ORLEN Group increases its oil reserves in Norway

The Øst Frigg Beta/Epsilon discovery, where the ORLEN Group's PGNiG Upstream Norway is a licence partner, may contain twice as much oil as previously assumed. The recent discovery increases total resources of Yggdrasil and is considered as a possible tie-in to the development – one of the largest projects currently developed on the Norwegian Continental Shelf. The ORLEN Group is a partner in the Yggdrasil development.

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The construction of transmission infrastructure for Baltic Power offshore wind farm is commenced

The ORLEN Group and Northland Power have commenced the construction of an onshore substation in the Choczewo municipality. The project will allow the Baltic Power wind farm to receive energy generated offshore. According to the schedule, the farm will start producing zero-carbon energy in 2026.

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ORLEN Group integrates its production assets in Norway

In early May, PGNiG Upstream Norway acquired the production assets of LOTOS Exploration and Production Norge, the ORLEN Group’s other Norwegian-based company. The consolidated entity is a top ten company operating on the Norwegian Continental Shelf in terms of hydrocarbon reserves and production, accounting for half of the Group’s output. The integration of upstream operations will facilitate investments that will help increase hydrocarbon production and further strengthen the ORLEN Group’s position in Norway, a market of key importance to Poland’s energy security.

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ORLEN Group focuses on affordable, safe and clean energy

ORLEN Synthos Green Energy is investing in zero-carbon nuclear power and will provide Poles with access to safe, affordable and clean energy as well as create attractive new jobs. The company has already checked tens of potential sites for the construction of small modular blocks. So far, seven most optimum sites have been selected for further geological surveys. Once their potential is confirmed, the priority will be to open a dialogue with the communities in each of the locations. Only after reaching an agreement will decisions be made about implementing a safe and environmentally friendly project.

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ORLEN Group: effective diversification of gas imports

In 2022, LNG and pipeline deliveries from new suppliers in Norway and Lithuania accounted for more than 50% of all gas imported by the ORLEN Group’s PGNiG, with close to a quarter of those imports originating in the United States. This diversification of natural gas supplies to Poland was made possible by the expansion of the supplier base and the effective management of the increased offtake capacity at the President Lech Kaczyński LNG terminal in Świnoujście and new cross-border connections, including the Baltic Pipe running between Poland and Norway, where the ORLEN Group owns gas assets. These developments were accelerated by the complete suspension of Russian gas imports in April 2022.

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Strategy 2030: ORLEN as a green energy leader and a guarantor of energy security in Central Europe

Two years ago, the ORLEN Group, as the first integrated oil&gas concern in CE, unveiled ambitious decarbonisation goals. Today the company is accelerating. In its updated strategy to 2030 ORLEN envisages an increase in investments in renewable energy sources, state-of-the-art petrochemical assets, raising biogas production volumes and an attractive offer of alternative fuels, including a significant increase in the number of electric vehicle charging points. The Group will spend a total of more than EUR 25bn (PLN 120bn) on green projects, representing about 40% of its capex plan to 2030. By decarbonising assets and reducing the use of fossil fuels the ORLEN Group will be able to further enhance energy security throughout CE, which is key considering the ongoing energy crisis exacerbated by Russia’s invasion of Ukraine. The ORLEN Group’s updated strategy, in addition to ambitious investments supporting delivery of stable profits in a varied global commodity market landscape, also envisages a progressive dividend starting from PLN 4 per share. Recommended dividend for 2022 is the highest on record, at PLN 5,5 per share.

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ORLEN still in the Formula 1 paddock. Will be sponsor of Scuderia AlphaTauri

PKN ORLEN is staying in the Formula 1 paddock in 2023, with the concern beginning its cooperation with the Italian Scuderia AlphaTauri, whose main goal is to prepare future world champions. The ORLEN brand logo, in a record-breaking season of 23 race weekends, will be displayed, among others, on the rear wing, the nose of the car and the halo rim. This is the fifth consecutive year of the largest Polish company in the paddock of pinnacle of motorsport’. In the colours of Scuderia AlphaTauri will be Japanese Yuki Tsunoda and Dutchman Nyck de Vries.

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PKN ORLEN and Sempra Infrastructure enter long-term LNG sales and purchase agreement

The 20-year contract between PKN ORLEN and Sempra Infrastructure provides for the supply of 1 million metric tonnes of liquefied natural gas per year from the Phase 1 Port Arthur LNG development project. The contract strengthens the energy security of Poland and the Central and Eastern European region. The agreed volume of supplies covers about 10 per cent of the current annual gas demand of Polish consumers.

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New ORLEN service stations in Germany

The ORLEN Group is finalising the purchase of 17 service stations in Bavaria and Baden-Württemberg in southern Germany. The transaction will help the Group to expand its retail network to 604 locations and also to extend its geographic reach as most ORLEN service stations have so far been located in western and northern states. The transaction in Germany will be funded with proceeds from the sale of part of LOTOS service stations, one of the European Commission’s merger remedies. The acquisition is expected to close by the end of February after the Group obtains clearance from the German antitrust authority and other approvals.

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