UPDATE 2-Lotos shifts more upstream with MidAmerican Energy deal

Tue Oct 30, 2012 10:06am EDT
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* Signs gas co-operation deal with CalEnergy

* Buys 50 pct in Lithuanian upstream firm

* Seeking projects in Norway

* Q3 net at $195 mln vs $163 mln seen in poll

* Shares up 4.9 percent

By Pawel Bernat and Maciej Onoszko

WARSAW, Oct 30 (Reuters) - Lotos shifted further into upstream business on Tuesday by agreeing to develop Baltic Sea gas deposits with a unit of Berkshire Hathaway's U.S. power MidAmerican Energy Holdings.

The deal with MidAmerican's CalEnergy Resources Poland will help the Polish refiner tap reserves estimated at up to 4 billion cubic metres, or less than a third of Poland's total annual consumption, Lotos said.

The Polish group will hold 51 percent and CalEnergy 49 percent in a company that will run seismic tests and select an exploration concept for Lotos's gas deposits B4 and B6. The co-operation could expand to other fields later, Lotos said.   Continued...