ڕاپۆرت
Restarting production in the Kurdistan Region boosted DNO’s revenues to record levels. In the third quarter, the company’s oil production in the Region reached 54,914 barrels per day.
بڵاوکراوەتەوە لە : 30 تشرینی یەکەم 2026
قەبارەی دەقەکان
قەبارەی دەقەکان
Restarting oil production in the Kurdistan Region boosted DNO’s revenues to record levels. In the third quarter, the company’s oil production in the Region reached 54,914 barrels per day.
DNO achieved its highest selling price for Kurdistan crude since 2023, receiving $38.5 per barrel. This month, the price increased to $45 per barrel.
Development of oil fields in Kurdistan is accelerating. DNO has deployed a second drilling rig and plans to expand its drilling operations in 2027.
DNO’s operating profit increased by 46% to $641.1 million, marking a record in the company’s 55-year history.
The company’s total net production surged to 142,768 barrels of oil equivalent per day, while its revenues also reached a new record.
Full DNO Statement
October 29, 2026 – Norwegian oil and gas company DNO ASA today announced strong financial and operational results for the third quarter of 2026, driven primarily by the resumption of production in the Kurdistan Region of Iraq and higher prices across its various oil assets and projects worldwide.
The company’s total net production increased by 61% compared with the previous quarter, reaching 142,800 barrels of oil equivalent per day. This included 85,400 barrels per day from the North Sea, 54,900 barrels from the Kurdistan Region and 2,500 barrels from West Africa.
DNO’s revenues reached $1 billion, a record for the company, representing a 33% increase compared with the previous quarter. Operating profit rose by 46% to $641 million, also a record in the company’s 55-year history, while net profit increased by 21% to $101 million.
In the North Sea, the average selling price increased by 6% to $106.7 per barrel of oil equivalent. In Kurdistan, DNO received $38.5 per barrel, the highest recorded price since domestic crude sales began in 2023. All financial entitlements are transferred directly to the company’s international bank accounts before delivery takes place. Kurdistan crude selling prices increased to $45 per barrel this month, approximately 50% higher than prices at the beginning of 2026.
With most of its 2026 maintenance activities completed, DNO expects average North Sea production for the full year to reach approximately 86,000 barrels per day.
In northern Iraq, the company resumed production at its Tawke licence during the first half of the year, where it operates with a 75% working interest. Production had been suspended for four months following escalating drone and missile attacks across the Middle East. Total operated production in the third quarter reached 73,200 barrels per day, with the annual average expected to reach 50,000 barrels per day.
During the quarter, DNO also maintained strong business development activities, including the sale of its interests in Côte d’Ivoire, generating an annualised return of 24% on its investment since entering the country in October 2022.
DNO Executive Chairman Bijan Mossavar-Rahmani said: “DNO remains fully committed to growth, but only where it meets our profitability objectives.”
He added: “In our business, oil and gas prices are the biggest drivers of profitability, but they are not the only ones. Clearly, prices are beyond our control, but successful exploration is within our control, where we are leaders, as is financial discipline, which we pursue rigorously.”
Overall, since 2025, five new field development projects have commenced operations offshore Norway, while six additional projects are under development and another six are approaching investment decisions. All are scheduled to come online before 2030. DNO continues to pursue its target of increasing North Sea production to 100,000 barrels per day by 2030.
In Kurdistan, drilling activities expanded during the third quarter following the deployment of a second third-party rig to support an eight-well drilling programme that began shortly before the end of 2025.
As the largest field operator in Kurdistan by a significant margin, DNO plans to increase its drilling activities in 2027 and is considering contracting another large drilling rig. This would be in addition to drilling outside the current production boundaries of its licence.
The Board of Directors approved a quarterly dividend of NOK 0.375 per share, to be distributed in November 2026, maintaining the same level as in the previous five quarters.
DNO ASA is a Norwegian oil and gas company operating in the North Sea and the Middle East. Founded in 1971, DNO is Norway’s oldest oil company and was the first company to list its shares on the Oslo Stock Exchange in 1981.
The company holds interests in exploration, development and production licences both onshore and offshore in Norway, the Kurdistan Region of Iraq, the United Kingdom and Yemen.
