DNO ASA has announced a strategic rebalancing of its North Sea portfolio through an asset swap with Aker BP ASA, involving no cash consideration. The agreement allows DNO to raise its interest in the Verdande field, located in the Norne area of the Norwegian Sea, from 10.5% to 14%. This field, currently in advanced development, is scheduled to begin production before the end of the year.
A portfolio refocused on core areas
In return for the increased stake in Verdande, DNO is transferring its full 28.9% interest in the producing Vilje field, along with partial interests in the Kveikje discovery and three exploration licences: PL1171 (Sunndal), PL1175 (Reka) and PL1204 (Abel). Following the transaction, DNO will retain 20% in Kveikje, 34% in Sunndal, 20% in Reka and 40% in Abel.
The operation aligns with DNO’s strategy to streamline its North Sea asset base following the acquisition of Sval Energi AS completed in June 2025. This repositioning aims to direct development efforts toward areas considered core business while limiting exposure to non-priority or early-stage exploration fields.
Transaction subject to regulatory approval
No financial compensation will be exchanged between the two companies under this agreement, which remains subject to approval from the relevant authorities. Overall financial details of the transaction were not disclosed, but the shift in asset holdings suggests a balanced valuation of the exchanged interests.
Verdande represents a strategic development project for DNO, consistent with its renewed focus on near-term production potential. Conversely, the divestment of stakes in Vilje and multiple exploration licences is expected to reduce costs associated with assets further from the production cycle.
