As part of the transaction, DNO Norge will transfer its 22.6% interest in the non-core Ringhorne East field to Vår Energi. Credit: T. Schneider/Shutterstock.

DNO Norge, a subsidiary of Norwegian oil and gas operator DNO, has struck a deal to acquire stakes in five oil and gas fields in the Norne area of the Norwegian Sea from Vår Energi.  

The transaction, valued at $51m (Nkr556.66m), will enhance DNO’s footprint in the North Sea, establishing a new core area for the company. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The agreement includes interests in four producing fields: Norne (6.9%), Skuld (11.5%), Urd (11.5%) and Marulk (20%), as well as a 10.5% stake in Verdande, which is under development.  

DNO said this acquisition will add more than eight million barrels of oil equivalent (mboe) in reserves and resources to its portfolio. 

Prior to this acquisition, DNO held stakes in the Marulk field (17%), Alve (32%) and the Andvare development (32%).  

As part of the transaction, DNO Norge will transfer its 22.6% interest in the non-core Ringhorne East field to Vår Energi and will assume decommissioning liabilities for the newly acquired fields. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The transaction is expected to increase DNO’s production by approximately 3,000 barrels of oil equivalent per day (boepd) upon closing, with projections to rise above 5,000boepd by 2026 as Verdande starts contributing. 

All fields in the transaction are connected to the Equinor-operated Norne floating production storage and offloading unit, which has been operational since 1997 and has produced more than 900mboe.  

The oil from these fields is exported via tankers, while the gas is transported through the Åsgard Transport System. 

The Norne licence is currently seeking an extension of its operational life until 2036.  

DNO executive chairman Bijan Mossavar-Rahmani said: “This transaction is another step in the rebalancing of our North Sea business on the heels of the acquisition of a 25% stake in [the] UK’s Arran field announced in February.” 

Vår Energi CEO Nick Walker said: “Following the Neptune transaction our stated plan was to dispose of non-core assets to high-grade the portfolio, and we are pleased to have reached an agreement with DNO for the sale of producing field interests in the Norne area and to receive an increased stake in the Ringhorne East unit. This transaction reduces our operating cost and emissions outlook and enhances future value creation.” 

The completion of this acquisition is subject to customary regulatory approvals and is anticipated to close in the third quarter of 2024. 

Last month, Vår Energi announced the discovery of oil in the Balder area in the central North Sea.