ORLEN strengthens Norwegian portfolio with Goliat stake
ORLEN Upstream Norway has signed an agreement with Vår Energi to acquire a 20% stake in five licenses, including the producing Goliat field. The transaction will increase the company’s oil and gas reserves by nearly 60 million barrels of oil equivalent (boe) and is expected to boost production by around 12,000 barrels per day within the next few years.
“With a single transaction, we are significantly expanding our oil and gas reserves in Norway by 15%. This investment opens a new chapter in the history of the ORLEN Group. We have promised the people of Poland energy independence, security, and the lowest possible prices. That is why we have kept gas prices unchanged, protecting our customers from the impact of geopolitical turbulence. And that is why we continue to consistently expand our own resource base. This is how we are building the secure, stable and crisis-resilient Energy of Tomorrow,” said Ireneusz Fąfara, President of the ORLEN Management Board.
The transaction covers interests in five licenses, including the Goliat field and the Goliat Ridge discovery with significant oil and gas resources.
The currently implemented investment program aimed at further developing the Goliat field include the drilling of additional infill wells and the start of production of natural gas that has so far been reinjected into the reservoir. Goliat’s reserves attributable to ORLEN amount to more than 36 million boe. In addition, production from Goliat Ridge is projected to contribute a further 22 million boe, bringing ORLEN’s total recoverable volumes across the five licenses to approximately 58 million boe, including around 3 BCM of natural gas.
“Over the next four years, we will undertake a broad investment program aimed at increasing production across the acquired license portfolio. As a result, ORLEN’s output from these assets is expected to triple by the end of the decade, rising from approximately 4,000 to 12,000 barrels of oil equivalent per day. The Goliat field and Goliat Ridge are expected to remain on stream at least until 2040, providing ORLEN Upstream Norway with stable revenues and a strong platform for continued growth ,” said Wiesław Prugar, Vice-President of the ORLEN Management Board for Upstream.
Discovered in 2000, the Goliat field has been in production since 2016, using a floating production, storage and offloading unit (FPSO). The Goliat FPSO features a unique circular design, ensuring maximum stability, durability and safety in harsh marine conditions. It has a production capacity of up to 100,000 barrels of oil per day and a storage capacity of around one million barrels. This allows for less frequent offloading, which increases the safety of operations.
The FPSO unit is powered from shore, with more than 90% of its electricity sourced from renewable energy. As a result, the emission intensity associated with production from the Goliat field is approx. 2.0 kg per barrel of oil equivalent, compared to a global average of 16 kg (according to the Offshore Norge Climate and Environmental Report 2025).
Goliat is one of the main fields operated in the Barents Sea. Due to the need to protect the environment, in 1979 the Norwegian authorities made only the southern part of this basin available for exploration activities, imposing additional requirements and restrictions on oil companies.
According to data from the Norwegian authorities, the southern Barents Sea may still contain more than 9 billion barrels of oil equivalent in recoverable resources, 55% of which is natural gas. The Goliat field infrastructure may facilitate the development of these resources. In particular, Goliat has the potential to become an important element of a local gas hub, contributing to energy security in Europe, including Poland.
Completion of the transaction is subject to approval by Norwegian authorities. Once finalized, the Goliat license partners will be Vår Energi (operator, 45%), Equinor (35%) and ORLEN Upstream Norway (20%).
The photos may be used in media coverage of the transaction, provided they are credited as “Credit: © Vår Energi”.
Press materials:
