DNO strengthens near-term North Sea production with new Verdande, Cassio acreage
DNO ASA has continued to high-grade its North Sea portfolio through a set of asset transactions with Orlen Upstream Norway, the company announced Tuesday.
The Norwegian operator has divested its 7.604% interest in the Ekofisk Previously Produced Fields (PPF) project in licenses PL018B and PL018F on the Norwegian Continental Shelf. The redevelopment project aims to restart production from older, shut-in fields, with first oil expected in 2029.
In exchange, DNO has acquired from Orlen a 20% stake in license PL1135, which contains the Cassio exploration prospect, as well as an additional 0.8272% interest in the Verdande field. Verdande, located in the Norne area, is in advanced development and scheduled to begin production later this year. The new acquisition lifts DNO’s total interest in the Verdande Unit to 14.8251%, including the recently announced swap with Aker BP.
Cassio lies directly north of DNO-operated PL1086, home to the Othello discovery. An exploration well on Cassio is planned for late 2026.
Executive Chairman Bijan Mossavar-Rahmani said the moves support DNO’s strategy of prioritizing near-term cash flow and focusing capital on exploration and quick-cycle development. “Ekofisk PPF covers redevelopment of older, shut-in fields… but we have chosen to deploy our share of the significant capital expenditure necessary in ways that play to our strengths,” he said.
DNO will retain its 7.604% interest in PL018, which includes the producing Ekofisk, Eldfisk and Embla fields, along with a share of the Tor Unit. All transactions are subject to government approval.
