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Oil exploration in Latvia started after World War 2. The Kuldiga field was discovered in 1964 which drove the commencement of exploration in other areas in the Baltic states. Small amounts of oil have been extracted onshore from a number of wells in Latvia drilled since 1957. Three offshore wells were also drilled from 1987 to 1989, one of which recovered oil.
However Latvia has no commercially viable oil or gas resources, either onshore or offshore, and Globalshift believes it is unlikely to achieve any commercial production in the future.
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