Norwegian oil and gas operator DNO has agreed a non-cash asset swap with Equinor Energy involving several oil and gas interests on the Norwegian Continental Shelf.
Under the arrangement, DNO will hand over its stakes in four discoveries – Røver, Mistral, Tyrihans East and Bergknapp – and the Sjørøver exploration licence to Equinor.
In return, DNO will purchase a 19% stake in the Atlantis discovery and a 10% stake in the Afrodite discovery, both of which are located near the Kvitebjørn field in the northern North Sea. Equinor will continue to operate all three assets.
DNO currently holds a 19% interest in Kvitebjørn and a 30% interest in the nearby Carmen discovery, and will expand its presence in this area through the transaction.
The company stated that Atlantis is expected to reach a final investment decision early next year, with production due to begin by late 2029.
Once operational, Atlantis is projected to provide DNO with a plateau production rate of 8,000 barrels of oil equivalent per day.
Both Afrodite and Carmen are under consideration as potential tie-backs to the Kvitebjørn field. Appraisal drilling for Afrodite and Carmen is scheduled for 2026.
DNO executive chairman Bijan Mossavar-Rahmani said: “DNO has a need for speed in Norway. We are transforming our portfolio to access barrels sooner rather than later.
“We acquire production, swap some of our discoveries for others that have been greenlighted for development and then push hard to complete them.”
The assets being transferred to Equinor are described as non-core for DNO and face longer appraisal and development schedules compared to those acquired. Most of these assets are operated by Equinor.
DNO reported a commercial success rate exceeding 50% over the past three years in its offshore Norway exploration programme, with 12 discoveries from 22 wells drilled.
The company currently has four field developments under way in Norway and recently initiated a project aiming for first oil from its Kjøttkake discovery in early 2028. Three other developments await approval this year.
At the end of 2025, DNO’s portfolio included 129 offshore licences in Norway. The asset swap remains subject to standard government approvals.
In November 2025, DNO announced the sale of a 7.604% stake in the Ekofisk Previously Produced Fields project, covering licences PL018B and PL018F, to Orlen Upstream Norway.
