Orlen Group, together with the operator AkerBP and its concession partners is planning to develop and exploit further deposits on the Norwegian Continental Shelf where it holds shares. The estimated size of their resources, which belong to the company, will provide a total of 9 billion cubic metres of natural gas and 46.6 million BOE (barrel of oil equivalent) – units of energy obtained from burning one barrel of oil.

Lotos Norge and PGNiG Upstream Norway, from the Orlen Group, together with their concession partners: AkerBP, Equinor, WintershallDEA, have submitted plans to the Norwegian Ministry of Petroleum and Energy to develop and exploit further fields in which they hold interests. AkerBP is the operator of these fields and the total recoverable reserves attributable to all licensees are estimated at 580.9 million BOE. Of this, Orlen Group companies account for 102.4 million BOE in proportion to their shareholdings. The planned capital commitment, in accordance with their respective shares in the respective fields, is estimated at approximately NOK 5.1 billion (approximately PLN 2.3 billion).

“In the current geopolitical situation, it is clear how important it is to provide Poles with reliable sources of gas and oil supplies. Thanks to the natural gas resources obtained from Norwegian deposits, which we will send to Poland through the Baltic Pipe gas pipeline, we will strengthen the country’s energy security”, said PKN Orlen CEO Daniel Obajtek

The Orlen CEO added that thanks to the merger of PKN Orlen with PGNiG and Lotos Group, a multi-energy concern was created, gaining access to diverse sources of oil and gas.

“As one entity, we have an even stronger position on the international market, and this allows us to develop cooperation and exchange experience with important partners in the industry”, Obajtek assessed.

The planned investments require the approval of the Norwegian parliament. A positive decision is expected in the second quarter of next year, which will allow drilling to start in 2024 and 2025, and exploitation in 2027.

Arkadiusz Słomczyński