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    Orlen Expands Presence in Norway with KUFPEC Acquisition

    Estimated reading time: 1 minute

    Polish energy giant PKN Orlen has acquired 100% ownership of KUFPEC Norway, gaining stakes in 11 concessions and five deposits. The $445 million transaction boosts Norway’s gas production by over 1 billion cubic meters. Orlen’s CEO, Daniel Obajtek, highlighted the strategic significance, noting a 50% fill-up of the Baltic Pipe next year through this acquisition.

    This move follows consistent investments in Norway, with current gas extraction at 3.5 billion cubic meters. Obajtek emphasized the acquisition’s role in achieving a 50% self-supply for the Baltic Pipe, with the remaining half secured through contracts.

    In contrast to prior acquisitions, this deal includes the complete takeover of KUFPEC Norway, reinforcing Orlen’s position in the region. The transaction enhances Orlen’s annual gas production by one-third, surpassing 4 billion cubic meters, while hydrocarbon production is set to exceed 100,000 barrels of oil equivalent per day by 2024.

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