BP plc has signed a contract to produce the ORLEN Group with six million metric tons of crude oil from Norwegian fields within the North Sea over twelve months.
The deal will cowl about 15 % of the annual demand of the whole ORLEN Group for feedstock, the Polish multinational oil firm stated in a information launch. The monetary particulars weren’t disclosed.
The settlement is structured to supply ORLEN flexibility of provide, with crude oil cargoes directed to the Polish port of Gdańsk and the Lithuanian port of Būtinga, relying on demand. The primary oil tanker as a part of the contract is anticipated to reach in Gdańsk in September, in response to the discharge.
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“Working with BP, a secure and well-established participant, is a key ingredient in diversifying ORLEN Group’s feedstock portfolio. Notably, the oil we’ll purchase by this contract shouldn’t be solely of constant high quality and sourced from geographically shut North Sea fields but in addition has properties that guarantee excessive yields and is well-suited to the processing applied sciences at our refineries. This, in flip, enhances the financial effectivity of our manufacturing amenities. As a part of our collaboration with BP, we can even discover different potential areas the place we will work collectively,” Ireneusz Fąfara, President of the ORLEN Administration Board, stated.
“Our settlement to produce ORLEN with Norwegian crude oil is a vital step for our enterprise in Poland. It additionally helps improve power safety for Poland and the broader Central and Jap European area. By our buying and selling crew we’re in a position to provide not solely North Sea crudes but in addition entry lots of the different forms of oil ORLEN makes use of. We additionally sit up for working with ORLEN on future alternatives to advance the power transition,” Bogdan Kucharski, BP Poland Head of Nation, stated.
From the fields within the North Sea, ORLEN stated it receives oil grades akin to Forties and Brent from the UK, and Oseberg, Johan Sverdrup, Troll, Grane, Brent and Ekofisk from Norway. It additionally receives volumes of WTI, Bakken and Mars grades produced within the USA. As a part of its diversification, the corporate additionally receives oil provides from the Persian Gulf and Forcados and Bonny Mild crude oil imported by the corporate from West Africa, it stated.
BP stated it has been “rising dynamically in Poland for greater than 30 years” and claimed it’s the market chief in gas retailing, working greater than 570 stations with progressive gas and non-fuel choices.
The BP Group can also be current within the nation with the CASTROL model, solar energy developer Lightsource BP, and Air BP Aramco (previously LOTOS Air BP), which provides gas to chose airports in Poland.
In June, ORLEN Group subsidiary PGNiG Upstream Norway AS introduced the acquisition of a 20 % stake within the Atlantis area, situated within the North Sea.
ORLEN stated it’ll turn into a license companion in one of many 5 largest discoveries made on the Norwegian Continental Shelf within the final 10 years. Found in 2020, the Atlantis area’s whole recoverable reserves are estimated at 65 million barrels of oil equal, with upside potential, ORLEN stated in an earlier information launch.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
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