Milestone Achievement by DNO ASA
Oslo – DNO ASA, a prominent Norwegian oil and gas operator, has recently surpassed a significant milestone, producing over 500 million barrels of oil from its Tawke license in the dynamic Kurdistan region of Iraq. With its operations gaining momentum, the company is set for an exciting new phase in its drilling activities.
Drilling Resumes in the Tawke License
After a two-and-a-half-year hiatus in spending, DNO is gearing up to restart drilling at the Tawke license. The company plans to spud a new production well aimed at the shallow Jeribe reservoir. This initiative reflects DNO's commitment to ramping up operations in the region, with the mobilization of two drill rigs, the “DQE-51” and the company-owned “Sindy,” to complete a total of eight wells throughout 2026.
Production Goals for the Future
Ambitiously, DNO aims to increase its gross operated production by 25%, targeting a total output of 100,000 barrels of oil per day. The Tawke license, which comprises the Tawke and Peshkabir fields, is one of the largest oil-producing areas operated by an international company in the region.
Resilience Amid Challenges
DNO's Executive Chairman, Bijan Mossavar-Rahmani, highlighted the company's resilience despite facing challenges such as the closure of the 2023 export pipeline and a subsequent dip in revenues. Currently, the company continues to produce around 80,000 barrels of oil per day. This production level is maintained through ongoing, cost-effective adjustments to the existing wells, showcasing the company’s adaptability in a fluctuating market.
Experience in Complex Reservoirs
Having worked in the region for nearly twenty years, DNO boasts vast experience with the complex oil reservoirs in their license. The chairman expressed confidence in DNO’s expertise, noting, “DNO holds the key to Tawke,” emphasizing their commitment to maximizing oil extraction from the fields.
Transforming the Kurdish Oil Landscape
Since becoming the first Western company to enter Kurdistan in 2004, DNO has played a pivotal role in establishing a modern oil industry that has fundamentally altered the economic landscape of the region. The company has not only contributed significantly to local development but has also positioned itself among the largest European-listed exploration and production companies.
Expansion in Norway and Beyond
In addition to its activities in Kurdistan, DNO is set to make strides in its home territory of offshore Norway. The company is on track to conclude 2025 with a net production estimate of 90,000 barrels of oil and gas equivalent. DNO’s initiatives further establish it as a vital player on the Norwegian Continental Shelf, where it is championing an industry movement to accelerate the time from discovery to production.
Company Background
DNO ASA has established itself as a key player in the oil and gas sector, strategically active across the Middle East, the North Sea, and West Africa. Founded in 1971, DNO is Norway’s longest-standing oil company and made its debut on the Oslo Stock Exchange in 1981. Its extensive portfolio spans onshore and offshore licenses in the Kurdistan region of Iraq, Norway, the United Kingdom, and further afield in Côte d'Ivoire and Yemen.
Contact Information
For any inquiries related to media or investor relations, please reach out to:
Media: media@dno.no
Investors: investor.relations@dno.no
Frequently Asked Questions
What milestone did DNO ASA recently achieve?
DNO ASA recently surpassed the production milestone of 500 million barrels of oil from their Tawke license in Kurdistan.
What are DNO's production targets moving forward?
The company aims for a 25% increase in production to reach 100,000 barrels of oil per day.
How has DNO managed to maintain its production levels?
Despite challenges, DNO continues to produce around 80,000 barrels of oil per day through cost-effective tweaks to existing wells.
Where is DNO ASA primarily active?
DNO ASA is active in the Middle East, the North Sea, and West Africa, with significant operations in Kurdistan.
What is DNO's approach to exploration and production?
DNO is focused on reducing the time involved from discovery to production and has a strong commitment to maximizing oil extraction in the regions it operates.
