DNO discovers oil and gas in North Sea, adding to successful streak in Norway

From Yahoo Finance: 2025-03-27 12:23:00

Norwegian oil and gas operator DNO announces discovery in North Sea licence PL1182 S with estimated 39-75 million barrels of oil equivalent. Kjøttkake well reveals 41m oil column and 9m gas column, drilled using Deepsea Yantai rig. Located near Troll-Gjøa area, DNO’s tenth discovery in the region since 2021.

DNO continues successful streak in Norway with Kjøttkake discovery, aiming for commercialization. Expanding portfolio, DNO acquires Sval Energi Group for $1.6bn, closing by mid-year. Financing includes cash, debt facilities, new bond, and reserve-based lending debt. Chairman Bijan Mossavar-Rahmani emphasizes commitment to future developments.

Read more: DNO reports oil and gas discovery in North Sea licence PL1182 S