Orlen acquires 20% stake in Norwegian oil field

Polish energy giant Orlen announced on Thursday that it has acquired a 20% stake in the Norwegian "Goliat" oil field, located off the country's northern coast. The transaction was completed through Orlen's subsidiary, Orlen Upstream Norway.

The agreement, signed with Norwegian oil and gas company Var Energi, is poised to significantly boost Orlen's reserves by nearly 60 million barrels. This expansion is projected to enable an increase in production by 12,000 barrels per day over the next few years. The financial terms of the deal have not been disclosed by either company, and regulatory approval from Norwegian authorities is still pending.

Orlen CEO Ireneusz Fafara described the agreement as opening "a new chapter" for the company, noting that its gas and oil resources in Norway will increase by 15%. He emphasized that the acquisition aligns with promises made to the Polish people regarding energy independence, security, and affordability. Fafara stated that by securing these resources, Orlen is protecting its customers from the impact of geopolitical shocks and has maintained stable gas prices.

Orlen has been consistently expanding its resource base, aiming to build a secure, stable, and crisis-resilient energy future. The "Goliat" field, discovered in 2000 and commencing production in 2016, is estimated to hold substantial oil and gas resources that will last until at least 2040. Orlen believes the field could become a key component of a regional gas hub, contributing to Poland's and Europe's energy security.

Upon completion of the transaction, Orlen will hold a 20% stake in the "Goliat" field. Italian energy company Eni's subsidiary Var Energi will hold 45%, and Norway's Equinor will hold the remaining 35%.