DNO Agrees North Sea Oil Offtake with Exxon Mobil and Shell, Unlocks Attractive Financing
Oslo, 18 December 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that it has placed its North Sea oil production with subsidiaries of Exxon Mobil Corporation and Shell plc 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.
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DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971, DNO is Norway’s oldest oil company and the first to list on the Oslo Stock Exchange in 1981. The Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen. More information is available at
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
