Orlen acquires shares in two gas and oil deposits in Norwegian Continental Shelf

PGNiG Upstream Norway, a company within the Orlen Group, has acquired a 10% stake in the PL211 CS concession, which includes the Adriana and Sabina fields on the Norwegian Continental Shelf. This move strengthens Orlen's position in oil and gas exploration and production in Norway. The acquisition aims to double natural gas production on the Norwegian Continental Shelf, ensuring diversified and stable supplies for customers. The newly acquired fields will be connected to existing infrastructure, resulting in higher production profitability, shorter development time, lower costs, and reduced carbon dioxide emissions. The transaction is subject to approval from the Norwegian Ministry of Petroleum and Energy.

Orlen's strategy includes increasing its natural gas production, with half of the volume expected to come from fields located on the Norwegian Continental Shelf.

Source: bankier.pl