Latest news with #BijanMossavarRahmani
Reuters
21-07-2025
- Business
- Reuters
Norway's Vaar Energi makes oil and gas discovery in Norwegian Sea
COPENHAGEN, July 21 (Reuters) - Vaar Energi ( opens new tab has discovered oil and gas at the Vidsyn prospect in the Norwegian Sea, the Norwegian oil company said on Monday. Preliminary estimates indicate that the discovery holds recoverable reserves of between 25 million and 40 million barrels of oil equivalent, Vaar said in a statement. The company said it will evaluate the discovery and consider development as a tie-in to the existing Fenja oil and gas field. "Together with Vaar Energi, we will work hard to put it into production faster than is the norm in Norway," Bijan Mossavar-Rahmani, chairman of DNO ( opens new tab, which owns a 7.5% stake in the field, said in a separate statement. Vaar Energi owns 75% of the exploration permit, while Sval Energi holds the remaining 17.5%.
Yahoo
21-07-2025
- Business
- Yahoo
Vidsyn Discovery Proves Up Commercial Oil and Gas
Oslo, 21 July 2025 – DNO ASA, the Norwegian oil and gas operator, today confirmed a gas and condensate discovery on the Vidsyn prospect close to its producing Fenja oil and gas field, both within the Norwegian Sea license PL586. The Company has a 25 percent stake in the license, up from 7.5 percent prior to the recent acquisition of Sval Energi Group AS last month. Preliminary estimates put gross recoverable resources in the range of 25 to 40 million barrels of oil equivalent (MMboe) with a mean of 31 MMboe, above the pre-drill estimate range. The Vidsyn discovery was made in Middle Jurassic high-quality reservoir sandstones of the Ile formation. The partnership, including Vår Energi ASA (75 percent and operator), considers the discovery commercial and sees a potential to unlock a larger volume in the licence. 'Vidsyn is another exciting addition to our string of Norway discoveries,' said Executive Chairman Bijan Mossavar-Rahmani. 'Together with Vår Energi, we will work hard to put it into production faster than is the norm in Norway.' Vidsyn is located eight kilometers west of the Fenja field, which is tied back to the Equinor-operated Njord field facilities 35 kilometers to the northeast. Njord oil is exported by shuttle tankers while gas is piped to the market via the Åsgard Transport System. Since re-entering Norway in 2017, DNO has participated in over a dozen discoveries on the Norwegian Continental Shelf, including three on permits operated by the Company, namely Kjøttkake (2025), Othello (2024) and Norma (2023). DNO produces around 80,000 barrels of oil equivalent per day offshore North Sea from more than 30 fields, participates in six ongoing field development projects, is maturing multiple discoveries for project sanction and has interests in a total of 138 permits in the North Sea where it will drill three more exploration wells later this year: Page in PL1086 (50 percent interest and operator), Tyrihans Øst in PL1121 (30 percent) and Camilla Nord in the Vega unit (5.5 percent). Combined North Sea 2P reserves and 2C resources of 435 million barrel of oil equivalent translates into15 years of production at the current run rate. – 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, Netherlands 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 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
Yahoo
03-07-2025
- Business
- Yahoo
DNO signs North Sea gas offtake agreement with Engie
DNO has entered an offtake agreement with French energy company Engie for its Norwegian North Sea gas production, via DNO's wholly owned Norwegian subsidiaries. This strategic move follows Norwegian oil and gas operator DNO's acquisition of Sval Energi Group. The offtake agreement spans the entire output of DNO's Norwegian gas production and offers premium pricing over a four-year term beginning 1 October 2025. Concurrently, DNO has secured a related offtake financing facility of up to $500m with a major US bank that allows the company to receive payment for up to 270 days of scheduled gas production in advance, based on future sales receivables. The all-in interest rate for the financing facility is notably lower than conventional reserve-based lending (RBL) terms available to DNO, and importantly, there are no charges for undrawn amounts. "There are no financial covenants related to the facility," the company stated, highlighting the favourable terms of the agreement. The proceeds from this facility will serve to replace existing facilities of Sval Energi and for general corporate purposes. DNO executive chairman Bijan Mossavar-Rahmani said: 'We have received strong interest from buyers to pre-purchase our enlarged North Sea production of 80,000 barrels of oil equivalent per day, split about equally between oil and gas. '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.' The financial restructuring of the company includes the repayment and non-renewal of more than $600m in RBLs across DNO's North Sea subsidiaries. Additionally, DNO has taken a $300m one-year bank bridge loan. In a separate development, DNO is engaged in discussions to establish an offtake agreement and a related financing facility for its North Sea oil production, aiming to mirror the favourable terms of its gas production deal. "DNO signs North Sea gas offtake agreement with Engie" 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.
Reuters
02-07-2025
- 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.
