Tuesday, September 5, 2023

Orlen will take over 50 percent of shares in Norwegian deposits

Niezalezna(.)pl: Polish energy giant, Orlen, signed a letter of intent with Horisont Energi regarding the acquisition of up to 50% of shares in a license for CO2 sequestration in the Polaris field in the Barents Sea. According to Orlen's plans, the sequestration service could be commercially available by the end of the decade.

The letter of intent signed in Stavanger, Norway provides for the acquisition of up to 50 percent. interest in the Polaris license by PGNiG Upstream Norway. This company would also be the deposit operator.

The CEO of Orlen, Daniel Obajtek, announced that the investment will amount to USD 1 billion.