ORLEN Upstream Norway $PKN (-0,95 %) has agreed to acquire from Vår Energi $VAR (-1,02 %) to acquire a 25% stake in the PL293 production license in the North Sea, which includes the unconventional Afrodite gas field.
The Afrodite gas field has the potential to supply ORLEN with almost 2 billion cubic meters of natural gas net, the company said.
The project will also serve as a testing ground for new methods of producing unconventional resources on the continental shelf, including Victoria, the largest undeveloped gas deposit in Norway, in which ORLEN also has an interest.
Afrodite was discovered in 2008, but due to the challenging high pressure/high temperature environment, its development was not 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 the recoverable reserves.
Current estimates put the recoverable resources at approximately 7.5 billion cubic meters of gas, of which ORLEN accounts for approximately 1.9 billion cubic meters. Afrodite could be developed as a tie-in to the nearby Kvitebjørn field, in which ORLEN Upstream Norway also has an interest, which would create additional synergies.