DNO boosts Q3 profit, accelerates Norwegian tie-back project

(WO) — DNO ASA reported strong third-quarter 2025 results, highlighted by record revenue of $547 million and an operating profit of $222 million, both more than double the previous quarter. Net production rose to 115,400 boed, driven by higher output from the North Sea and Kurdistan. 

Production from the North Sea averaged 77,300 boed, reflecting contributions from newly acquired Sval Energi assets and the startup of Andvare, with Verdande expected to follow this month. DNO expects to exit 2025 with North Sea output approaching 90,000 boed and Kurdistan near 60,000 boed, supported by gross operated Tawke license production of 80,000 boed.

The company also announced an accelerated development schedule for its Kjøttkake discovery on the Norwegian Continental Shelf, targeting first oil in early 2028—just three years from discovery. DNO (40% and operator) is partnering with Aker BP, leveraging its supplier alliance and equipment inventory to meet the fast-track timeline. “By showing how oil and gas discoveries can be put on production in record time, we hope to usher in a new era on the Norwegian Continental Shelf,” said Executive Chairman Bijan Mossavar-Rahmani.

In addition to Kjøttkake, DNO is advancing four other North Sea developments—Dvalin North, Symra, Bestla, and Berling—scheduled for startup between 2026 and 2029. The company’s Vidsyn discovery in July added to a total of 34 MMboe of net recoverable resources discovered in 2025, with three more exploration wells underway.

In Kurdistan, production at the Tawke license averaged 46,600 boed in Q3, down after July drone damage but now restored to about 75,000 boed. Exports through the Iraq-Türkiye Pipeline resumed in late September after a 2.5-year halt, and drilling at Tawke and Peshkabir is set to restart by yearend.

To strengthen liquidity, DNO is finalizing additional prefinancing facilities, which will bring total commitments to over $900 million, supporting its aggressive development portfolio. The Board also approved a dividend of NOK 0.375 per share, maintaining an annualized rate of NOK 1.50 per share.