DNO ASA

DNO ASA

Company type	Allmennaksjeselskap
Traded as	OSE: DNO
Industry	Petroleum
Founded	1971
Headquarters	Oslo, Norway
Area served	Worldwide
Key people	Bjoern Dale (Managing Director) Bijan Mossavar-Rahmani (Executive Chairman)
Products	Oil and gas exploration and production
Revenue	US$347.4 million (2017)
Operating income	US$521.1 million (2017)
Net income	US$495 million (2017)
Total assets	US$1.415 billion (end 2017)
Total equity	US$875.9 million (end 2017)
Number of employees	911 (end 2017)
Website	www.dno.no

DNO ASA (OSE: DNO) is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom and Yemen.

About DNO

DNO is Norway's oldest oil company and the first to list on the Oslo Stock Exchange in 1981. During the last two decades, the company's focus has shifted from the North Sea to the Middle East region.

In 2004, DNO was the first international oil company to enter the Kurdistan region of Iraq, at a time when the Kurdish region's oil industry was virtually non-existent. The company began production from its flagship Tawke oil field in Kurdistan in 2007 – just two years after the start of exploration activities. The neighboring Peshkabir field was brought on production in 2018.

DNO is now the leading international operator in Kurdistan in terms of production (more than 110,000 barrels of oil per day in 2017) and reserves (the Tawke and Peshkabir fields together hold more than 500 million barrels of proven and probable reserves).

The company also re-entered the North Sea in 2017, acquiring offshore exploration licenses in Norway and the United Kingdom. This has since expanded to include the Norwegian Sea and the Barents Sea.

In April 2024, DNO ASA, with partners including OKEA ASA, announced the advancement of the Brasse field development in the North Sea, with plans for a tie-back to the nearby Brage platform and a projected start of production in the first half of 2027. The field, expected to be renamed Bestla, holds an estimated 24 million barrels of recoverable reserves and could contribute 10,000 boepd net to OKEA at peak production, with operation potentially extending beyond 2031.

Operations

Kurdistan region of Iraq

DNO entered the region in 2004 and now has a leading position in reserves and production.

Norway

DNO re-entered Norway in 2017 through the acquisition of Origo Exploration and now holds twenty-one licenses on the Norwegian Continental Shelf.

United Kingdom

DNO entered the United Kingdom in 2017 through the acquisition of Origo Exploration and now holds three licenses on the UK Continental Shelf.

Yemen

In 1998, DNO entered Yemen, the company's first foray into the Middle East.

Assets

Kurdistan, Iraq

License	Type	Status	Ownership	Operator	Partners
Tawke PSC	Onshore	Production/Development/Appraisal/Exploration	75%	DNO	Genel Energy International Ltd.
Erbil PSC	Onshore	Development	40%	DNO	Gas Plus Erbil Ltd., KRG
Baeshiqa PSC	Onshore	Exploration	32%	DNO	ExxonMobil, Turkish Energy Company, KRG

