DNO Release 2025 results

05 Feb DNO Release 2025 results

(Oilandgaspress) -] – DNO ASA reported a year-on-year doubling of revenues to USD 1,474 million in 2025, boosted by the June acquisition of Sval Energi Group AS in Norway. Cash from operations also more than doubled to USD 929 million, while operating profit increased to USD 513 million. Net profit stood at negative USD 25 million after deducting income tax and net financial expenses. A major milestone reached late last year was 500 million barrels produced from the Tawke license in the Kurdistan region of Iraq.

Net production in 2025 rose 43 percent year-on-year to 110,700 barrels of oil equivalent per day (boepd), the highest in the Company’s 54-year history, split between the North Sea (54,800 boepd), Kurdistan (52,600 boepd) and West Africa (3,300 boepd). The figures picked up in the fourth quarter with net production of 88,300 boepd in the North Sea and 58,000 boepd in Kurdistan.

After a 30-month investment hiatus in Kurdistan, which was triggered by the closure of the export pipeline to the Mediterranean, DNO has restarted drilling with a two-rig, eight-well program on the Tawke license to increase production and add to existing reserves. A third rig was signed up in January to drill additional wells in the flagship license, solidifying DNO’s position as by far the most active international operator in the region.

To ensure predictable cash to support its ongoing spend, DNO continues to sell its oil on a cash-and-carry basis under existing contracts with local buyers at a price in the low USD 30s but aims to access export markets or export prices later in the year.

Key figures

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