Norwegian oil and gas producer DNO has secured new North Sea oil offtake agreements with subsidiaries of ExxonMobil and Shell from January 2026, unlocking up to $410 million in associated financing and strengthening its liquidity amid volatile energy markets.
The agreement with ExxonMobil Asia Pacific, 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 $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 $225 million.
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 $910 million tied to its North Sea oil and gas production.
“The offtake agreements with Exxon Mobil and Shell unlock considerable financing at very attractive rates, creating opportunities for continued growth in nervous markets. The terms are favorable, flexible and felicitous,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman.