Poland’s Orlen buys $392 mln in assets
Canada
CALGARY, October 13, 2015 – Poland’s biggest oil company has secured the purchase of local and Canadian assets worth a total of $392 million.
State-run Orlen will acquire Kicking Horse Energy, which holds condensate-rich natural gas assets in Alberta, for $273 million to expand its Canadian portfolio. The move will increase Orlen’s in-county output by around 60 percent.
The company will also purchase FX Energy, a US upstream firm with operations in Poland, for $119 million.
Orlen’s revenue has come mainly from refining and retail, but the company is seeking to diversify with a target of acquiring one new asset per year, according to Bloomberg.
The company’s upstream subsidiary, Orlen Upstream, has begun drilling for both conventional and shale gas in Poland but has yet to reach production.
Orlen Upstream bought Canada’s TriOil Resources in 2013.
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