Offshore staff
OSLO, Norway – DNO has provided an update on its revised spending plans this year for its fields and licenses in the North Sea.
The company plans no drilling in UK waters and has suspended to 2021/22 the balance of its decommissioning program for the Schooner and Ketch fields in the southern gas basin.
It has also renegotiated service contracts for savings and extended payment terms where it operates, and is in talks with its various partners in the North Sea on cutting operating and other costs and deferring non-critical projects that it does not operate.
DNO has also scaled back its 2020 Norwegian North Sea drilling campaign but still plans to participate in two exploration, one appraisal, two infill and two development/geopilot wells on five licenses.
To strengthen its cash position, the company has drawn $115 million from its reserve-based lending facility to fund North Sea operations.
05/08/2020
