Summary of DNO’s financial and operational results for 2025

• Revenue: Annual revenue doubled, reaching USD 1,474 million, driven by the acquisition of Sval Energi in Norway in June.

• Operating cash flow: Cash generated from operations rose to USD 929 million, more than double the previous year.

• Profit: Operating profit increased to USD 513 million, while net profit was a loss of USD 25 million after tax and financial expenses.

• Total production: Production increased by 43%, reaching an average of 110,700 barrels per day, distributed as follows:

  • North Sea: 54,800 bpd

  • Kurdistan: 52,600 bpd

  • West Africa: 3,300 bpd

• Fourth-quarter growth: Production surged in Q4, reaching 88,300 bpd in the North Sea and 58,000 bpd in Kurdistan.

• Kurdistan: Full production capacity was restored by year-end after mid-year reductions caused by drone attacks.

• Historic milestone: By the end of 2025, DNO reached a record 500 million barrels of oil produced from the Tawke license in Kurdistan (DNO holds 75% and is the operator).

• Shareholder returns: USD 130 million was distributed to shareholders during 2025.

DNO concludes a landmark year and prepares for a volatile market in 2026

DNO ASA, the Norwegian oil and gas company, announced that its annual revenue in 2025 doubled to USD 1.474 billion, mainly due to the acquisition of Sval Energi in Norway in June. Operating cash flow more than doubled to USD 929 million, while operating profit rose to USD 513 million. Net profit stood at a loss of USD 25 million after tax and financial costs.

One of the most important achievements of the year was reaching 500 million barrels of oil produced at the Tawke license in the Kurdistan Region of Iraq.

Total net production in 2025 increased by 43% to 110,700 barrels of oil equivalent per day, the highest level in the company’s 54-year history. This production was split between:

• North Sea: 54,800 bpd

• Kurdistan: 52,600 bpd

• West Africa: 3,300 bpd

Production accelerated in the fourth quarter, reaching 88,300 bpd in the North Sea and 58,000 bpd in Kurdistan.

Kurdistan operations

After a 30-month halt in investment caused by the shutdown of the export pipeline to the Mediterranean, DNO resumed drilling activities in Kurdistan. The company launched an 8-well drilling program using two rigs at the Tawke license to increase production and reserves. In January, a contract for a third rig was signed, reinforcing DNO’s position as the most active international operator in the region.

To secure cash flow, DNO continues to sell oil under cash-and-carry arrangements and long-term contracts with domestic buyers at prices around USD 30 per barrel, with the aim of returning fully to export markets by year-end.

North Sea operations

DNO now holds interests in:

• 30 producing fields

• 4 development projects

• 4 additional projects expected to be sanctioned this year

In January, the company was awarded 17 new licenses in Norway, operating 4 of them.

Outlook for 2026

CEO Bijan Mossavar-Rahmani stated that due to geopolitical uncertainties, oil markets in 2026 will fluctuate between volatility and opportunity, but DNO is well-positioned to manage market swings. Strong cash flow from the North Sea and available credit lines allow the company to pursue attractive acquisition opportunities.

• Capital expenditure 2026: expected to reach USD 1.65 billion (up from USD 1.55 billion in 2025), mainly due to resumed drilling in Kurdistan.

• Production forecast 2026: expected to increase by 10%, reaching 150,000 bpd.

Production and sales figures (Q4 2025)

• Operated production:
  Reached 87,823 boepd, up from 58,081 boepd in Q3.

  • Kurdistan: 77,268 boepd (up 66% from Q3)

  • North Sea: 10,555 boepd, slightly lower due to reduced output at the Trym field.

• Net production:
  Reached 149,678 boepd, distributed as:

  • Kurdistan: 57,951 boepd

  • North Sea: 88,271 boepd

  • West Africa (Côte d’Ivoire): 3,456 boepd

• Net entitlement: 108,290 boepd

• Sales volume: 94,971 boepd

Tawke license – Kurdistan Region of Iraq

• Total production Q4 2025: 77,268 bpd, up from 46,572 bpd in Q3 (+66%).

• Field breakdown:

  • Tawke field: 29,095 bpd

  • Peshkabir field: 48,173 bpd

Production recovered gradually after disruptions caused by mid-2025 drone attacks.

Oil exports through the Iraq–Turkey pipeline resumed in late September 2025 after being halted since March 2023. Meanwhile, DNO continues domestic sales at around USD 30 per barrel.

License ownership

• Tawke: DNO 75% (operator), Genel Energy 25%

• Baeshiqa: DNO 64% operating interest (covers 80% of costs),
  Turkish Energy Company 16%, Kurdistan Regional Government 20%