Daily Newsletter

15 November 2023

Daily Newsletter

15 November 2023

Orlen in advanced talks for Kuwait oil company’s Norwegian assets

Kuwait Foreign Petroleum Exploration Company's (KUFPEC) assets on the Norwegian Continental Shelf (NCS) include several producing fields.

Shivam Mishra November 15 2023

Orlen is holding advanced discussions to purchase KUFPEC interests in assets on the NCS, reported Reuters, citing multiple sources.

Polish Government-backed oil and gas company Orlen operates as PGNiG Upstream in Norway.

Orlen has been eyeing gas assets to supply to a recently built pipeline that would transport Norwegian gas to Poland.

PGNiG Upstream owns a 14.02% stake in Ormen Lange, reputed to be one of Norway’s largest gas fields.

In May 2023, KUFPEC hired Scotiabank to manage the divestiture of its Norwegian assets.

The sale, which forms part of KUFPEC’s efforts to focus on new production hubs and areas of exploration, could fetch up to $300m (Kd93m) for the Kuwait Petroleum Company subsidiary.

KUFPEC’s assets on the NCS include a number of producing fields such as Gina Krog and Sleipner Vest.

It also owns a 21.8% stake in the Eirin gas development, which is operated by Equinor.

KUFPEC was unavailable for comment on the news.

While Orlen declined to acknowledge the talks over KUFPEC’s assets, the Polish company did say that it is continuously watching markets for potential acquisitions that align with existing assets.

“All decisions regarding possible investments or capital involvement are made in accordance with corporate governance and communicated primarily through the group’s official communication channels,” Orlen was quoted by the publication as saying.

By the end of the decade, Orlen intends to invest 90bn zlotys ($22.14bn) to increase oil and gas output, in accordance with a plan approved earlier this year.

In October 2023, Orlen and its partners commenced production from the Tommeliten A field offshore Norway.

Most O&G majors have set net zero targets, but few include Scope 3 emissions

GHG emissions generated by O&G operations accounted for 15% of total energy-related emissions worldwide in 2022. A further 40% of such emissions came from the use of oil and gas for power generation, heating, vehicle fuel, and industrial processes. Only 6 companies have targets covering Scope 3 emissions. To reduce Scope 3 emissions, O&G companies are switching their products to lower-carbon sources of energy including hydrogen, LNG, biofuels, and renewables.

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