Orlen acquires 20% stake in Norwegian oil field

Polish energy giant Orlen has significantly expanded its oil and gas reserves by acquiring a 20% stake in the Norwegian "Goliat" offshore field. The company announced Thursday that the acquisition was made through its subsidiary, Orlen Upstream Norway, in a deal with the Norwegian oil and gas firm Var Energi.

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opens a new chapter

This strategic move is projected to increase Orlen's reserves by approximately 60 million barrels. It is also expected to allow for a daily production increase of 12,000 barrels over the next few years. While the financial terms of the transaction were not disclosed, the deal awaits approval from Norwegian authorities.

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We promised the Polish people energy independence, security, and the lowest possible prices. That is precisely why, protecting our customers from the impact of geopolitical shocks, we have not changed gas prices.

Ireneusz Fafara, CEO of Orlen, highlighted the acquisition's importance, stating it "opens a new chapter" for the company and increases its Norwegian gas and oil resources by 15%. He emphasized Orlen's commitment to delivering energy independence, security, and stable prices for the Polish people, particularly in light of geopolitical uncertainties. Fafara added that Orlen is consistently broadening its resource base to build a secure, stable, and crisis-resistant energy future.

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We are building a secure, stable, and crisis-resistant energy future.