ORLEN Group subsidiary PGNiG Upstream Norway AS is buying a 20 % stake within the Atlantis subject, positioned within the North Sea.
ORLEN will develop into a license companion in one of many 5 largest discoveries made on the Norwegian Continental Shelf within the final 10 years. Found in 2020, the Atlantis subject’s whole recoverable reserves are estimated at 65 million barrels of oil equal, with upside potential, ORLEN stated in a information launch.
The acquisition of the Atlantis stake is topic to the approval of the Norwegian Ministry of Vitality. License operator Equinor ASA will maintain the remaining curiosity. The monetary particulars weren’t disclosed.
With this fairness acquisition in Atlantis, ORLEN Group is trying to preserve long-term stability and excessive volumes of its gasoline manufacturing in Norway. The gasoline manufacturing will probably be delivered to Poland through the Baltic Pipe, based on the information launch.
The stake in Atlantis subject will present PGNiG Upstream Norway of the ORLEN Group with 13 million barrels of oil equal, together with 52.97 billion cubic toes (1.5 billion cubic meters) of pure gasoline, ORLEN famous.
“ORLEN Group’s funding within the Atlantis subject represents our constant strategic effort to safe pure gasoline provides to the Polish gasoline system. It is a challenge with above-average financial effectivity. Additional diversification of our challenge portfolio in Norway supplies a robust and steady foundation for ORLEN’s upstream enterprise,” ORLEN CEO Ireneusz Fąfara stated.
In line with the discharge, the license companions are contemplating a number of choices to develop Atlantis similar to a subsea tieback to the platform on the Kvitebjørn subject, the place PGNiG Upstream Norway holds a 6.45 % stake and Equinor is the operator. Another choice is a subsea tieback to the Oseberg subject platform, which can be operated by Equinor.
The event of Atlantis with present infrastructure will restrict the prices of manufacturing launch and cut back carbon dioxide (CO2) depth. As the realm round Atlantis is at present underneath lively exploration, it could be included into the Atlantis growth idea if additional discovery is made, ORLEN famous.
ORLEN is an built-in, multi-utility company primarily lively in Central Europe. It provides power and gas to over 100 million Europeans, and its merchandise are offered in over 100 nations throughout six continents. ORLEN plans to take a position over $80 billion in strategic initiatives by the top of 2030, with roughly 40 % devoted to inexperienced investments. These embody offshore and onshore wind power, photovoltaics, biogas and biomethane, biofuels, electromobility, CCUS, inexperienced hydrogen, and artificial fuels, based on the corporate’s web site.
Earlier within the month, PGNiG Upstream Norway introduced the acquisition of 19.5 % pursuits in manufacturing licenses PL 1201 and PL 048E, which include the Eirin subject, from Equinor. Eirin is a gasoline subject positioned 155 miles (250 kilometers) west of Stavanger. The sphere was confirmed in 1978 and is positioned at a depth of about 13,123 toes (4000 meters). Water depth on the subject is about 393.7 toes (120 meters).
The plan for growth and operation (PDO) for Eirin was permitted in January, and the sector will probably be developed as a subsea facility tied again to the Gina Krog platform. The subsea template is underneath building in Egersund and is scheduled for set up in the summertime of 2024, based on a current information launch.
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