Equinor and ORLEN Join Forces to Develop Major Norwegian Oil and Gas Discovery

ORLEN Group Secures Strategic Stake in Atlantis Field to Boost Gas Supply to Poland

The ORLEN Group has announced a strategic move to secure a 20% stake in the Atlantis oil and gas field, one of the largest offshore discoveries on the Norwegian Continental Shelf in the last decade. This partnership with Equinor, the field's operator, marks a significant milestone for ORLEN as it aims to enhance long-term stability and high volumes of gas production in Norway, with the intent to supply Poland via the Baltic Pipe.

The acquisition, finalized through a sales and purchase agreement with Source Energy, will see PGNiG Upstream Norway, a subsidiary of the ORLEN Group, gaining 13 million barrels of oil equivalent (MMboe), including 1.5 billion cubic meters of gas (Bcmg). This substantial addition to ORLEN's portfolio is backed by data from the Norwegian Ministry of Energy, which estimates Atlantis' total recoverable reserves at 65 MMboe, with potential for further upside.

Discovered in 2020, the Atlantis field presents several development options. The license partners are evaluating possibilities such as a subsea tieback to the Kvitebjørn field platform, where PGNiG Upstream Norway already holds a 6.45% stake, or to the Oseberg field platform, both operated by Equinor. Utilizing existing infrastructure is expected to limit production launch costs and reduce the CO2 intensity of operations.

The transaction positions ORLEN Group to meet its strategic goals of energy security and economic efficiency, ensuring a robust supply of natural gas to Poland. This collaboration with Equinor not only strengthens ORLEN’s presence in the North Sea but also reinforces its commitment to sustainable and cost-effective energy production.