The Norwegian subsidiary of PKN ORLEN, together with its license partners, has submitted a plan for development and operation for the Verdande field in the Norwegian Sea. Production start is expected in the fourth quarter of 2025.

The Verdande field is an oil and gas field with estimated recoverable reserves of 36.3 million barrels of oil equivalent. According to the plan for development and operation (PDO) submitted to the Norwegian Ministry of Petroleum, drilling is expected to start in the fourth quarter of 2024, and production will launch a year later. The field will be developed with three wells connected to the infrastructure of the nearby Norne field. This will not only speed up the development process and reduce investment costs, but will have a favorable environmental effect thanks to increase in energy efficiency per unit of hydrocarbons produced in the facility.

Start of the development of the field is dependent upon the approval of the PDO by the Norwegian Ministry of Petroleum and Energy.

PGNiG Upstream Norway's (PUN) partners in the Verdande field are Equinor Energy -operator, Petoro, Vår Energi and Aker BP. PUN's share is 0.8%. PUN’s working interest in the Verdande field results from exploration drilling in AkerBP operated PL127C license in 2020 where PUN is a partner. Drilling proved a connection to the nearby Cape Vulture accumulation that in a neighboring licenses. It was decided to jointly develop both discoveries as a single field.

The Verdande field is located in the vicinity of PUN's other assets, including the already producing Skarv and AErfugl fields and the Shrek and Alve Nord fields which are prepared for development.

About PGNiG

PGNiG is the leader of the Polish natural gas market. Listed on the Warsaw Stock Exchange, the company’s core business includes exploration and production of natural gas and crude oil. Its key branches and subsidiaries import, store, sell and distribute gaseous and liquid fuels. The PGNiG Group is also involved in district heating and electricity generation. PGNiG holds exploration and production licenses on the Norwegian Continental Shelf, in Pakistan and United Arab Emirates. Its Munich-based subsidiary PGNiG Supply & Trading is engaged in gas trading in Western Europe, also operating the LNG trading office in London. In 2020, PGNiG launched a research program aimed at developing competences in production, storage, and distribution of biomethane, hydrogen and other alternative fuels. The PGNiG Group is also expanding its capacity of electricity generation from renewable energy sources based on photovoltaic and wind farms.

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.