DNO ASA reported 2024 revenues of USD 667 million on the again of strong manufacturing within the Kurdistan area of Iraq in a yr marked by persevering with North Sea growth.
Money from operations elevated practically 50 % to USD 433 million year-on-year. Working revenue dropped to USD 6 million reflecting DNO’s resolution to take non-cash impairments of USD 146 million in its accounts, a part of which was beforehand reported.
Internet manufacturing climbed 50 % year-on-year to 77,300 barrels of oil equal per day (boed), to which Kurdistan contributed 59,000 boed, North Sea 15,200 boed and West Africa 3,100 boed.
At Kurdistan’s Tawke license (75% and operator), DNO elevated gross manufacturing from the Tawke and Peshkabir fields by 70% year-on-year to 78,600 boed in 2024, with oil bought at its Fish Khabur terminal because the Iraq-Türkiye export pipeline remained shut in. Gross sales costs averaged USD 35 per barrel with funds deposited into DNO’s worldwide financial institution accounts forward of deliveries. At these costs, Tawke license gross sales generate round USD 10 million per thirty days of free money circulate to DNO.
Sustaining strict capital spending self-discipline, DNO drilled no new wells on the Tawke license in 2024. However, output was elevated by bringing three beforehand drilled wells onstream and by workovers and interventions on greater than 20 different wells throughout the license.
“Our Kurdistan workforce is doing a terrific job. Sustaining, by no means thoughts growing, manufacturing from mature carbonate reservoirs with out new drilling is uncommon, even distinctive,” stated DNO’s Government Chairman Bijan Mossavar-Rahmani. “In Norway, we’re making use of an identical ‘can-do’ spirit to get our barrels from a string of current discoveries out of the bottom and into the market and accomplish that quicker than is the norm right here,” he added.
In 2024, DNO took steps to broaden its North Sea enterprise by buying a 25% curiosity within the producing Arran discipline within the UK and pursuits in 4 producing fields and one improvement asset within the Norne space, offshore Norway. Pushed by contribution from these acquisitions, restoration of manufacturing in some fields following upkeep and Trym discipline restart, web North Sea manufacturing climbed to 19,000 boed within the fourth quarter.
In the meantime, DNO is collaborating in 4 ongoing North Sea discipline improvement tasks anticipated to return on-line between 2025 and 2028 that signify confirmed and possible reserves of some 30 million barrels of oil equal web to DNO.
Among the many 2024 exploration highlights was the play-opening Othello gentle oil discovery (50% and operator), Norway’s second largest discover final yr. Previous to the invention, DNO had already taken a powerful acreage place on this space in shut collaboration with Aker BP, host operator of close by Valhall hub.
Total, DNO plans to drill between 4 (agency) and 6 North Sea exploration wells in 2025. In the meantime, complementing its ongoing exploration actions, final month DNO was awarded 13 new licenses in Norway’s 2024 Awards in Predefined Areas (APA) licensing spherical, together with 4 operatorships, by the Norwegian Ministry of Power.
Deliberate 2025 operational spend is ramped as much as USD 750 million pushed by elevated North Sea exercise.
