Latest news with #DNO
Reuters
14 hours ago
- Business
- Reuters
DNO sells four years of Norwegian gas output to Engie
OSLO, July 2 (Reuters) - DNO ( opens new tab has sold its entire gas production over a four-year period from the Norwegian continental shelf to French utility Engie ( opens new tab for an undisclosed sum, the Norwegian company said on Wednesday. It said the deal had been facilitated by a loan from a U.S. bank as U.S. lenders step up funding to the fossil fuel industry, adding it was in discussions over a similar offtake agreement and related financing facility for its North Sea oil production. The offtake agreement takes effect from October 1 and covers DNO's increased gas production after its acquisition of assets from Sval Energi in March, DNO said in a statement. Sval's acquisition quadrupled DNO's North Sea production to about 80,000 barrels of oil equivalent per day, about half of it natural gas. Engie did not immediately respond to a request for comment. While DNO did not disclose the volume of the four-year contract with Engie, last year DNO and Sval Energi produced 1.82 bcm of gas from the Norwegian continental shelf. DNO has entered into a financing facility with an unnamed U.S. bank for up to $500 million, which will be used to repay Sval Energi's debts and for general corporate purposes. "We have received strong interest by buyers to prepurchase our enlarged North Sea production," DNO's Executive Chairman Bijan Mossavar-Rahmani said in a statement.
Yahoo
18 hours ago
- Business
- Yahoo
DNO Secures North Sea Gas Offtake and Related USD 500 Million Financing Facility; Adds Arrows to its Quiver
Oslo, 2 July 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company's wholly-owned Norway operating subsidiaries have entered into an offtake agreement with France's ENGIE SA for DNO's Norwegian gas production and secured a related offtake financing facility with a major US bank for up to USD 500 million. The offtake agreement covers the entirety of DNO's Norwegian gas production post acquisition of Sval Energi Group AS, offers premium pricing and has a tenor of four years as from 1 October 2025. Related to the agreement, DNO has entered into an offtake financing facility with a US bank for up to USD 500 million. Under the facility, DNO is paid, by the bank, the value of up to 270 days of scheduled gas production based on future gas sales receivables. The all-in interest rate for drawn amounts under the facility is significantly below conventional reserve-based lending (RBL) terms available to DNO, with no charges for undrawn amounts. There are no financial covenants related to the facility. Proceeds from the offtake financing facility will be used to replace Sval Energi's similar existing facilities as well as for general corporate purposes. 'We have received strong interest by buyers to prepurchase our enlarged North Sea production of 80,000 barrels of oil equivalent per day split about equally between oil and gas,' said DNO's Executive Chairman Bijan Mossavar-Rahmani. 'These three-way transactions are made possible because buyers are eager to lock in secure supplies of Norwegian oil and gas and US banks, in particular, have significantly stepped up fossil fuel lending,' he explained. Given availability of attractive offtake financing terms, DNO has repaid and will not renew over USD 600 million in RBLs across its North Sea subsidiaries. In addition, the Company has borrowed USD 300 million under a one-year bank bridge loan 'to add more arrows to our quiver,' according to Mr. Mossavar-Rahmani. Separately, DNO is in discussions to establish an offtake agreement and related financing facility on comparable terms for its North Sea oil production. – For further information, please contact:Media: media@ – DNO ASA is a leading Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. 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, Côte d'Ivoire and Yemen. More information is available at This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading in to access your portfolio
Daily Record
20-06-2025
- Business
- Daily Record
Perth and Kinross Council decides not to object to 100MW energy plant
The application will be determined by the Scottish Government's Energy Consents Unit due to its size Perth and Kinross Council (PKC) has not objected to a proposed 100MW energy plant near Coupar Angus. The proposed electricity generation station at Kettins would be situated on 4.2 hectares of farmland currently used for crops. PKC's Planning and Placemaking Committee was asked on Wednesday June 11 to consider the application, submitted to the Scottish Government due to its size. In December 2024 Cogeo Planning and Environmental Services Ltd submitted a planning application to the Scottish Government, on behalf of Merseyside-based Balance Power Projects Ltd to build and operate the proposed electricity generating station. The application site, referred to as Hallyburton BESS, sits within the Hallyburton Estate, Kettins. Planning applications for battery energy storage systems which are 50MW or higher require approval from Scottish Ministers. The Scottish Government's Energy Consents Unit consulted PKC on the proposed development on land 260m south east of Colbeggie Farm Cottage, Kettins. The footprint of the built area would be 1.3 hectares - just smaller than the combined size of two football pitches. The built site would include: 28 battery blocks - with each block containing four battery containers; 28 inverter and transformer units; two auxiliary transformers; two control room and welfare units; two private substations; two storage rooms and two district network operator (DNO) rooms. The development would also include access, lighting, security fencing, drainage and acoustic fencing. The site is currently being used for crops and sits within an agricultural rural landscape of Coupar Angus bounded by hedgerows and post and wire fencing. Last week, PKC's Planning and Placemaking Committee was asked to consider whether or not to object to the application. If PKC had objected, it would have triggered the requirement for a public inquiry to be held to consider the application. The committee's convener SNP councillor Ian Massie put forward a motion not to object to the application. It was seconded by Conservative councillor David Illingworth. Conservative councillor Ian James raised concern "it was too large" and "on a prime agricultural site". Cllr Bob Brawn agreed but the pair were unable to table an amendment -to oppose the application - which was deemed legally competent. National planning policy does allow for energy developments to be built on prime agricultural land. The report of handling - put before councillors - said: "...the global/local need for energy is outweighed by the small loss of land proposed for this development. Furthermore, the site has been designed so the land is minimally disturbed." And councillors were told there was nothing to show the plant was taking more land than required for 100MW. The committee agreed to uphold planners' recommendation not to object to the application.
