That amount is enough to cover 20 percent of Sweden’s energy needs for 20 years.
Test-drillings close to the island of Gotland in the Baltic Sea have showed clear traces of oil.
Now Swedish company Oljeprospektering plans to carry out a detailed search of the sea bed in the Swedish economic zone in the Baltic.
Poland already pumps between 15,000 and 20,000 barrels a day from its economic zone, but Torgny Berglund, the CEO of the prospecting company, told Gotlands Tidningar newspaper that the indications are there is ”significantly more oil on the Swedish side”.
The company aims to start test drilling in 2008, after which they will be able to ascertain whether Swedish oil extraction can be profitable.
Another company, Gotoil, has already been given permission to search for oil around Gotland, and other firms are also interested in exploring the area.