Production Surge Across Key Regions

Net production surged by 50% year-on-year, reaching 77,300 barrels of oil equivalent per day (boed). Kurdistan remained the primary contributor with 59,000 boed, followed by the North Sea at 15,200 boed and West Africa at 3,100 boed.

At the Tawke license in Kurdistan (75% stake, operator), DNO increased gross production from the Tawke and Peshkabir fields by 70% to 78,600 boed. With the Iraq-Türkiye export pipeline remaining shut, oil sales were conducted at the Fish Khabur terminal, fetching an average price of $35 per barrel. Payments were secured in international bank accounts before deliveries, generating approximately $10 million in free cash flow per month.

Maintaining a disciplined approach to capital spending, DNO did not drill new wells on the Tawke license in 2024. Instead, production gains were achieved through the activation of three previously drilled wells and extensive workovers on more than 20 wells.

“Our Kurdistan team is delivering exceptional results. Increasing production from mature carbonate reservoirs without new drilling is a rare achievement,” said Executive Chairman Bijan Mossavar-Rahmani. “In Norway, we’re applying the same innovative approach to fast-track recent discoveries into production faster than the industry norm.”

North Sea Expansion Gains Momentum

DNO strengthened its North Sea portfolio by acquiring a 25% stake in the UK’s producing Arran field, as well as interests in four producing fields and one development asset in Norway’s Norne area. These acquisitions, coupled with maintenance recovery and the restart of the Trym field, drove net North Sea production to 19,000 boed in Q4.

The company is actively participating in four North Sea field development projects, expected to come online between 2025 and 2028, collectively adding approximately 30 million barrels of oil equivalent in proven and probable reserves to DNO’s portfolio.

One of the year’s most significant exploration milestones was the Othello light oil discovery (50% stake, operator), the second-largest find in Norway in 2024. Even before the discovery, DNO had strategically positioned itself in the area through a strong partnership with Aker BP, operator of the nearby Valhall hub.

Looking ahead to 2025, DNO plans to drill between four and six exploration wells in the North Sea, further complementing its exploration push. The company was also awarded 13 new licenses in Norway’s 2024 APA licensing round, including four operatorships, by the Norwegian Ministry of Energy.

Investment and Future Outlook

DNO has ramped up its 2025 operational spending to $750 million, driven by increased activity in the North Sea. With a strategic focus on optimizing production and accelerating project timelines, the company remains committed to delivering strong financial and operational performance in the years ahead.