Kvale acted as legal counsel to PIGNiG Upstream Norway AS, a company in the Orlen Group, in the acquisition of all shares in KUFPEC Norway AS, a subsidiary of Kuwait Foreign Petroleum Exploration Company, ks.c.c, for a purchase price of USD 445 million. Effective date for the transaction is 1 January 2023, and the purchased price of USD 445 includes the value of the acquired fields, as well as the value of the remaining assets of KUFPEC Norway AS, including a significant cash balance.
The acquisition of control of KUFPEC Norway will expand holdings of PGNIG Upstream Norway AS in the producing fields of Gina Krog, Sleipner Vest, Sleipner Øst, Gungne and Utgard. The transaction, scheduled to be finalised by the end of 2023, is subject to approval by the Norwegian authorities.
For more information, see link to press release from the Orlen Group: https://www.orlen.pl/en/about-the-company/media/press-releases/2023/november-2023/ORLEN-Groups-strategic-transaction-in-Norway
