Orlen SA agreed to sell 20 percent of the Norwegian North Sea production license (PL) containing the Cassio prospect and about 0.83 percent of the under-development Verdande field to DNO ASA, DNO said Tuesday.
Cassio, in PL1135, sits directly north of DNO-operated PL1086, which includes the Othello oil discovery announced December 2, 2024.
“An exploration well on Cassio is expected in late 2026”, Oslo-based DNO said in an online statement Tuesday announcing the transaction with Poland’s state-backed Orlen.
Currently Orlen operates PL1135 with an 80 percent stake. Source Energy AS holds 20 percent. The license lasts through 2031, according to online information from the Norwegian Offshore Directorate.
The statement said DNO would also divest its stake of around 7.6 percent in the Ekofisk Previously Produced Fields project in PLs 018B and 018F to Orlen.
“DNO will retain its 7.604 percent in PL018 containing the producing fields Ekofisk, Eldfisk and Embla as well as a share in the Tor Unit”, DNO said.
“The acquisition of additional interests in Verdande brings DNO’s total interest in the Verdande Unit containing five licenses to 14.8251 percent, including 3.5 percent from the recently announced asset swap with Aker BP. Verdande, located in the Norne area, is currently in advanced development and scheduled to start production later this year”.
“The all-cash transactions are conditional on customary government approvals”, DNO said without disclosing financial details.
DNO executive chair Bijan Mossavar-Rahmani said, “As we continue to high-grade our North Sea portfolio, our focus is on increasing near-term cash flow with less spend and more barrels more quickly”.
“Ekofisk PPF covers redevelopment of older, shut-in fields with expected production start in 2029, and while the project fits other companies’ portfolios, we have chosen to deploy our share of the significant capital expenditure necessary in ways that play to our strengths, namely exploration and rapid-fire development of our existing discoveries”, he added.
Earlier this month DNO said it has entered into swap agreements with Aker BP ASA under which DNO will raise its stake in Verdande by 3.5 percent.
Under the transaction, Aker BP will assume operatorship of the Kjottkake discovery until the start of production, after which DNO will resume operatorship, according to online statements by the companies. The move allows for faster development, with production now targeted for the first quarter of 2028, the companies said.
Fornebu-based Aker BP “will draw on its alliance with suppliers and its equipment inventory to deliver the project on time”, DNO said.
“Three years from discovery to production is a standout on the Norwegian continental shelf, where such tie-backs typically take at least twice as long to complete”, DNO said.
DNO discovered Kjottkake earlier this year in the northern North Sea under PL1182 S. Kjottkake sits 27 kilometers (16.78 miles) northwest of the Troll C platform and 44 kilometers southwest of the Gjoa platform, according to DNO.
Under the swap agreements, DNO and Aker BP retain their Kjottkake stakes of 40 percent and 45 percent respectively. Concedo AS owns 15 percent.
Also under the agreements, DNO will transfer its 28.9 percent stake in the producing Vilje field to Aker BP, whose stake will increase to 75.76 percent.
DNO will also transfer part of its ownership in the Kveikje discovery and exploration assets PL1171, PL1175 and PL1204 to Aker BP. After the transactions, DNO will retain 20 percent in Kveikje, 34 percent in PL1171, 20 percent in PL1175 and 40 percent in PL1204. Aker BP will increase its stakes to 19 percent in Kveikje, 66 percent in PL1171 and 60 percent in PL1175, as well as enter PL1204 with a 20 percent stake.
“The swap is in line with DNO’s strategy of high-grading its North Sea portfolio following the acquisition of Sval Energi AS in June 2025”, DNO said.
The agreements do not involve cash. The agreements are subject to regulatory and partner approvals, according to the companies.
To contact the author, email jov.onsat@rigzone.com
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