The acquisition of a stake in the Atlantis field will provide PGNiG Upstream Norway of the ORLEN Group with 13 million barrels of oil equivalent, including 1.5 billion cubic meters of natural gas—according to the data published by the Norwegian Ministry of Energy. The license partners plan to develop Atlantis over the next few years.
“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,” said Ireneusz Fąfara, CEO of ORLEN.
The Atlantis field was discovered in 2020. Its total recoverable reserves are estimated at 65 million barrels of oil equivalent, with upside potential. This puts Atlantis among the largest discoveries made on the Norwegian Continental Shelf in the last decade.
The purchase of interests in Atlantis is subject to an approval of the Norwegian Ministry of Energy. Once the transaction is completed, PGNiG Upstream Norway will have 20% stake of the field, with the remainder being held by Equinor, which is also the license operator.
The license partners consider several options to develop Atlantis, including a subsea tieback to the platform at the Kvitebjørn field (in which PGNiG Upstream Norway holds 6.45 percent stake and Equinor is the operator) or to the Oseberg field platform (which is also operated by Equinor). Developing Atlantis with existing infrastructure will limit the costs of production launch and reduce the CO2 intensity of its operation.
The area around Atlantis is currently under active exploration. If further discoveries are made, they might be incorporated into the Atlantis development concept, hence improving the operational and financial efficiency of the asset.
