Norwegian impartial DNO ASA has finalized new North Sea oil offtake agreements with subsidiaries of ExxonMobil and Shell, efficient Jan. 1, 2026, securing as much as $410 million in associated financing amenities.
Beneath the agreements, ExxonMobil Asia Pacific Pte. Ltd. will elevate roughly half of DNO’s North Sea oil manufacturing underneath a two-year offtake association supported by a revolving credit score facility of as much as $185 million. The remaining manufacturing shall be marketed by Shell Buying and selling and Transport Firm Restricted underneath an preliminary one-year offtake settlement, backed by a prepayment facility of as much as $225 million organized with a European financial institution.
DNO mentioned the financing phrases related to the offtake agreements are aggressive and supply extra monetary flexibility amid risky market situations. The corporate famous that the amenities will help continued operational and progress initiatives throughout its North Sea portfolio.
The brand new oil offtake preparations construct on DNO’s current fuel offtake and financing settlement with ENGIE SA, introduced earlier this yr. Collectively, the oil and fuel agreements present DNO with entry to as much as $910 million in production-linked financing tied to its North Sea belongings.
DNO operates a rising portfolio on the Norwegian Continental Shelf and has emphasised the function of long-term offtake partnerships in strengthening steadiness sheet resilience and funding future improvement.
Picture: Shell
