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Poland’s Orlen to acquire stake in Atlantis field offshore Norway

Poland’s Orlen to acquire stake in Atlantis field offshore Norway

As per the estimates, the Atlantis field has total recoverable reserves of 65 million barrels of oil equivalent (mboe).

 

Polish refiner Orlen Group has agreed to acquire a 20% stake in the Atlantis field on the Norwegian Continental Shelf from Source Energy.

The companies did not reveal the financial terms of the deal.

The stake will be acquired by PGNiG Upstream Norway, part of Orlen Group.

The acquisition is expected to bolster Orlen’s long-term stability and gas production volumes, with future deliveries planned through the Baltic Pipe to Poland.

Orlen expects the acquisition to add approximately 13 million barrels of oil equivalent to PGNiG Upstream Norway’s portfolio.

The deal is subject to approval from the Norwegian Ministry of Energy.

Post-approval, PGNiG Upstream Norway will hold a 20% interest in the field, while Equinor will continue to hold the remaining stake. Equinor is the licence operator.

The licence partners are exploring various development options for the Atlantis field, such as a subsea tieback to either the Kvitebjørn field platform or to the Oseberg field platform.

The two platforms are operated by Equinor.

Orlen CEO Ireneusz Fąfara said: “Orlen Group’s investment in the Atlantis field represents our consistent strategic effort to secure natural gas supplies to the Polish gas system.

“This is a project with above-average economic efficiency. Further diversification of our project portfolio in Norway provides a strong and stable basis for Orlen’s upstream business.”

Discovered in 2020, the Atlantis field’s total recoverable reserves are estimated at 65mboe, with the potential for further upside.

The surrounding area is the subject of active exploration and any additional discoveries could be integrated into the Atlantis development concept, potentially enhancing the operational and financial efficiency of the asset, Orlen said.

In March 2024, Poland’s national gas transmission system operator, Gaz-System, agreed to acquire 100% of the shares of Gas Storage Poland from Orlen.

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Published: 25-06-2024

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