The ORLEN Group together with the operator AkerBP and licence partners have prepared plans for development and operation for their fields on the Norwegian Continental Shelf, according to a release received by Energynomics.
The reserves in these fields attributable to the Group are estimated at a total of 9 bcm of natural gas and 46.6 mboe of crude oil and natural gas condensate. Gas produced from the ORLEN Group’s fields is to represent a significant part of the volume transported to Poland via Baltic Pipe. The planned investments require consent of the Norwegian parliament. A favourable decision, expected in the second quarter of next year, will allow drilling on the fields to begin in 2024 and 2025, with production start in 2027. The ORLEN Group’s upstream investments are in line with the Group’s strategic goals related to boosting Poland’s energy security and independence, the release reveals.
”Given the current geopolitical situation, it has become clear more than ever how important it is to provide Poles with reliable sources of gas and oil. With natural gas produced from the Norwegian fields, which we will deliver to Poland via Baltic Pipe, we will strengthen our country’s energy security. This is one of the reasons why we have built a multi-utility group with upstream operations and power generation as strong pillars. Thanks to the first synergies from the merger of PKN ORLEN with PGNiG and the LOTOS Group, we have strengthened our competence in these areas and gained access to diversified sources of oil and gas. As one entity, we enjoy an even stronger position on the international market, which allows us to build business ties and exchange experiences with important partners in the industry,” says Daniel Obajtek, President of the PKN ORLEN Management Board.
Companies of the ORLEN Group, LOTOS Exploration & Production Norge and PGNiG Upstream Norway, operate on the Norwegian Continental Shelf. Together with their licence partners (AkerBP, Equinor, and WintershallDEA) they have submitted plans for development and operation for the fields in which they hold working interests to the Norwegian Ministry of Petroleum and Energy. AkerBP is the operator of these fields , and the total recoverable reserves attributable to all licensees are estimated at 580.9 mboe. Of this amount, 102.4 mboe is attributable to the ORLEN Group companies, based on the size of their working interests. The planned capital commitment, proportionate to ORLEN Group’s interest in each field, is estimated at about NOK 5.1bn (about PLN 2.3bn).
The ORLEN Group company holds an interest of nearly 13% in the eight licences within the NOAKA area. The other partners are AkerBP – the operator for the entire area, and Equinor. Total recoverable reserves of these licence areas are estimated at 318.2 mboe.
