Brief: Orlen Buys 50% Stake In Polaris Concession Used For Carbon Dioxide Storage

Nos Nova AS

11/12/2023 13:37

Dec 11 (Reuters) - Orlen SA  PKN.WA :
    * ACQUIRES 50% STAKE IN POLARIS CONCESSION IN THE BARENTS
SEA
    * CONCESSION TO BE USED FOR CARBON STORAGE
    * ACQUISITION IS PART OF AGREEMENT BETWEEN PGNIG UPSTREAM
NORWAY
AND CONCESSION OWNER HORISONT ENERGI
    * TRANSACTION TO CONTRIBUTE TO DEVELOPMENT OF COMPANY'S NEW
BUSINESS LINE RELATED TO MANAGEMENT OF INDUSTRIAL CO2 EMISSIONS
    * UNDER AGREEMENT, PGNIG UPSTREAM NORWAY TO GAIN THE STATUS
OF
OPERATOR OF CONCESSION AND ACQUIRE SHARES IN IT
    * CAPACITY OF GEOLOGICAL STRUCTURES OF POLARIS CONCESSION
ATTRIBUTABLE TO PGNIG UPSTREAM NORWAY'S SHARE IS EST. AT APPROX.
100 MILLION TONS OF CO2
    * SAID CAPACITY OF CONCESSION SHOULD ENABLE STORAGE
OPERATIONS FOR
12-25 YEARS
    * PRELIMINARY SCHEDULE ASSUMES THAT CO2 INJECTION COULD
BEGIN IN
LATE 2028/2029

Source text: https://acesse.dev/q0LDO 
Further company coverage:  PKN.WA   HRGI.OL 

 (Reporting by Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; 48 58 769 66 00;))