ORLEN expands its North Sea portfolio with increased stake in Tommeliten Gamma

Commenting on the transaction, Ireneusz Fąfara, CEO of ORLEN, emphasized the strategic importance of the investment:

– This agreement confirms our consistent approach to building ORLEN’s upstream segment. Increasing our share in Tommeliten Gamma will provide us with an additional 300 million cubic meters of natural gas annually at peak production. We expect the field to start delivering gas to Poland within four years, enhancing our ability to carry out the energy transition in a safe, cost-efficient and value-generating way for our shareholders.

Strengthened position in Tommeliten Gamma

Following the transaction, ORLEN Upstream Norway will raise its ownership in Tommeliten Gamma by 20.23%, reaching a total stake of 62.61%. The field is operated by ConocoPhillips, with Vår Energi also holding an interest.

Tommeliten Gamma was originally discovered in the 1970s and produced until the 1990s, when operations were halted. Advances in technology and favorable market conditions have now made the project commercially viable again.

– Historical production data gives us precise insights into the reservoir and its characteristics. Together with our partners, we can now prepare a field development plan aimed at maximizing production while keeping investment costs at a minimum, said Wiesław Prugar, Member of the Management Board of ORLEN responsible for upstream operations.

Gas as a cornerstone of ORLEN’s strategy

Natural gas is a central element of ORLEN’s 2035 strategy, both as a cost-efficient and lower-emission energy source and as a driver of the energy transition. The company plans to reach annual gas production of 12 bcm by 2030, half of which will come from Norway.

In 2023, ORLEN Upstream Norway produced over 40 million boe, including 4.5 bcm of natural gas. Gas from the company’s Norwegian fields is exported to Poland via the Baltic Pipe, bolstering the country’s energy security and supporting its energy transformation.

Ekofisk – the cradle of Norway’s oil industry

The Ekofisk region, home to Tommeliten Gamma, holds historic significance as the birthplace of Norway’s oil and gas sector. The giant Ekofisk field was discovered in 1969, with production commencing in 1971 and expected to continue until 2048. To date, more than 300 production wells have been drilled in the area, over 200 of which remain active, supported by nearly 30 offshore platforms.

ORLEN already has a strong presence in the region. The company holds stakes in Tommeliten Alpha (65 million boe) and is developing the Fenris field (42 million boe).

Strategic step for energy security

The completion of the Tommeliten Gamma transaction is subject to regulatory approval and a final investment decision. For ORLEN, the project is a key element of its long-term strategy, reinforcing its upstream footprint on the Norwegian Continental Shelf and ensuring stable hydrocarbon supplies to Poland and Central Europe.