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Norwegian energy major Equinor has signed a three-year agreement to supply crude oil to Poland's ORLEN from the Johan Sverdrup field, deepening an energy relationship that already spans natural gas, LNG and renewable power.
Theagreementwill take effect at the beginning of September and covers annual deliveries of between 5 million and more than 9 million tonnes of crude, Equinor said Thursday.
The contract also allows ORLEN to receive other crude grades produced on the Norwegian Continental Shelf.
At the upper end of the agreed range, Norwegian crude could account for as much as one-quarter of ORLEN's annual oil requirements, according to the Polish company.
The crude will be supplied to ORLEN refineries in Poland, Lithuania and the Czech Republic, giving the Central European refiner a longer-term source of oil as the region continues to diversify its energy supply.
Johan Sverdrup is currently the largest-producing oil field on the Norwegian Continental Shelf and has become an important source of crude for European refiners.
Production at the field is also electrified with power from shore, giving it substantially lower operational carbon emissions than the global average.
The deal reinforces Norway's growing strategic role in European energy markets following the sharp reduction in Russian oil and gas flows to the region in recent years.
Poland in particular has accelerated efforts to replace Russian energy supplies with imports from Norway and other producers.
Equinor and ORLEN already cooperate across several parts of the energy market.
Norway supplies Poland with pipeline gas, while Equinor also delivers LNG and is expanding its presence in Polish renewable energy.
Equinor is developing the Ba?tyk offshore wind projects in the Baltic Sea with Polish utility Polenergia.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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