In exchange, DNO Norge has transferred to Vår Energi its 22.62% shareholding in the Ringhorne East unit in the North Sea, lifting Vår Energi’s overall ownership to 92.6%.
According to Vår Energi, as the assets sold are in the late-life phase, this will improve its overall operating costs and emissions intensity. DNO has agreed to assume the associated decommissioning liabilities for the Norne area interests.
During the first half of 2024, Vår Energi's net production from the Norne area fields was about 3,000 boe/d. This should rise above 5,000 boe/d in 2026 as Verdande comes onstream.
Oil produced in the area is offloaded from the FPSO to tankers for export, while the gas is sent by pipeline through the Åsgard Transport System. Operator Equinor is working to extend the lifetime of the Norne hub to 2036.
DNO aready had interests in Marulk and Verdande. It now intends to advance studies of near-field exploration targets and infill well opportunities. Later this year, the company expects to restart production from the Trym field in the Norwegian North Sea, while its Andvare development (a co-development with Verdande via Aasta Hansteen) should start up in 2025.
Elsewhere in the North Sea, DNO is a participant in the combined Heisenberg appraisal and Angel exploration well, which is currently drilling. Wells on the Ringand and Falstaff prospects, the latter operated, should spud this month.
In addition, DNO has submitted one of its the largest ever licensing applications for Norway’s APA 2024 round, with awards set to follow early next year.