Yahoo
13-06-2025
- Business
- Yahoo
DNO completes acquisition of Sval Energi from HitecVision
Norwegian oil and gas operator DNO has completed the acquisition of Sval Energi from HitecVision. The deal, which carries a cash consideration of $450m (NKr4.48bn) based on the enterprise value of $1.6bn, will boost DNO's presence in the North Sea. In March, DNO signed an agreement to acquire 100% of the shares of Sval Energi Group. The acquisition quadruples DNO's North Sea production to 80,000 barrels of oil equivalent per day (boepd) and increases its proven and probable (2P) reserves to 189 million barrels of oil equivalent (mboe), a fourfold increase. Additionally, the company's contingent resources (2C) now total 316mboe. With this strategic move, Norway and the UK now account for nearly 60% of DNO's global production and around 45% of its global reserves. The remainder is largely concentrated in the Kurdistan region of Iraq. DNO's executive chairman Bijan Mossavar-Rahmani said: 'The Sval Energi assets provided a rare opportunity to significantly upsize DNO's North Sea operations and, of course, DNO itself. And we moved quickly to seal the deal.' Halvor Engebretsen, former CEO of Sval Energi, will lead the expanded North Sea business as managing director of DNO Norge. Backed by ongoing field development projects and several discoveries in the pipeline for project approval, DNO stated that it is strategically positioned to enhance its North Sea production in the coming years. The combined 2P reserves and 2C resources in the North Sea equal 15 years of production at the current output levels, added the company. The company stated that it is also actively seeking additional acquisition opportunities and is committed to expediting the development and monetisation of its discoveries in Norway. Rahmani added: 'It takes most Norwegian oil companies a ridiculously long eight to ten years to bring a discovery to first production, even with simple subsea tiebacks to existing platforms. Compare that to the two to three years, if that, to execute this task in other established basins.' Last week, to fund the acquisition, DNO raised $400m through hybrid bonds. In Kurdistan, DNO has maintained production from its Tawke licence at approximately 80,000boepd, with minimal new investment. It holds a 75% interest and operatorship of the licence. Its Côte d'Ivoire gas assets consistently produce more than 3,000boepd net. DNO is planning four development wells and one exploration well in the years 2025–26. "DNO completes acquisition of Sval Energi from HitecVision" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
05-06-2025
- Business
- Yahoo
DNO Raises USD 400 Million in Hybrid Bonds
5 June 2025 – DNO ASA, the Norwegian oil and gas operator, today completed a private placement of USD 400 million of subordinated hybrid bonds with a coupon rate of 10.75 percent. The hybrid bonds will have the first call at 100 percent of nominal value after 5.5 years, with coupon step-up after six years and maturity in 2085. The bond placement met strong investor demand across US, Nordic and international markets and was significantly oversubscribed. 'This first hybrid bond issue capitalizes on our 24-year flawless record in the bond market,' said DNO's Executive Chairman Bijan Mossavar-Rahmani. 'Given its features, including treatment as equity not debt on DNO's balance sheet, a hybrid bond fits well with our financing structure following closing of the Sval Energi Group AS acquisition later this month,' he added. Settlement is expected on or about 17 June 2025, subject to customary conditions precedent. An application will be made to list the bonds on the Oslo Stock Exchange. Proceeds from the new bond issue will be used to refinance financial indebtedness in Sval Energi and for general corporate purposes. Arctic Securities AS, DNB Carnegie, part of DNB Bank ASA, and Pareto Securities AS acted as Joint Bookrunners for the transaction. AGP Advokater AS acted as legal advisor to the Company. – For further information, please contact:Media: media@ – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. 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, Côte d'Ivoire and Yemen. More information is available at – This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This release does not constitute any offer or solicitation to sell or purchase any securities. The release may not be released, published or distributed in the United States of America or any other jurisdiction where release, publication or distribution would be prohibited or require any registration or filing acts or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
