(Montel) Polish energy firm Orlen has agreed to pay USD 445m for Kuwaiti firm KUFPEC, which holds shares in several Norwegian gas fields, raising its Norway gas production by 1bcm to 4bcm/year, it said on Monday.
KUFPEC Norway, a subsidiary of Kuwait Foreign Petroleum Exploration Company, holds shares in fields Gina Krog, Sleipner Vest, Sleipner Ost, Gungne and Utgard.
Orlen – which last year took over Polish gas monopoly PGNiG – plans to send the additional 1bcm of gas to Poland via the 10bcm Baltic Pipe undersea link.
The transaction will be finalised upon approval by the Norwegian authorities, the company added.
