Orlen buys 20% stake in Norway's Goliat field, adding 58 million barrels of oil equivalent to its reserves

The transaction

Orlen Upstream Norway, the Norwegian subsidiary of Polish energy group Orlen, signed an agreement with Vår Energi to purchase a 20% stake in five concessions that include the Goliat field and the adjacent Goliat Ridge discovery. Vår Energi is the Norwegian arm of Italy's ENI. The deal was announced on 18 June 2026 and is subject to standard regulatory approval. After closing, ownership will be split between operator Vår Energi (45%), Equinor (35%) and Orlen (20%). The price was not disclosed.

The acquisition adds roughly 58 million barrels of oil equivalent (boe) to Orlen's resource base, of which about 3 billion cubic metres is natural gas. At a conservative conversion, that volume of gas would cover almost half of Poland's annual demand. Orlen's total Norwegian resources stood at around 400 million boe at the start of 2026 before the deal, and the addition represents a 15% jump.

With one transaction we are increasing our gas and oil resources in Norway by 15 percent. This purchase opens a new chapter in the history of the Orlen Group. We promised Poles independence and the lowest possible prices, and that is why we are consistently expanding our own resource base.

Production ramp-up

Goliat has been producing since 2016 and currently yields about 22,000–25,000 boe per day across all partners. Orlen's 20% share immediately adds roughly 4,000–5,000 boe per day to its Norwegian output, lifting total company production in Norway by about 4–5%. The field is entering a second development phase that includes new production wells and the start of extracting gas that was previously reinjected. Orlen plans to invest over the next four years to triple its share of output from the acquired concessions.

Within the next four years we will carry out investments that will increase production capacity from the acquired concessions. By the end of the decade output from these assets will rise threefold – from about 4,000 to 12,000 barrels of oil equivalent per day.

Both the Goliat field and the Goliat Ridge reserves are expected to produce until at least 2040. By that point, capacity on the nearby Melkøya LNG terminal may become available, giving Orlen an export route for liquefied natural gas from the field to Poland or other markets. Orlen's CFO for upstream Norway noted that the 2040 horizon is distant but manageable.

The 2040 perspective may seem remote, but we do not fear it. Poland will still need natural gas then, and Orlen will also be able to sell LNG from this field to other markets.

History and technology

The Goliat field, discovered in 2000, sits in the southern Barents Sea and is one of the main fields exploited in the area. Production is handled by a unique circular floating production, storage and offloading unit (FPSO). Unlike conventional ship‑shaped FPSOs, the circular design provides maximum stability in harsh Arctic conditions. The unit can produce up to 100,000 barrels of oil per day and stores about one million barrels onboard, reducing the frequency of shuttle tanker operations.

Environmental profile

The Goliat FPSO is powered from shore with electricity that is more than 90% sourced from renewables. As a result, the carbon intensity of extraction is roughly 2 kg of CO₂ per barrel of oil equivalent, compared with a global average of 16 kg (data cited from the Offshore Norge Climate and Environmental Report 2025). Norwegian regulations enforce strict protections for the Barents Sea, and the field's low‑emission design aligns with Orlen's messaging around a cleaner energy future.

Strategic context

Orlen has been steadily building its Norwegian portfolio, buying a 25% stake in the Afrodita field (also from Vår Energi) in February 2026. The Goliat deal further deepens that presence. Norwegian gas can reach Poland through the Baltic Pipe, and the additional resources bolster Warsaw's energy security by diversifying supply away from politically volatile sources. Orlen's CEO framed the acquisition as part of the group's promise to shield Polish consumers from geopolitical turmoil while keeping domestic gas prices stable.