DNO Reports $667 Million Revenue Growth Driven by Kurdistan, North Sea Production

DNO ASA reported 2024 revenues of USD 667 million, driven by significant production increases in the Kurdistan region of Iraq and ongoing North Sea expansion. The company achieved a 50% rise in net production, reaching 77,300 barrels of oil equivalent per day, with the Kurdistan region contributing 59,000 boe per day. Notably, production from the Tawke and Peshkabir fields surged by 70% year-on-year, despite the Iraq-Turkey pipeline being shut. DNO's operational cash flow increased nearly 50%, although it faced a net loss of USD 27 million due to non-cash impairments. The company's Executive Chairman praised the Kurdistan team's ability to maintain and increase production without new drilling, highlighting their exceptional performance. Looking ahead, DNO plans to strengthen its North Sea operations and increase spending in 2025 to capitalize on its recent expansions.