PGNiG Upstream Norway and LOTOS Exploration and Production Norge from the ORLEN Group have secured shares in four exploration licenses on the Norwegian Continental Shelf during an annual licensing round, the Group announced earlier today. Together with the latest acquisition, the ORLEN Group now has 98 concession agreements in Norway.
“The ORLEN Group is dynamically developing its potential in Norway, which is a key foreign market for us when it comes to upstream activities,” said the President of the Management Board of PKN ORLEN, Daniel Obajtek. “The successful participation of the Group companies in the annual licensing round proves the high competence of the concern’s employees because the Norwegian authorities grant concessions only in response to the best-prepared applications. The combination of these competencies within one multi-company provides the basis for even faster development and strengthening our position on the Norwegian Continental Shelf thanks to the use of synergy effects.”
Following the APA 2022 licensing round launched last year, the Norwegian authorities awarded shares to 25 companies in 47 concessions. Among them were PGNiG Upstream Norway and LOTOS Exploration and Production Norge (LOTOS Norge), now part of the ORLEN Group.
PGNiG Upstream Norway (PUN) obtained three licenses: one in the North Sea and two in the Norwegian Sea. Under the first license, PGNiG received 30 per cent of shares and 20 per cent each in the second and third licenses. The fourth license, of which LOTOS Norge obtained 20 per cent of shares, is located in the “Yggdrasil” (formerly “NOAKA”) mining area in the North Sea, where the company already has shares in other concessions.
Together with the licenses secured under the latest licensing round, PUN now holds shares in 64 licenses and LOTOS Norge in 36 licenses, including two joint licenses.
