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PKN Orlen Agrees to Buy ExxonMobile Polish Upstream Acreage

Date : 12/07/2012 @ 3:59PM
Source : Dow Jones News
Stock : Exxon Mobil Corp. (XOM)
Quote : 100.5  0.13 (0.13%) @ 5:30AM
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PKN Orlen Agrees to Buy ExxonMobile Polish Upstream Acreage

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By Marynia Kruk

WARSAW--Polish state-controlled refinery PKN Orlen SA (PKN.WA) has agreed to acquire from U.S. oil major Exxon Mobil Corp (XOM) two licences to explore for hydrocarbon, including shale gas, in central Poland, PKN said Friday.

The deal still requires approval by Poland's Ministry of Environment.

The two licences, covering 2,150 square kilometers near Wodynie-Lukow and Wolomin, will increase PKN Orlen's total number of licenses to 10, with an area of nearly 9,000 square kilometers, the company said.

-Write to Marynia Kruk at marynia.kruk@dowjones.com

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