Offshore staff
OSLO, Norway — DNO Norge has agreed to acquire interests in five oil and gas fields in the Norne area in the Norwegian Sea from Vår Energi.
Assuming regulatory approvals, the transaction should close during the third quarter. It creates a new core area for DNO offshore Norway, with the company holding stakes in all fields, either producing or under development, in the greater Norne area, including the Equinor-operated Norne hub.
The company will gain a 6.9% share of the Norne Field, 11.5% of Skuld and Urd, 20% of Marulk, and 10.5% of the current Verdande development. Prior to the transaction, DNO was already present in Marulk, Alve and the Andvare development.
DNO’s extra net production from these fields of 3,000 boe/d will rise above 5,000 boe/d in 2026 when Verdande is fully onstream.
DNO will pay Vår Energi a cash consideration of $51 million and will also transfer its 22.6% stake in Ringhorne East in the North Sea, which Vår Energi operates.
The Norne area fields have to date produced more than 900 MMboe via tiebacks to the Norne FPSO, which came onstream in 1997. Produced oil is offloaded from the FPSO to tankers for export, with the gas sent by pipeline through the Åsgard Transport System to western Norway.
Equinor and its partners in the Norne license have applied to extend operations until 2036.
For its part, Vår Energi said the divestment would reduce its unit operating costs and emissions intensity outlook. DNO Norge will also assume decommissioning liabilities for the acquired fields.
05.09.2024
