ORLEN Group Purchases Stake in Atlantis Field on Norway's Continental Shelf

The ORLEN Group is set to become a license partner in one of the top five discoveries on the Norwegian Continental Shelf in the past decade. Through a sales and purchase agreement with Source Energy, PGNiG Upstream Norway secures a 20% stake in the Atlantis field in the North Sea. This strategic move allows the ORLEN Group to ensure sustained stability and robust gas production volumes in Norway, ultimately bolstering its long-term operational outlook. Moreover, this acquisition aligns with ORLEN's broader strategy of supplying gas to Poland via the Baltic Pipe, reinforcing its position in the regional energy market.

Polish energy company Orlen, through its subsidiary PGNiG Upstream Norway, has acquired a stake in the Atlantis gas field located off the coast of Norway. This acquisition adds an estimated 13 million barrels of oil equivalent (including 1.5 billion cubic meters of natural gas) to Orlen's reserves. The Atlantis field, discovered in 2020, is considered a significant find, and development is expected in the coming years. This move strengthens Orlen's access to natural gas supplies, potentially delivered to Poland via the Baltic Pipe.

Discovered in 2020, the Atlantis field stands as a significant addition to the Norwegian Continental Shelf, boasting estimated recoverable reserves of 65 million barrels of oil equivalent, with further upside potential. This places Atlantis among the foremost discoveries of the past decade in Norway, underscoring its strategic importance in the region's energy landscape.

Ireneusz Fafara, CEO of ORLEN, highlights the significance of ORLEN Group's investment in the Atlantis field, emphasizing its role in securing natural gas supplies for the Polish gas system. This strategic move underscores ORLEN's commitment to sound investment decisions, with the Atlantis project offering above-average economic efficiency. Moreover, the diversification of ORLEN's project portfolio in Norway enhances the stability and strength of its upstream business operations, positioning the company for sustained growth and success in the energy sector.

The acquisition of interests in the Atlantis field by PGNiG Upstream Norway is contingent upon approval from the Norwegian Ministry of Energy. Upon completion of the transaction, PGNiG Upstream Norway will secure a 20% stake in the field, with Equinor retaining the majority share and maintaining its role as the license operator. This partnership not only signifies a crucial milestone in ORLEN Group's strategic endeavor to secure natural gas supplies to the Polish gas system but also reflects a commitment to diversifying and strengthening its upstream portfolio. Pending regulatory approval, this acquisition is poised to enhance ORLEN's position in the energy market, ensuring sustained growth and stability in its operations.

The license partners are exploring various avenues for the development of Atlantis, which includes evaluating the feasibility of a subsea tieback to the Kvitebjørn field, where PGNiG Upstream Norway holds a 6.45 percent stake and Equinor operates, or to the Oseberg field platform, also operated by Equinor. Leveraging existing infrastructure for the development of Atlantis presents a cost-effective solution, minimizing production launch expenses and lowering the carbon footprint of its operations. Additionally, the vicinity of Atlantis is currently undergoing active exploration. Potential discoveries in the area could be integrated into the Atlantis development plan, thus enhancing the operational and financial efficiency of the asset.