DNO, the Norwegian oil and gas operator, has placed its North Sea oil production with subsidiaries of Exxon Mobil Corporation and Shell effective January 2026 and secured related offtake financing facilities for up to $410 million.
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.
“The offtake
agreements with Exxon Mobil and Shell unlock considerable
financing at very attractive rates, creating opportunities for continued
growth in nervous markets,” said DNO’s
Executive Chairman Bijan Mossavar-Rahmani. “The terms are
favorable, flexible and felicitous,” he added.
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. -TradeArabia News Service
