Norwegian oil and gas operator DNO has agreed to transfer selected non-core licence interests to Equinor Energy in exchange for a reduced decommissioning deposit.
The transaction will improve DNO’s near-term liquidity, including tax effects, by more than $35 million through a one-time payment.
The deposit obligation stemmed from DNO’s 2025 acquisition of Sval Energi, requiring a post-tax deposit for decommissioning liabilities relating to the Ekofisk and Martin Linge assets.
Under the original terms, the funds were to be held by Equinor Energy until the fields were decommissioned in the future.
As part of the agreement, DNO will fully exit the Kveikje discovery by transferring its 20 per cent interest in PL293B and 293 CS.
Additionally, DNO will transfer a 29 per cent stake in PL827 S, covering the Heisenberg discovery, alongside a 10 per cent interest in the PL1245 exploration licence containing the Romsås prospect.
Despite the divestment, DNO will retain a 20 per cent interest in Heisenberg and a 20 per cent stake in PL1245. The company noted that its reserves and output remain unchanged, keeping it on track to raise North Sea production to 100,000 barrels of oil equivalent per day by 2030.
DNO Executive Chairman Bijan Mossavar-Rahmani stated that divesting selected non-core licence interests provides an alternative route to fast-track monetisation of exploration discoveries while releasing value early. The transaction remains subject to customary government approvals.
