Orlen Group to acquire 20% stake in Atlantis discovery to enhance Norwegian North Sea presence

Orlen Group, through its subsidiary PGNiG Upstream Norway, has finalized an agreement to acquire a 20% stake in the Atlantis discovery located in the Norwegian North Sea. The specific financial details of the transaction remain undisclosed, marking a strategic expansion for the Poland-based energy conglomerate.

The Atlantis discovery, first identified by Equinor Energy in July 2020 in production licenses PL 878, PL 878 B, and PL 878 C, lies approximately 17km south of the established Kvitebjørn field. With this acquisition, Orlen Group will obtain a significant portion of Atlantis, which is recognized as one of the top five largest discoveries on the Norwegian Continental Shelf over the past decade.

The total recoverable reserves of the Atlantis field are estimated at around 65 million barrels of oil equivalent, and there is potential for additional discoveries that could further increase these figures. The acquisition is pending approval from the Norwegian Ministry of Energy, after which Orlen Group will join forces with Equinor, which holds an 80% operating stake in the asset.

Orlen Group CEO Ireneusz Fąfara commented on the strategic importance of the acquisition: “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.”

The acquisition will add approximately 13 million barrels of oil equivalent to Orlen Group’s assets, including 1.5 billion cubic meters of natural gas. This move is part of Orlen’s broader strategy to secure long-term energy stability and to increase its gas production volumes, particularly for transportation to Poland via the Baltic Pipe.

Looking ahead, Orlen Group and Equinor are planning the development of the Atlantis discovery over the coming years. Several development options are currently under consideration, including a subsea tieback to the Kvitebjørn platform, where PGNiG Upstream Norway holds a 6.45% stake, or to the Oseberg platform, both operated by Equinor.

The region surrounding the Atlantis discovery remains a hotspot for exploration, and any new findings could be integrated into the Atlantis development scheme. This would not only boost the operational efficiency of the project but also enhance its economic viability, solidifying Orlen Group’s position in the Norwegian energy sector.

Orlen Group’s acquisition of a stake in the Atlantis discovery underscores its commitment to strengthening its energy portfolio and enhancing supply security to Poland. This strategic move positions the company to capitalize on one of the most promising new energy assets in the Norwegian North Sea.