Norway’s DNO ASA has acquired stakes in five oil and gas fields, including an operatorship, in the Norne area in the Norwegian Sea from Vår Energi ASA, the company said on Sept. 2.
The transaction includes interests in four producing fields: Norne (6.9%), Skuld (11.5%), Urd (11.5%) and Marulk (20%) and the ongoing Verdande development (10%). Prior to the transaction, DNO held interests in Alve (32%), Marulk (17%) and Andvare development (32%) in the Norne area.
DNO’s net cash consideration for in the interests was $24 million. The transaction included the transfer of DNO’s 22.6% interest in Ringhorne East to Vår Energi. All of the deals were completed on Aug. 30.
With the deals closed, DNO’s wholly owned subsidiary DNO Norge AS holds interests in all producing and under development fields in the greater Norne area, making it a core area for the company on the Norwegian Continental Shelf (NCS).
The transaction adds more than 8 MMboe in reserves and resources net to DNO. In terms of production, the acquired assets delivered approximately 3,000 boe/d in the first half of 2024. DNO said it expects production to rise to more than 5,000 boe/d in 2026 as the Verdande contribution kicks in.
All fields in the Norne area are tied back to the Equinor-operated Norne FPSO that came onstream in 1997, DNO said. Oil produced in the area is loaded from the FPSO to tankers for export, while gas is exported by pipeline through the Åsgard Transport System. Planned hub lifetime extends to 2036. With its expanded area position, DNO has stepped up studies of near-field exploration targets and infill well opportunities.