Orlen Acquires New Oil and Gas Assets in Canada

Operating through its subsidiary TriOil Resources, 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.

Press Release, June 6, 2014

 

Share this article

Follow LNG World News

One thought on “Orlen Acquires New Oil and Gas Assets in Canada”

  1. Pingback: Timothy

Comments are closed.

Events>

<< May 2018 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

The 27th World Gas Conference (WGC 2018)

The 27th World Gas Conference (WGC 2018) will be the largest, most timely and most significant global gas conference and exhibition ever held.

read more >

CWC LNG Fuels Summit – Marine| Road Transportation| Industrial

The CWC LNG Fuels Summit has now firmly established itself as the number one event on LNG Fuels…

read more >

Gas Shipping Americas

Informa presents Gas Shipping Americas – a two-day conference dedicated to gas shipping for the American market…

read more >

4th Annual Upstream West Africa Summit 2018

In June 2018, Senegal will play host to the No.1 Annual B2B Upstream Oil & Gas event, which will bring together the senior decision makers from across the prolific West Africa region to discuss the trends and challenges currently facing the Oil and Gas industry.

Since the discovery by Tullow Oil in 2007 of the Jubilee Field in Ghana, the Upstream sector has refocused its efforts to explore similar plays around the entire West and North West African coast. These efforts were rewarded with Cairn Energy’s prolific discovery in 2014 followed by Kosmos’ in 2015. The West Africa region has the industry’s spotlight firmly focused on further unlocking the potential of this largely underexplored region.

Companies that will be looking toward further unlocking the deepwater hydrocarbon potential of West Africa include: PETROSEN, BP, Kosmos Energy, Cairn Energy, FAR, Total E&P, Premier Oil, Shell, Tullow Oil along with the Ministries and key solution providers.

 More info

read more >