Poland is engaged in negotiations to acquire more gas fields from Norway and wants to reach the level of 12 billion cubic meters of extraction in that country within seven years, according to the CEO of Orlen, Daniel Obajtek.
Orlen’s boss declared that his company was completing two acquisitions per year from Norway and that it wanted to maintain that tempo of acquisitions in future years.
“Orlen Group is becoming increasingly strong on the Norwegian Continental Shelf. It holds stakes in 91 licenses, which, according to Wood Mackenzie, places it in the top 5 list of companies conducting operational activities there,” Obajtek posted on X platform.
According to Obajtek, Orlen would like to realize the level of 12 billion cubic meters of gas before 2030, in line with its strategy. He also revealed that Orlen wants to build a new revenue stream in the shape of CO2 capture and storage, a profitable business given the level of prices of CO2 emission rights, which are now above €60 per ton.
PGNiG Upstream Norway, which is the Norwegian-registered company in the Orlen group, has signed a letter of intent with the Norwegian company Horisont Energi on the matter of storage of CO2 in the Norwegian continental shelf.
The agreement assumes that the Orlen company will have 50 percent of shares and the status of operator of the Polaris field where drilling has confirmed that CO2 can safely be stored.
On signing the agreement, Obajtek said that the investment was in the region of $1 billion, with the contract expected to be signed in October this year. The commercial exploitation is expected to commence in 2028.
Obajtek concluded by explaining that the experience gathered in this project is very important, as it will enable the company to begin capturing CO2 in the Baltic Sea, where Orlen plans to collect 3 million tons of CO2 per year as early as 2029-2030.
