Shell and ExxonMobil strike North Sea oil offtake deals with DNO

December 18, 2025, by Melisa Cavcic

DNO, a Norwegian oil and gas operator, has secured oil offtake agreements with subsidiaries of U.S.-headquartered ExxonMobil and the UK-based Shell.

While explaining that it has placed its North Sea oil production with subsidiaries of Exxon Mobil and Shell, effective January 1, 2026, DNO claims that it secured related offtake financing facilities for up to $410 million.

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

The company’s agreement with ExxonMobil Asia Pacific covers around half of the Norwegian player’s North Sea oil output. This deal has a tenor of two years and a related revolving credit facility of up to $185 million.

On the other hand, DNO’s agreement with Shell Trading and Shipping Company (STASCO) entails the other half of the output. As a result, the deal has an initial tenor of one year and a related prepayment facility with a European bank of up to $225 million.

When combined with the gas offtake agreement with France’s ENGIE announced in July 2025, the Norwegian firm has now put into place financing facilities of up to $910 million tied to its North Sea oil and gas production.

This comes shortly after DNO inked a deal with Aker BP to exchange multiple assets on the Norwegian Continental Shelf (NCS).