ORLEN Acquires Stake in Afrodite Discovery from Vår Energi

(Credit: ORLEN)

ORLEN Upstream Norway has agreed to acquire a 25% interest in production license PL293 in the North Sea from Vår Energi, which covers the unconventional Afrodite gas discovery.

The Afrodite gas discovery has the potential to deliver nearly 2 billion cubic meters of natural gas net to ORLEN, the company said.

The project will also serve as a testing ground for new methods for producing unconventional resources on the Continental Shelf, including Victoria, the largest undeveloped gas discovery in Norway, in which ORLEN also holds a stake.

Afrodite was discovered in 2008, but due to difficult High Pressure / High Temperature environment its development had not been actively pursued until recently. The license partners have now decided to drill an appraisal well to assess the feasibility of production using stimulation technologies and to better quantify recoverable reserves

Based on current estimates, recoverable resources amount to approximately 7.5 billion cubic meters of gas, with around 1.9 billion cubic meters attributable to ORLEN. Afrodite could be developed as tie-back to the nearby Kvitebjørn field, where ORLEN Upstream Norway is also a partner, generating additional synergies.

“Unconventional oil and gas resources on the Norwegian Continental Shelf represent a vast but still untapped potential. By combining modern production techniques with our existing expertise, we believe we can unlock these resources together with our partners and contribute to a new phase of development in Norway’s upstream sector,” said Wiesław Prugar, ORLEN Management Board Member, Upstream.

The acquisition of the PL293 license remains subject to standard Norwegian regulatory approvals. Upon completion, ORLEN will hold a 25% interest in the Afrodite field. Equinor will remain operator of the license with a 70% stake, while Wellesley Petroleum will hold 5%.