DNO, a Norwegian oil and gas operator, has reported an oil and gas discovery in the northern North Sea licence PL1182 S, where it holds a 40% operated interest.
Partners in the licence include Aker BP with a 30% stake, Concedo with a 15% interest and Japex Norge with a 15% stake.
Go deeper with GlobalData
The discovery in Paleocene injectite sandstones shows preliminary estimates of 39–million to 75 million barrels of oil equivalent (mboe), with a mean of 55mboe, of gross recoverable resources.
The Kjøttkake exploration well revealed a 41m oil column and a 9m gas column.
A sidetrack drilled 1,350m westwards along the reservoir in the Sotra Formation confirmed the oil column’s presence throughout the discovery.
The wells were drilled using the Deepsea Yantai rig.
The Kjøttkake discovery is located 27km north-west of the Troll C platform and 44km south-west of the Gjøa platform, and is DNO’s tenth discovery in the Troll-Gjøa area since 2021.
Previous discoveries include Carmen, Cuvette, Heisenberg, Røver Nord, Kveikje, Kyrre, Ofelia, Ringand and Røver Sør.
DNO has also made discoveries in other parts of the Norwegian Continental Shelf, such as Norma in 2023, followed by Othello in 2024.
DNO executive chairman Bijan Mossavar-Rahmani said: “We are on a hot streak in Norway. Our latest and most exciting discovery this year, Kjøttkake, is close to existing infrastructure in the Troll-Gjøa area, and we will be relentless in pursuing its commercialisation.”
After its exploration, DNO stated that it has ramped up the acquisition of producing assets to balance its Norwegian portfolio and support the funding of future developments.
Earlier this month, DNO agreed to acquire Sval Energi Group from HitecVision for an enterprise value of $1.6bn (Nkr17.24bn).
The acquisition is expected to close by mid-year.
The deal involves a cash consideration of $450m and is set to be financed via existing cash, debt financing facilities, new bond and reserve-based lending debt, and offtake-based financing.
