Marcin Bednarski/PAP

Poland’s listed energy concern Orlen has taken over a 100-percent stake in KUFPEC Norway, a unit of the international oil company Kuwait Foreign Petroleum, which is engaged in exploration in Norway.

The deal has a transaction value of USD 445 million as estimated for January 1, 2024, Orlen said in a press statement.

Thanks to the take-over, Orlen will increase its natural gas production in Norway by one-third to over 4 billion cubic metres per year, Orlen also said.

“The acquired business includes shares in five deposits which the Orlen Group is already exploiting,” said the statement. “The gas extracted from them will be transmitted to Poland via the Baltic Pipe gas pipeline.”