PGNiG Upstream Norway is set to assume control of the entire operations of the hydrocarbon producer KUFPEC Norway.
Following this transaction, the ORLEN Group's natural gas output in Norway will increase by one-third - reaching over 4 billion cubic meters (bcm) annually.
Daily hydrocarbon production is anticipated to surpass 100,000 barrels of oil equivalent (boe) by the end of 2024.
The newly acquired business encompasses interests in five fields where the ORLEN Group is already active. The gas produced from these fields will be transported to Poland via the Baltic pipeline.
The Norwegian arm of the ORLEN Group has entered into an agreement to buy 100% of shares in KUFPEC Norway, a subsidiary of Kuwait Foreign Petroleum Exploration Company. The acquisition of control of KUFPEC Norway will expand holdings of PGNIG Upstream Norway (PUN) in the producing fields of Gina Krog, Sleipner Vest, Sleipner Ost, Gungne and Utgard.
Daniel Obajtek, CEO and president of the ORLEN Management Board, said: “We have successfully concluded a strategic deal on the Norwegian Continental Shelf.
“With the acquisition of KUFPEC Norway, the ORLEN Group's gas production in Norway is set to grow by more than 1 bcm per year.
“This significantly enhances our capacity to meet the demand of the Polish market and the entire region utilising our own gas resources. Beyond advancing the ORLEN Group's strategic goals, this transaction brings synergies that boost our development potential in Norway. We have secured control of fields where we already hold direct interests acquired through previous transactions, this will ensure seamless integration of the acquired assets, optimisation of operating costs and, by significantly scaling up our operations, access to attractive funding for further investments.”
ORLEN Group’s strategic transaction in Norway
