Tag Archives | DNO

DNO Latest International Financial News – Tawke Oilfield, Kurdistan, Share Price and more – brought to you by Iraq Business News

KRG files Civil suit against Baghdad Minister of Oil

By John Lee. The Minister of Natural Resources of the Kurdistan Regional Government (KRG) has filed a civil suit against the Baghdad Minister of Oil, accusing him of sending emails and letters with the intention of intimidating international oil companies (IOCs) and interfering with the contractual rights of the IOCs and the KRG. The KRG […]

DNO Profits Surge on Back of High Oil and Gas Prices

DNO ASA, the Norwegian oil and gas operator, today reported an 84 percent jump in operating profit in the first quarter of 2022 to USD 236 million on the back of high oil and gas prices and solid production performance. Net debt dropped USD 126 million quarter-on-quarter to USD 27 million. "Oil and gas are […]

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DNO releases latest Production Data

By John Lee. DNO has issued an update on production and sales volumes for the quarter as well as other key financial information. Volumes (boepd): Gross operated production Q1 2022 Q4 2021 Q1 2021   Kurdistan 106,465 107,472 111,985   North Sea - - - Net entitlement production Q1 2022 Q4 2021 Q1 2021   […]

DNO Updates Oil Reserves

By John Lee. DNO ASA, the Norwegian oil and gas operator, today announced it exited 2021 with 321 million barrels of oil equivalent (MMboe) of net proven and probable (2P) reserves, notwithstanding production of 34 MMboe during the year. The Company's 2P reserves life stood at 9.3 years. Combined with contingent (2C) resources of 189 […]

DNO reports Record Revenues

DNO ASA, the Norwegian oil and gas operator, today reported record revenues exceeding USD 1 billion in 2021, up 63 percent from a year earlier, on the back of high oil and gas prices and solid production performance. Annual operating profit climbed to USD 321 million, reversing operating loss of USD 315 million in 2020. […]

DNO reports Third Quarter 2021 Results

DNO ASA, the Norwegian oil and gas operator, today reported third quarter revenues of USD 253 million, a 38 percent quarter-on-quarter increase driven by higher North Sea sales and strengthening commodity prices. The Company's operating profit climbed seven percent to USD 65 million, weighed down by non-cash net impairments of USD 40 million primarily related […]

DNO Completes $400m Bond Placement

DNO ASA, the Norwegian oil and gas operator, has completed the private placement of USD 400 million of new five-year senior unsecured bonds with a coupon rate of 7.875 percent. The placement met strong investor demand across international markets and was significantly oversubscribed, leading the Company to upsize the new bond issue from USD 300 […]

KRG Approves DNO Purchase of Exxon Stake in Baeshiqa

By John Lee. DNO ASA, the Norwegian oil and gas operator, today announced that the Kurdistan Regional Government has approved the Company's acquisition of ExxonMobil's remaining 32 percent interest in the Baeshiqa license, doubling DNO's stake. In parallel, commerciality has been declared on the license with plans submitted for fast-track development including early production from previously […]

KRG Bureaucracy Delays DNO Investment

DNO ASA, the Norwegian oil and gas operator, has reported operating profit of USD 61 million in the quarter ending 30 June 2021, its second consecutive profitable quarter since the onset of the COVID pandemic. Revenues totaled USD 184 million, up USD 14 million from the previous quarter, as higher oil and gas prices more […]

DNO appoints Spencer as New COO

By John Lee. DNO ASA, the Norwegian oil and gas operator, has announced the appointment of Chris Spencer (pictured) as its Chief Operating Officer, effective immediately. Spencer joined the Company in 2017 and his most recent position was Deputy Managing Director. (Source: DNO)

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KRG amends Oil Payment Terms; Share Prices Fall

By John Lee. Shares in oil companies operating in Iraqi Kurdistan have been hit by a change in payment terms imposed by the Kurdistan Regional Government (KRG). Genel Energy, Gulf Keystone Petroleum (GKP) and DNO this morning reported to the markets that they have received letters from the KRG proposing an amendment to payment terms […]

DNO Returns to Profitability, Ups Tawke Production Guidance

DNO ASA, the Norwegian oil and gas operator, today reported operating profit of USD 66 million in the first quarter of 2021, following four quarters of losses triggered by market perturbations from the global Covid pandemic. The turnaround was driven by solid production, cost optimization, higher oil prices and regularization of payments from Kurdistan. The […]