DNO, the Norwegian oil and gas operator, has placed its North Sea oil production with subsidiaries of Exxon Mobil Corporation and Shell effective 1 January 2026 and secured related offtake financing facilities for up to USD 410 million.
The agreement with ExxonMobil Asia Pacific Pte. Ltd., covering around half of DNO's North Sea oil output, has a tenor of two years and a related revolving credit facility of up to USD 185 million. The agreement with Shell Trading and Shipping Company Limited (STASCO), covering the other half of the output, has an initial tenor of one year and a related prepayment facility with a European bank of up to USD 225 million.
'The offtake agreements with Exxon Mobil and Shell unlock considerable financing at very attractive rates, creating opportunities for continued growth in nervous markets,' said DNO’s Executive Chairman Bijan Mossavar-Rahmani. 'The terms are favorable, flexible and felicitous,' he added.
Combined with the gas offtake agreement with France’s ENGIE SA announced in July, DNO has now put into place financing facilities of up to USD 910 million tied to its North Sea oil and gas production.
Source: DNO
