Europe / Caspian / CIS

Latvia flag
Summary | Profile

Country profile: Latvia

Location: Eastern Europe, bordering the Baltic Sea, between Estonia and Lithuania
Climate: maritime; wet, moderate winters
Terrain: low plain
Size: 64589 sq. km total (Land area: 63589 sq. km  Water area: 1000 sq.km)
Population: 2,245,423 (July 2008 est.)
Languages: Latvian (official) 58.2%, Russian 37.5%, Lithuanian and other 4.3% (2000 census)
Government: parliamentary democracy
Capital city: Riga
Legal system: based on civil law system with traces of Socialist legal traditions and practices; has not accepted compulsory ICJ jurisdiction
Currency: lat (LVL)
Licensing:

Country profile

Alone among the former Soviet republics, the Baltic Sea region states of Estonia, Latvia, and Lithuania were quick to adopt market economies and to implement democratic reforms. As a result, they largely have avoided the economic and political crises that have beset other regions in transition from centrally planned economies, including the Balkan region and southeastern Europe. Privatization in the Baltics is nearly complete, and in 2005, despite the continuing slowdown in the global economy, the three countries posted an average 9.2 percent increase in their real gross domestic product (GDP).

With a combined population of only 7.2 million people, Estonia, Latvia, and Lithuania have achieved greater presence in the international community by joining forces in a number of political and economic arenas. In 2004, after years of preparations, Estonia, Latvia, and Lithuania joined the North Atlantic Treaty Organization (NATO) as well as the European Union (EU). Originally planned for 2007, adoption of the common European currency has been delayed until 2009, as all three Baltic states’ average inflation levels remain above the Maastricht inflation criterion.

Energy production and consumption


Oil Gas
Production:    
Consumption: 34,000 bbl/day (2005 est.) 1 billion cu m (2005 est.)
Exports: 6,765 bbl/day (2005 est.)  
Imports: 39,190 bbl/day (2004 est.) 1 billion cu m (2005 est.)
Reserves:    
Major fields:



Latvia - recent news

25 Feb 20
Latvia: HEA appointed advisor for Odin Energi's Latvian Licence farmdown
Holt Energy Advisors ('HEA') have been appointed by Odin Energi as farmdown advisor for their 2018-1 Licence in the Baltic Basin in Latvia. Odin Energi is seeking to bring in one or more partners to fund and deliver the forward work plan including a 2021 exploration well.

Latvia - more news

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