PKN ORLEN's portfolio of exploration licences increased to ten

The Ministry of the Environment has issued its approval regarding the assignment of two licences held by ExxonMobil Exploration and Production Poland (ExxonMobil), to ORLEN Upstream. The Company is preparing to launch exploration activities in the new licence areas.

PKN ORLEN to start drilling on the Baltic Sea

Balin Energy SIA, a vehicle co-owned by PKN ORLEN - ORLEN International Exploration and Production Company B.V and Kuwait Energy Company Netherlands Cooperatief U.A., is planning to drill its first vertical well in the Northern Block of Latvia's economic zone.

PKN ORLEN to perform two hydraulic fracturing treatments

The Wierzbica and Lubartów licence areas will be the site of the first two hydraulic fracturing treatments PKN ORLEN intends to perform in H1 2013.

ORLEN signs a contract for crude oil supplies directly from Rosneft Oil Company

PKN ORLEN has signed today the first on record long-term contract for crude oil supplies directly from a producer. Its partner is Rosneft Oil Company, the largest Russian oil and gas company.

Consolidated financial results of PKN ORLEN after four quarters of 2012

In 2012, PKN ORLEN generated LIFO-based operating profit and net profit of nearly PLN 2.2bn. The ORLEN Group reported a high total volume of sales in excess of 35m tonnes, comparable with the volume seen in 2011, a 1% increase in crude oil throughput, and a 12% rise in sales revenue. The value of sales exceeded PLN 120bn, meaning that in 2012 every hour the Group’s revenue grew by PLN 14m on average. The most significant factors affecting PKN ORLEN’S macroeconomic environment in 2012 included: appreciation of the Polish currency against the US dollar and the euro; the level of total refining margins and URAL/BRENT differential – very volatile but higher than a year ago; the level of petrochemical margins; and stable crude oil prices. On the other hand, the Group’s performance was under pressure from declining consumption and the growing grey economy.

PKN ORLEN sells mandatory stocks for nearly PLN 1.2bn

The executed agreement provides for sale to Whirlwind of 545 thousand tonnes of REBCO crude oil, representing approximately 18% of total mandatory stocks that PKN ORLEN is required to maintain.

PKN ORLEN extends its crude oil supply contract with Mercuria Energy Trading

PKN ORLEN signed an annex to a contract for the supply of crude oil to its Płock refinery executed in December 2009, extending its term for another three years. The contract value is approximately PLN 26 billion.

ORLEN sponsors a documentary tribute to Vaclav Havel

December 18th marks the first anniversary of death of Vaclav Havel, which will be commemorated with a film documentary that looks at the life of this outstanding Czech politician in the context of his both public and private relations with Poland and Poles. The film entitled “Our Vaszek. About the power of the powerless” was produced under the auspices of the Ministry of Culture and National Heritage and co-financed by PKN ORLEN and its Czech subsidiary, Unipetrol.

PKN ORLEN’s second horizontal drilling

Today, PKN ORLEN spudded another exploration well in the Lublin region: in the village of Berejów, within the Lubartów licence area. It is already a second horizontal well to be drilled by PKN ORLEN this year.