DNO ASA, the Norwegian oil and gas operator, today announced that its subsidiary DNO Oman Block 8 Limited has relinquished operatorship and participation in Oman Block 8 to the Sultanate of Oman's Ministry of Oil and Gas (MOG) and state-owned Oman Oil Company Exploration and Production LLC (OOCEP).

A handover ceremony was held in Muscat today in the presence of MOG Undersecretary Salim Al Aufi, together with representatives from DNO, MOG, OOCEP and license partner LG International in attendance.

"Since inception, Block 8 has produced 35 million barrels of oil and 285 billion cubic feet of gas, generating the Sultanate of Oman about USD 1 billion in total revenues," said DNO's Managing Director Bjørn Dale during the handover ceremony.

Offshore Block 8, which contains the Bukha and West Bukha fields, produced an average of 4,458 barrels of oil equivalent per day during 2018.

Effective 4 January 2019, with the expiry of the 30-year commercial term of the Exploration and Production Sharing Agreement, Block 8 will be operated by the Musandam Oil and Gas Company, fully-owned by OOCEP.

DNO held a 50 percent interest in the license alongside LG International, which held the remaining 50 percent interest.

About DNO

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, 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 and Yemen.

About OOCEP

Oman Oil Company Exploration & Production LLC (OOCEP) was established as an Omani upstream oil & gas company. As a subsidiary of Oman Oil Company SAOC (OOC), OOCEP is driven by upstream investments in line with OOC’s strategy of pursuing local and international energy related investments. OOCEP’s activities are focused towards upstream and midstream investments in Oman and abroad. Given these segments potential for growth, OOCEP continues to search for opportunities where its solutions can unlock value.