DNO Sells Côte d’Ivoire Assets to Panoro Energy in $86.5 Million Deal
Norwegian oil and gas company DNO ASA has agreed to sell its Côte d’Ivoire business to Panoro Energy ASA for a total consideration of $86.5 million, as it streamlines its international portfolio and focuses capital on its core operations.
The transaction involves the sale of DNO CI LLC, the company through which DNO holds its interests in Côte d’Ivoire.
The consideration comprises $65.1 million in cash and 7 million newly issued Panoro shares.
The deal is expected to be completed in mid-September 2026, subject to customary completion conditions.
Panoro Expands Côte d’Ivoire Presence
The acquisition will strengthen Panoro Energy’s position in Côte d’Ivoire’s upstream oil and gas sector, giving it exposure to producing offshore assets that contribute to the country’s domestic energy supply.
DNO currently holds its Côte d’Ivoire interests indirectly through a one-third stake in Foxtrot International, which translates into an approximately 9.09% interest in Block CI-27.
The block contains four producing fields and supplies a significant share of Côte d’Ivoire’s domestic natural gas requirements.
DNO’s Côte d’Ivoire business was producing approximately 3,300 barrels of oil equivalent per day (boepd) net at the time of the transaction announcement.
At the effective date of the deal, the assets had 9.4 million barrels of oil equivalent (MMboe) in net 2P reserves and 5.0 MMboe in net 2C contingent resources, according to DNO.
The assets also offer further growth potential, with additional production drilling planned in 2026.
DNO Refocuses on Core Assets
DNO said the Côte d’Ivoire business has become less central to its portfolio following its expansion in the North Sea and the growth of its overall production base.
The company acquired its Côte d’Ivoire business from RAK Petroleum plc in 2022. Since entering the country in October that year, DNO estimates that it has generated an annualised internal rate of return of approximately 24% on its investment.
The sale is therefore part of a broader portfolio optimisation strategy as DNO concentrates on assets it considers more strategically important to its future growth.
DNO’s net production reached 88,430 boepd in the second quarter of 2026, with West Africa contributing 3,246 boepd.
The company has significantly expanded its North Sea operations following major acquisitions and now regards Côte d’Ivoire as a non-core component of its portfolio.
Côte d’Ivoire Remains an Attractive Gas Market
The transaction highlights the continued strategic importance of Côte d’Ivoire’s offshore oil and gas resources, particularly its gas production.
Block CI-27 is important to the country’s energy system because its producing fields provide much of the gas used to support domestic power generation and other energy requirements.
DNO’s interest in the block generated average net production of 3,287 boepd during 2025, up from 3,103 boepd in 2024.
For Panoro, the acquisition provides additional exposure to established production while also offering opportunities to increase output through further drilling and field development.
For DNO, the transaction releases capital from a non-core asset while allowing the company to sharpen its focus on its larger operations in the North Sea and other strategic markets.
The $86.5 million transaction consequently represents both a portfolio reshaping for DNO and an expansion opportunity for Panoro in one of West Africa’s established oil and gas producing markets.
