DNO has agreed to place all of its North Sea oil production with ExxonMobil Asia Pacific and Shell Trading and Shipping Company Limited under offtake contracts effective from 1 January 2026. The arrangements are tied to new financing facilities of up to USD 410 million, providing the Oslo‑listed independent with additional balance sheet flexibility.
Under the structure, ExxonMobil’s unit will lift around half of DNO’s regional oil output on a two‑year term, backed by a revolving credit facility of up to USD 185 million. Shell’s trading arm will handle the remaining volumes under an initial one‑year agreement supported by a prepayment facility of up to USD 225 million arranged with a European bank.
DNO describes the terms as “favourable, flexible and felicitous”, highlighting that the financing unlocked by the offtake deals comes at attractive rates despite turbulent capital markets. The company says the added liquidity will underpin continued investment and growth across its North Sea portfolio while smoothing cash flow.
These oil contracts build on a gas offtake and financing agreement DNO signed with France’s ENGIE earlier in the year, taking the total value of production‑linked facilities tied to its North Sea oil and gas to around USD 910 million. Together, the arrangements deepen relationships with global majors while reinforcing DNO’s position as a significant independent player in the basin.
