Poland's energy giant Orlen buys gas producer in Norway

Polish state energy company Orlen Group has acquired KUFPEC Norway, a hydrocarbons maker, ensuring the supply of an additional billion cubic metres of gas per year, to strengthen Poland's energy security, according to officials.   

Photo:

Norsk olje og gass, CC BY-SA 2.0 , via Wikimedia Commons

Orlen's CEO Daniel Obajtek announced the transaction on social media on Friday night.

He wrote on the X platform that the Polish company had "finalised the takeover of mining firm KUFPEC Norway," which would "ensure the supply of an additional billion cubic metres of gas per year."

Obajtek added the gas would be delivered to Poland via the Baltic Pipe pipeline, "boosting Poland's energy security." 

Sfinalizowaliśmy przejęcie spółki wydobywczej KUFPEC Norway, która zapewni nam dodatkowy miliard gazu rocznie. Dzięki tej transakcji wydobycie Grupy ORLEN w Norwegii wzrośnie w tym roku do ponad 4 mld m3. Surowiec trafi do Polski poprzez Baltic Pipe zwiększając bezpieczeństwo…

— Daniel Obajtek (@DanielObajtek) January 5, 2024

The deal will bring Orlen's gas production in Norway to over 4 billion cubic metres in 2024, the CEO added.  

In November, Orlen announced it had agreed to buy KUFPEC Norway from the Kuwait Foreign Petroleum Exploration Company (KUFPEC) in a deal worth USD 445 million as part of efforts to diversify Poland's energy supplies.  

Przyjmujemy kolejne złoża gazu na Norweskim Szelfie Kontynentalnym🇳🇴

Więcej informacji: https://t.co/4vKn342rry pic.twitter.com/tkkTXUnD0i

— ORLEN (@GrupaORLEN) November 20, 2023

Source: Parkiet, Orlen