ORLEN Secures a High Level of Natural Gas Production in Norway

SEATTLE (Oil Monster): The ORLEN Group will become a shareholder in one of the five largest deposits discovered on the Norwegian Continental Shelf in the last ten years.

Following the agreement with Source Energy, PGNiG Upstream Norway will acquire a 20 percent interest in the Atlantis field in the North Sea. The transaction will contribute to the company maintaining a stable, high level of natural gas production in Norway. The extracted raw material will reach Polish customers thanks to the Baltic Pipe gas pipeline.

The acquisition of shares in Atlantis will provide PGNiG Upstream Norway from the ORLEN Group with access to resources amounting, according to data from the Norwegian Ministry of Energy, to over 13 million barrels of oil equivalent, including primarily gas, amounting to approximately 1.5 billion cubic meters. The deposit requires development, which is planned for the coming years.

ORLEN's investment in the Atlantis deposit is a continuation of the company's consistently implemented strategy of securing natural gas supplies to the national gas system. This is a project with above-average economic efficiency. 

The Atlantis field was discovered in 2020. Its total resources are estimated at 65 million barrels of oil equivalent, although partners do not rule out that this amount may be higher. This places Atlantis among the largest discoveries made on the Norwegian Continental Shelf in the last decade.

The transaction still needs to be approved by the Norwegian Ministry of Energy. After its approval, the second shareholder of Atlantis, next to PGNiG Upstream Norway, will be Equinor, which is also the operator of this deposit.

Courtesy:  www.indianchemicalnews.com