Norway

License	Type	Status	Ownership	Operator	Partners
PL248 F	Offshore	Exploration	20%	Wintershall Norge AS	DNO, Petoro
PL248 GS	Offshore	Exploration	20%	Wintershall Norge AS	DNO, Petoro
PL248 HS	Offshore	Exploration	20%	Wintershall Norge	DNO, Petoro
PL293 B	Offshore	Exploration	20%	Equinor	DNO, Idemitsu
PL767	Offshore	Exploration	10%	Lundin	DNO, Inpex
PL825	Offshore	Exploration	10%	Faroe Petroleum	DNO, Spirit, Lundin, Equinor
PL827S	Offshore	Exploration	30%	Equinor	DNO
PL859	Offshore	Exploration	20%	Equinor	DNO, Lundin, Petoro, ConocoPhilips
PL889	Offshore	Exploration	20%	VNG Norge AS	DNO, Concedo
PL902	Offshore	Exploration	10%	Lundin	DNO, AkerBP, Petoro
PL921	Offshore	Exploration	30%	Equinor	DNO, Petoro AS
PL922	Offshore	Exploration	20%	Spirit Energy Norge AS	DNO, Total E&P Norge, VNG Norge AS
PL923	Offshore	Exploration	20%	Equinor	DNO, Petoro AS, Wellesley Petroleum AS
PL924	Offshore	Exploration	30%	Equinor	DNO
PL926	Offshore	Exploration	30%	Faroe Petroleum Norge AS	DNO, Concedo ASA
PL929	Offshore	Exploration	20%	Neptune Energy	DNO, DEA Norge AS, Pandion Energy AS
PL931	Offshore	Exploration	40%	Wellesley Petroleum AS	DNO
PL943	Offshore	Exploration	30%	Equinor	DNO, Capricorn Norge AS
PL950	Offshore	Exploration	10%	Lundin	DNO, Petoro, Inpex
PL951	Offshore	Exploration	20%	Aker BP ASA	DNO, Eni Norge AS, Concedo ASA
PL953	Offshore	Exploration	30%	Wintershall Norge AS	DNO, Concedo ASA

United Kingdom

License	Type	Status	Ownership	Operator	Partners
P2074	Offshore	Exploration	25%	Chrysaor CNS Limited	DNO, Ineos

Yemen

License	Type	Status	Ownership	Operator	Partners
Block 43	Onshore	Development/Exploration	56.67%	DNO	The Yemen Company, Geopetrol Hadramaut Inc.

Board of directors

Bijan Mossavar-Rahmani - Executive Chairman

Bijan Mossavar-Rahmani is an experienced oil and gas executive and has served as DNO's Executive Chairman of the Board of Directors since 2011. Mr. Mossavar-Rahmani serves concurrently as Executive Chairman of Oslo-listed RAK Petroleum plc, DNO's largest shareholder. He is a member of the nomination and remuneration committees.

Lars Arne Takla - Deputy Chairman

Lars Arne Takla has extensive experience from various managerial, executive and board positions in the international oil and gas industry. He was elected to DNO's Board of Directors in 2012 and is a member of the HSSE committee.

Elin Karfjell - Director

Elin Karfjell is Managing Partner of Aelika AS and has held various management positions across a broad range of industries. Ms. Karfjell was elected to DNO's Board of Directors in 2015 and is a member of the audit committee.

Gunnar Hirsti - Director

Gunnar Hirsti has executive experience from various managerial, executive and board positions in the oil and gas industry as well as the information technology industry in Norway. He was elected to DNO's Board of Directors in 2007 and is a member of the audit and remuneration committees.

Shelley Watson - Director

Shelley Watson began her career as a reservoir surveillance and facilities engineer with Esso Australia in its offshore Bass Strait operation. She has served on DNO's Board of Directors since 2010 and is a member of the audit committee.

Criticism from the National Contact Point

The Norwegian National Contact Point concluded in 2018 that DNO had not met the expectations expressed in the OECD Guidelines on prior notice and consultation with the employees of DNO Yemen in connection with suspension of the company's Yemeni operations in 2015. The key issue in the complaint concerned lack of prior notice and consultation between DNO and the employee representatives in Yemen in connection with collective dismissals and suspension of production in the war-like situation that prevailed in 2015. The complaint also concerned the question of whether DNO had obstructed the workers’ right to organize and collective bargaining in Yemen, and the validity of dismissals as part of the downsizing process.

Industri Energi had for some time tried to help the workers of DNO Yemen after having received desperate appeals from the workers who were sacked by text messages and e-mails when the company withdrew from the country, and not been given the wages and benefits they were entitled to. Still the workers have not received the compensation they legally are entitled to according to court decisions in Yemen.

External links

• Official website
• Norwegian Petroleum Directorate´s fact page on DNO
• Stock information on DNO (from Oslo Børs/Oslo Stock Exchange)

Financial statements and presentations

• Reports and presentations