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  • ORLEN acquires new production assets in Canada, doubling its oil and gas reserves
    édité le 06/06/2014 - Plus de news de "Orlen" - Voir la fiche entreprise de "Orlen"


ORLEN acquires new production assets in Canada, doubling its oil and gas reserves
Operating through its subsidiary TriOil Resources Ltd. (“TriOil”), PKN ORLEN has completed its acquisition of Canadian-based oil and gas producer, Birchill Exploration LP at total price of CAD 255.6 million, which is around PLN 707.5 million. Thanks to this acquisition ORLEN Group will increase its 2P reserves to 48 million boe.

The transaction is a major step towards further growth of PKN ORLEN's business – the new additions to the Company's portfolio of producing assets will increase its inventory of drilling locations, ultimately leading to higher production and larger reserve base.

“The acquisition of Birchill gives us access to significant new resources, expands our know-how in the field of technology used in exploration and, consequently, increases the value of the ORLEN Group. We will try to benefit out of gained experience in Canada during works aimed at exploration of unconventional hydrocarbons in Poland, which is one of our priorities” - said Jacek Krawiec, President of the PKN ORLEN Management Board.

Over the last four years, Birchill discovered and appraised crude oil and natural gas reserves of approximately 26,6 million boe in the Ferrier/Strachan areas of Alberta. In Q1 2014, the average production from those assets was approximately 3,400 barrels of oil equivalent per day (40% liquids).

ORLEN Group’s existing Canadian assets, which are managed by TriOil and located in the Lochend, Kaybob and Pouce Coupe areas of Alberta, and have 2P reserves of approximately 22 million boe, with average production in Q1 2014 of approximately 3,700 boe/d. TriOil currently develops the Dunvegan formation in the Kaybob area, and has reported increased production of condensate from gas-rich wells in the Montney formations, and oil from the Cardium formation in the Lochend area. The Birchill assets are located in the proximity of TriOil’s Cardium production at Lochend. The knowledge gained through the development of the Lochend asset will enable TriOil to increase the production and reserves at Ferrier/Strachan from the Cardium, as well as from other numerous formations.

About PKN ORLEN

PKN ORLEN is a Polish company and one of Central Europe’s largest refiners of crude oil. We specialize in processing crude oil into world-class unleaded petrol, diesel, heating oil, and aviation fuel as well as plastics and other petroleum related products.

We hold licences for onshore and offshore oil and gas exploration throughout the country. One of our shared priorities is to appraise and exploit natural gas from unconventional plays. Our adopted development direction is to transform PKN ORLEN into a multiutility complex with a foothold in the power generation business.


Origine : Communiqué Orlen

Voir la fiche entreprise de "Orlen"



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