DNO swaps non-core assets with Aker BP for bigger slice of Norwegian field nearing startup

Norwegian oil and gas operator DNO has signed a deal with compatriot Aker BP to swap multiple assets on the Norwegian Continental Shelf (NCS). DNO believes the transaction will strengthen its portfolio by increasing its stake in the Verdande field from 10.5 to 14%. The field, which is operated by Equinor and located in what DNO says is a core area, is in advanced development and scheduled to start production later this year. Situated in water depths of 380 meters, 10 kilometers north of the Norne field in the Norwegian Sea, Verdande was discovered in 2017. Its plan for development and operation (PDO), approved in 2023, includes a subsea template with three production wells tied back to the floating production, storage, and offloading vessel (FPSO) Norne. In exchange, the company will transfer its 28.9% stake in what it says is a non-core field, Vilje, in its entirety to Aker BP, as well as a 9% interest in the Kveikje discovery, meaning that DNO’s post-deal interest in Kveikje will be 20%. Additionally, the deal entails interests in three exploration permits. Thanks to this, DNO’s interest in PL1171 (Sunndal) will decrease from 50 to 34%, in PL1175 (Reka) from 30 to 20%, and in PL1204 (Abel) from 60 to 40%. DNO explained that the swap is in line with its strategy of highgrading its North Sea portfolio following the acquisition of Sval Energi, which was completed in June 2025. The transaction involves no cash consideration and is subject to the authorities’ approval.