ORLEN Acquires 25% Stake in Afrodite Gas Discovery

Acquisition Details

ORLEN Upstream Norway has agreed to acquire a 25% interest in production license PL293 in the North Sea from Vår Energi. This license includes the unconventional Afrodite gas discovery, which could deliver nearly 2 billion cubic meters of natural gas net to ORLEN.

Project Objectives

The Afrodite project will test new methods for producing unconventional resources on the Continental Shelf. It includes the Victoria gas discovery, the largest undeveloped gas find in Norway, where ORLEN also holds a stake.

Development Plans

Discovered in 2008, Afrodite faced development delays due to its challenging High Pressure/High Temperature environment. License partners now plan to drill an appraisal well to evaluate production feasibility using stimulation technologies and to better quantify recoverable reserves.

Resource Estimates

Current estimates suggest recoverable resources of approximately 7.5 billion cubic meters of gas, with around 1.9 billion cubic meters attributable to ORLEN. Afrodite could be developed as a tie-back to the nearby Kvitebjørn field, where ORLEN is also a partner, creating additional synergies.

Regulatory Approvals

The acquisition of the PL293 license is subject to standard Norwegian regulatory approvals. Upon completion, ORLEN will hold a 25% interest, with Equinor as the operator holding 70%, and Wellesley Petroleum holding 5%.

Strategic Alignment

ORLEN's involvement in acquiring new deposits aligns with its 2035 strategy, aiming for Norwegian fields to deliver up to 12 billion cubic meters of natural gas annually by 2030.