Polish state-controlled oil and gas group Orlen S.A. (WSE:PKN) is in advanced talks to buy Kuwait Foreign Petroleum Exploration Company K.S.C.?s (KUFPEC) stakes in assets on the Norwegian continental shelf, four sources familiar with the process said. Operating under the name of PGNiG Upstream in Norway, Orlen has been prioritising gas assets to fill up a new pipeline carrying Norwegian gas to Poland via Denmark. PGNiG Upstream has a 14.02% stake in Norway's second largest gas field, Ormen Lange, which is operated by Shell plc (LSE:SHEL).

KUFPEC hired Scotiabank (The Bank of Nova Scotia (TSX:BNS)) earlier this year to manage the sale process for its Norwegian assets as part of its focus on newer exploration and production hubs. The sale was expected to raise $300 million, sources told Reuters in May. Orlen said on November 14, 2023 that it is constantly monitoring foreign markets in search of acquisition opportunities that match with assets already held, but declined to confirm the talks on KUFPEC's assets.

"All decisions regarding possible investments or capital involvement are made in accordance with corporate governance and communicated primarily through the group's official communication channels," the company said in response to Reuters questions. KUFPEC was not immediately available for comment.