DNO ASA, the Norwegian oil and gas operator, today announced that it has placed its North Sea oil production with subsidiaries of ExxonMobil Corporation and Shell plc effective 1 January 2026 and secured related offtake financing facilities for up to USD 410 million.

The agreement with ExxonMobil Asia Pacific Pte. Ltd., covering around half of DNO's North Sea oil output, has a tenor of two years and a related revolving credit facility of up to USD 185 million. The agreement with Shell Trading and Shipping Company Limited (STASCO), covering the other half of the output, has an initial tenor of one year and a related prepayment facility with a European bank of up to USD 225 million.

“The offtake agreements with Exxon Mobil and Shell unlock considerable financing at very attractive rates, creating opportunities for continued growth in nervous markets,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “The terms are favorable, flexible and felicitous,” he added.

Combined with the gas offtake agreement with France’s ENGIE SA announced in July, DNO has now put into place financing facilities of up to USD 910 million tied to its North Sea oil and gas production.

About DNO

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971, DNO is Norway’s oldest oil company and the first to list on the Oslo Stock Exchange in 1981. The Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire and Yemen.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.