DNO ASA, the Norwegian oil and gas operator, announced an agreement with Equinor Energy AS under which selected non-core license interests will be transferred to Equinor in return for a significantly reduced decommissioning deposit and a corresponding improvement in near-term liquidity.

As part of its 2025 acquisition of Sval Energi AS, DNO assumed an obligation to pay a post-tax deposit for decommissioning liabilities to Equinor this month relating to the Ekofisk and Martin Linge assets. The deposit would be held by Equinor until the fields have been decommissioned long into the future.

Under the terms of the new agreement, the deposit is reduced to a one-time payment, improving near-term liquidity including tax effects by more than USD 35 million.

In exchange, DNO will transfer the following license interests to Equinor:

  - 20 percent in PL293B and 293 CS (Kveikje discovery)
  - 29 percent in PL827 S (Heisenberg discovery)
  - 10 percent in PL1245 (exploration license containing the Romsås prospect)

While fully exiting Kveikje, DNO will retain 20 percent interest in Heisenberg and 20 percent in PL1245.

“Divesting selected non-core license interests offers an alternative route to fast-track monetization of exploration discoveries, releasing value early and strengthening DNO’s near-term financial muscle,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. “Reserves and output are unchanged, and DNO remains on track to raise North Sea production to 100,000 barrels of oil equivalent per day by 2030,” he added.

The transaction is subject to customary government approvals.

About DNO

DNO ASA is a Norwegian oil and gas operator active in the North Sea, the Middle East 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 Norway, the Kurdistan region of Iraq, the United Kingdom, Côte d’Ivoire and Yemen.

About Equinor

Equinor ASA is an international energy company headquartered in Norway. The company employs around 21,000 people worldwide. Equinor is already one of the world's most CO2-efficient producers of oil and gas. Equinor leverages strong synergies between oil, gas, renewables, carbon capture and hydrogen. Equinor participates in a consortium that has started the construction of the Northern Lights project, the world’s first full-scale and open-source CO2 transportation and storage project. The company has a growing portfolio in offshore wind with wind farms in Europe and the USA and is involved in various hydrogen projects throughout Europe.