DNO, Equinor swap stakes in certain North Sea assets

DNO ASA will swap stakes in four Norwegian Continental Shelf (NCS) non-core discoveries with Equinor Energy AS for its interests in the Kvitebjørn area in the northern North Sea.

Under the non-cash agreement, DNO will acquire a 19% interest in Atlantis and a 10% interest in Afrodite, two gas condensate discoveries near Kvitebjørn field. All three assets continue to be operated by Equinor. DNO already holds a 19% interest in Kvitebjørn and 30% interest in the nearby Carmen discovery and is expanding its footprint in this new core area.

DNO will transfer its interests in Røver, Mistral, Tyrihans East, and Bergknapp, as well as the Sjørøver exploration license, to Equinor. All but one operated by Equinor and are outside DNO’s core areas and currently face longer appraisal and development timelines.

Atlantis is one of the largest undeveloped discoveries in Norway and is moving towards a final investment decision early next year. Production is expected to start in late 2029 and reach a plateau of 8,000 boe/d net to DNO.

Afrodite, like Atlantis and Carmen, is a candidate for tie-back to Kvitebjørn. An appraisal well will be drilled on each of Afrodite and Carmen in 2026.

DNO has four field developments under way in Norway and has just launched a fast-track project to develop the 2025 Kjøttkake discovery, targeting first oil in early 2028. Three other development projects are slated for approval this year.