DNO secures North Sea oil offtake agreements with ExxonMobil and Shell

Norwegian independent DNO ASA has finalized new North Sea oil offtake agreements with subsidiaries of ExxonMobil and Shell, effective Jan. 1, 2026, securing up to $410 million in related financing facilities.

Under the agreements, ExxonMobil Asia Pacific Pte. Ltd. will lift approximately half of DNO’s North Sea oil production under a two-year offtake arrangement supported by a revolving credit facility of up to $185 million. The remaining production will be marketed by Shell Trading and Shipping Company Limited under an initial one-year offtake agreement, backed by a prepayment facility of up to $225 million arranged with a European bank.

DNO said the financing terms associated with the offtake agreements are competitive and provide additional financial flexibility amid volatile market conditions. The company noted that the facilities will support continued operational and growth initiatives across its North Sea portfolio.

The new oil offtake arrangements build on DNO’s existing gas offtake and financing agreement with ENGIE SA, announced earlier this year. Together, the oil and gas agreements provide DNO with access to up to $910 million in production-linked financing tied to its North Sea assets.

DNO operates a growing portfolio on the Norwegian Continental Shelf and has emphasized the role of long-term offtake partnerships in strengthening balance sheet resilience and funding future development.

Image: Shell