Offshore

DNO Seals Exxon, Shell Offtake and USD 410 Million Funding

DNO ASA has placed its North Sea oil output with Exxon Mobil and Shell from 1 January 2026 and linked the deals to offtake financing of up to USD 410 million, lifting total facilities tied to North Sea output to USD 910 million.

Photo courtesy of DNO

18, December 2025
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Oslo, 18 December 2025 – Norwegian operator DNO ASA has agreed new offtake arrangements for its North Sea oil production with subsidiaries of Exxon Mobil Corporation and Shell plc, effective from 1 January 2026. The deals are linked to offtake financing facilities totaling up to USD 410 million.

Under an agreement with ExxonMobil Asia Pacific Pte. Ltd., around half of DNO’s North Sea oil output will be placed over a two-year period. The arrangement carries a related revolving credit facility of up to USD 185 million.

The remaining half of the North Sea production is covered by an agreement with Shell Trading and Shipping Company Limited (STASCO). This deal has an initial tenor of one year and is tied to a prepayment facility with a European bank of up to USD 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

Tags: DNO ASA, Exxon Mobil, North Sea, offtake financing, Shell

Editorial Note:
This article was prepared with the assistance of AI tools to enhance clarity and efficiency.
All information has been reviewed and verified by the HMT News editor.

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