UAB “Manifoldas”, possessing licences for oil production in Ablinga and Vėžaičiai discoveries, and thus finally secure its influence in all of the Lithuanian petroleum companies.  
2004:            AB “Geonafta” annual oil production peaked to 105.7 thousand m3 and was the largest during the company history.
2006:            UAB “Hermis Capital” together with the associated companies purchased the controlling interest of the main shareholder of UAB “Naftos gavyba”; new Board of AB “Geonafta” was elected.
 
During over 40 years period, AB “Geonafta”
•         performed more than 20 000 kilometres of seismic lines;
•         drilled more than 400 deep wells (parametric, structural, explorative and prospecting);
•         discovered 15 oil fields in the Cambrian sequence and 4 oil fields in the Silurian and Ordovician rocks;
•         defined more than 20 prospects;
•         discovered fields accumulate 8 million tons oil reserves in total;
•         produced about 13 percent of initial Lithuanian oil recoverable reserves (56.4 percent of the total amount produced by all the companies).
 
AB “Geonafta” is one of the leading oil production companies that is distinguished for the stability and versatility of its activities. The company carries out not only hydrocarbon exploration and production in the held license areas, but also provides deep drilling and other services related to hydrocarbon activities to the oil companies in Lithuania.