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Saturday, February 24, 2024

TRAVEL TO LEARN

Aashruti Tripathy is a 27-year-old student from Nepal, who came to Poland for an Erasmus Mundus master’s scholarship at the University of Łódź. She...

Italian Masters

The Wawel Royal Castle in Kraków announced that the exceptional work of the Renaissance master Giovanni Bellini – “Madonna and Child”, will join the...

The Iron Claw

Sean Durkin, an independent film director and producer known from the critically acclaimed “Martha Marcy May Marlene” and “The Nest”, comes back with a...

Polish songs by Aga Zaryan

Polish jazz singer Aga Zaryan will give an unusual performance at Szczecin Philharmonic, showing a completely new side of her artistic expression. The repertoire...

Memento Mori

Depeche Mode extended its Memento Mori international tour and after concerts in Europe, Mexico, Canada and the USA, announced 29 new performances in Europe...

ORLEN’s Strategic Transaction in Norway

In November 2023 PGNiG Upstream Norway from ORLEN Group took-over the extraction company KUFPEC Norway AS, subsidiary of Kuwait Foreign Petroleum Exploration Company k.s.c.c., thanks to which ORLEN’s gas extraction in the Norwegian Continental Shelf will increase by 1/3 to exceed 4 billion cubic meters per year. The transaction includes shares in 5 fields already exploited by ORLEN –  Gina Krog, Sleipner Vest, Sleipner Ost, Gungne  and Utgard – from which gas is supplied to Poland through the Baltic Pipe constructed by Poland and Denmark in September 2022. The transaction results in transfer of all KUFPEC shares, assets and over $200m cash for the price $445m. 

It will be financed entirely with PGNiG’s revenues from its operations in the Norwegian Continental Shelf. The return on investment is expected to be very fast, about 1.5 year. After the take-over PGNiG’s production will increase by over 100,000 barrels of oil equivalent (boa) per day to almost 400 million, 80% of which will be natural gas, as envisaged ORLEN’s strategy to maximise production of gas for Poland and its region. The transaction has promoted PGNiG from 10th to 8th position in annual extraction on the Norwegian Continental Shelf, where ORLEN has already transacted 12 acquisitions from 2017 to 2023 and now holds 94 concessions in the Shelf being its 5th biggest company. 

Marek Gizmajer
Marek Gizmajer
High-tech journalist
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