Lotos Acquires 14 Licences in Norway from Centrica

Poland’s Lotos has reached an agreement with a subsidiary of UK-based Centrica to acquire shares in 14 licences in Norway, including one operatorship.

According to the subsidiary of the Polish energy corporation Grupa Lotos, the current production in the 14 licences on the Norwegian Continental Shelf is above 5,000 barrels oil equivalent per day – 70% natural gas and 30% condensate.

The purchase price is $175.8 million.

“This investment shows our commitment to build a strong foothold on the Norwegian Continental Shelf and represents a step-change for Lotos. The acquisition is in line with our strategy to secure additional upstream assets to balance Grupa Lotos’ exposure in the downstream activity,” Pawel Olechnowicz, President of Mangement Board of Grupa Lotos, commented in a note released on Tuesday.

The agreement is subject to customary approval by the Norwegian authorities and it expected to come into force on January 1th.