Orlen, a Polish company, aims to double its output in Norway through acquisitions and projects

Polish energy company Orlen wants to double its production from its operations in the Norwegian continental shelf, which is one of its key growth areas. This will be achieved through acquisitions and exploration, according to its upstream chief.

Wieslaw Prrugar said in an interview on the sidelines of a conference that the company would like to increase its production to 200,000 barrels per day, up from 100,000. It also stated that it wanted to have a greater share of oil than natural gas.

Orlen, the eighth largest oil and gas producer on Norway's offshore coasts, has invested over $8 billion in order to purchase more assets.

Orlen is expected to reach 120,000 boepd in a first'step' when the offshore projects Yggdrasil & Fenris, operated by Aker BP, start?production? next year.

Prugar stated that the timing of any future acquisitions would depend on the market.

He said that if there is a shift in the market, it could be from major players. We might see this maybe by 2027.

In recent years, international oil companies have reduced their presence in Norway, but ConocoPhillips Shell and TotalEnergies are still active. This company only has stakes in fields operated by partners. Orlen agreed in?June to purchase a 20% stake of Vaar Energi’s operated Goliat oilfield located in the Norwegian Barents Sea.

"Goliat" is part of our strategy to diversify the product portfolio. Prugar stated that we?were a gas-oriented company and now?want to have more oil and barrels in our reserves for the future.

Orlen produces more than 70% of its?Norwegian gas. The company currently produces over 4.5 billion cubic meters annually, and is aiming to increase that figure to 6 bcm.

Orlen has also plans to expand in Canada. Its output will increase to about 100,000 boepd. (Reporting and editing by Barbara Lewis; reporting by Nerijus Adomiaitis)

(source: Reuters)