DNO and Aker BP Swap Assets on Norwegian Continental Shelf
Norwegian oil and gas operator DNO has reached an agreement with Aker BP to exchange several assets on the Norwegian Continental Shelf (NCS). This deal aims to bolster DNO’s portfolio by raising its stake in the Verdande field from 10.5% to 14%.
Verdande Field Development
The Verdande field, operated by Equinor and located in a key area identified by DNO, is advancing toward production, expected to start later in 2025. Found in 2017 at a depth of 380 meters and situated 10 kilometers north of the Norne field in the Norwegian Sea, Verdande's plan for development and operation (PDO) was approved in 2023. The PDO includes a subsea template with three production wells connected to the Norne FPSO (floating production, storage, and offloading vessel).
Asset Transfers to Aker BP
In return, DNO will transfer its full 28.9% stake in the non-core Vilje field to Aker BP, along with a 9% interest in the Kveikje discovery. Following the deal, DNO's share in Kveikje will be 20%.
Exploration Permits and Interest Adjustments
- DNO’s interest in PL1171 (Sunndal) decreases from 50% to 34%.
- DNO’s interest in PL1175 (Reka) decreases from 30% to 20%.
- DNO’s interest in PL1204 (Abel) decreases from 60% to 40%.
DNO describes Vilje as a non-core asset and Verdande as a core area that will strengthen its position moving forward.
This transaction trades less strategic assets for a larger stake in a promising field nearing production, demonstrating DNO's focus on developing its core Norwegian field investments.
Author’s summary: DNO strengthens its portfolio by swapping non-core assets with Aker BP to increase its stake in the advancing Verdande field, positioning for production startup later this year.
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