ORLEN acquires DEA’s concessions in Poland
ORLEN Upstream continues expansion of its exploration and production portfolio. As a result of the signed agreements, ORLEN acquires 100% of shares in two concessions in the regions of Lesser Poland and Subcarpathia from DEA Deutsche Erdoel AG.
In line with the strategy of PKN ORLEN, the development of the upstream sector in the coming years is planned by mergers and acquisitions of E&P assets in Poland and globally, as well as through organic growth of Company’s currently owned assets. With respect to unconventional hydrocarbon deposits, ORLEN’s focus is primarily on the more prospective areas in Poland. At the same time, the Company strengthens its involvement in exploration and production of crude oil and natural gas from conventional deposits. The concessions No 29/2013/p on parts of blocks 434 and 433 and No 30/2013/p on block 435 are located within the region of Outer Carpathians and they cover the area of approximately 2.2 thousand square kilometres. Commencement of operations in the area by the Company is still subject to an approval by the Ministry of Environment for concession transfer.
The areas being acquired represent considerable exploratory potential. With the analyses performed to date, we can promptly start the drilling work, and we have high expectations for it. This acquisition is going to expand our portfolio of assets in the regions of Carpathians and Fore-Carpathian Depression, and it will facilitate continued development of ORLEN Upstream exploration and appraisal projects in Poland. I also hope this is not our last word when it comes to acquisition of assets this year - says Wiesław Prugar, President of the Management Board of ORLEN Upstream.
The Outer Carpathians and Fore-Carpathian Depression form Poland’s oldest oil province in Lesser Poland. The region gave rise to the Polish oil industry, and until 1950s, 100 percent of domestic oil production was located here. ORLEN Upstream believes that numerous hydrocarbon shows registered in this region, as well as crude oil and natural gas deposits discovered in the past (some of which are still exploited) are a solid reason to re-evaluate the oil potential of the area.