Wednesday 19 December 2018

DNO acquires Norway exploration firm Origo

OSLO, June 29, 2017

DNO, the Norwegian oil and gas operator, has announced the completion of the acquisition of Origo Exploration Holding, a privately-held oil and gas exploration company with a focus on offshore Norway and the United Kingdom.

The transaction has been approved by regulatory authorities in both Norway and the United Kingdom, said the company in a statement.

Rebranded DNO Norge AS, the company is now a wholly-owned, Stavanger-based, subsidiary of DNO.

The transaction fast-tracks DNO's re-entry into Norway after a six-year hiatus during which the company has built a successful Middle East presence, anchored by the DNO-operated flagship Tawke field in the Kurdistan region of Ira, said Origo Exploration Holding.

DNO now plans to build a major E&P player (     ) on the NCS, through further acquisitions, participation in licensing rounds and farm-ins, it added.

The new company, DNO Norge will be led by Orjan Gjerde as managing director and his team Svein Ilebekk (deputy managing director and subsurface manager), Tim Sullivan (general manager UK and special advisor subsurface), Reidar Hustoft (development and production manager), Erik Samuelsen (business development manager) and Kenneth Tveita (finance manager).

Following the acquisition, DNO returns to the North Sea with stakes in 11 exploration and appraisal licenses, of which seven are on the Norwegian Continental Shelf and four on the UK Continental Shelf, said a company spokesman.

Founded in 1971 and listed on the Oslo Stock Exchange, DNO ASA is a major oil and gas operator focused on the Middle East and North Africa. Its largest shareholder is UAE-based RAK Petroleum, he stated.

The company also holds stakes in onshore and offshore licences at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the UAE, Tunisia and Somaliland, he added.-TradeArabia News Service

Tags: Oil | DNO | gas | Norway | exploration |

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