DNO Restores Kurdistan Output, Resumes Pipeline Exports After Drone Damage

DNO Restores Kurdistan Output, Resumes Pipeline Exports After Drone Damage

DNO ASA delivered its strongest quarterly performance to date in the third quarter of 2025, announcing record revenue of $547 million and an operating profit of $222 million—more than double the previous quarter’s results.

Production climbs to over 115,000 boed

The sharp increase in earnings was supported by higher production, which reached 115,400 barrels of oil equivalent per day (boed). Output rose across both the North Sea and Kurdistan, reflecting improved field performance and newly integrated assets.

In the North Sea, average production stood at 77,300 boed, boosted by the inclusion of Sval Energi assets and the launch of the Andvare field. The Verdande field is expected to join the portfolio later this month, positioning the company to close the year with North Sea output near 90,000 boed and Kurdistan production approaching 60,000 boed. Gross output from the operated Tawke license is projected to average 80,000 boed by year-end.

Accelerated development for Kjøttkake discovery

DNO also announced a fast-tracked development schedule for its Kjøttkake discovery on the Norwegian Continental Shelf, aiming for first oil in early 2028—only three years after discovery. Holding a 40 percent operating stake, DNO is working alongside Aker BP to use supplier alliances and existing infrastructure to shorten the timeline.

Executive Chairman Bijan Mossavar-Rahmani said the project could “usher in a new era” for the region, highlighting its strategic and operational significance.

Multiple North Sea projects advance toward startup

The company is simultaneously progressing four additional developments—Dvalin North, Symra, Bestla, and Berling—with targeted start-up windows between 2026 and 2029. DNO’s Vidsyn discovery in July contributed to a total of 34 million barrels of oil equivalent in net recoverable resources added so far in 2025, with three more exploration wells currently being drilled.

Kurdistan output rebounds as exports resume

In Kurdistan, production at the Tawke license averaged 46,600 boed in Q3. Output had declined following drone damage in July but has since been restored to roughly 75,000 boed. Exports through the Iraq–Türkiye Pipeline resumed in late September after a 2.5-year halt, and drilling activity at Tawke and Peshkabir is expected to restart before the end of the year.

DNO strengthens financing and confirms dividend payment

To support its expanding development portfolio, DNO is concluding additional pre-financing arrangements, bringing its total commitments to more than $900 million. The Board has also approved a dividend of NOK 0.375 per share, maintaining an annualized payout of NOK 1.50 per share.