Orlen Group, through its subsidiary PGNiG Upstream Norway, has agreed to acquire Source Energy’s 20% stake in the Atlantis discovery in the Norwegian North Sea.

The financial terms of the deal were not disclosed.

The deal will see Source Energy sell its stake in the PL 878, PL 878 B, and PL 878 C production licences.

The Atlantis gas and condensate discovery was made by Equinor Energy in PL 878 in July 2020, about 17km south of the Kvitebjørn field.

According to the Poland-based Orlen Group, Atlantis is among the five largest discoveries made on the Norwegian Continental Shelf in the last 10 years. Its total recoverable reserves are estimated at 65 million barrels of oil equivalent, with potential for further upside.

Subject to approval of the Norwegian Ministry of Energy, Orlen Group will be joining Equinor, which has an operating stake of 80% in the asset.

Through the stake in Atlantis, Orlen Group aims to secure long-term stability and increase its gas production volumes in Norway. These resources will be transported to Poland through the Baltic Pipe.

Furthermore, the acquisition will provide the Polish group with 13 million barrels of oil equivalent, as per the data released by the Norwegian Ministry of Energy. This includes 1.5 billion cubic metres of natural gas.

Orlen Group CEO Ireneusz Fąfara said: “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.”

Orlen Group and Equinor are expected to develop the Atlantis discovery over the coming few years.

Various options are being considered for the field development. These include a subsea tieback to the Kvitebjørn platform operated by Equinor. PGNiG Upstream Norway has a stake of 6.45% in the Kvitebjørn field.

Another option is a subsea tieback to the Oseberg platform, which is also operated by Equinor.

As per Orlen Group, the area around Atlantis remains active for exploration. Any new discoveries in this vicinity might be integrated into the Atlantis development scheme, thereby enhancing the operational and financial efficiency of the gas and condensate asset.