DNO

What DNO does

DNO ASA is a Norwegian upstream oil and gas exploration and production company founded in 1971 and headquartered in Oslo, listed on the Oslo Stock Exchange (ticker DTNOF on OTC Markets). The company operates across three geographic regions: the Kurdistan region of Iraq (Tawke and Peshkabir fields on the Tawke PSC, where DNO holds 75% operated interest with Genel Energy holding 25%), the North Sea (Norway and UK, with 30 producing fields following the June 2025 acquisition of Sval Energi Group AS for USD 1.6 billion), and West Africa (9.09% indirect interest through Foxtrot International in Block CI-27 offshore Côte d'Ivoire). Total 2P reserves stood at 390 MMboe at yearend 2025, and Q1 2026 net production reached 131,671 boepd across the three regions.

The company's core technical differentiator is fractured carbonate reservoir expertise developed over two decades in Kurdistan, including the Cretaceous Bekhme, Qamchuqa, Shiranish, and Tertiary Jeribe formations, complemented by a greater than 50% exploration success rate in offshore Norway (12 discoveries from 22 wells over three years). The Symra field start-up in April 2026 marked the first production from a Zechstein carbonate reservoir on the Norwegian Continental Shelf. DNO generates revenue through commodity sales of oil and gas at market prices, with North Sea production placed under offtake agreements with Exxon Mobil and Shell starting January 2026, and Kurdistan production sold to local buyers under cash-and-carry arrangements. Capital structure includes USD 1.4 billion in bond issuances during 2025 (DNO06 USD 600M, DNO07 USD 400M hybrid, alongside DNO05 USD 400M from 2024), totaling USD 1.4 billion of senior and hybrid debt, supplemented by USD 910 million in offtake financing facilities.

DNO employs approximately 1,159 people representing 49 nationalities and is led by Executive Chairman Bijan Mossavar-Rahmani, who also serves as the company's largest shareholder. The company has approximately 16,000 shareholders in total, with more than half held by non-Norwegians, and pays a quarterly dividend of NOK 0.375 per share. Customers are predominantly major international oil companies (Exxon Mobil, Shell, ENGIE as offtake counterparties) and host governments (Kurdistan Regional Government, Norwegian state). The company's growth strategy combines organic exploration and development with active portfolio management through acquisitions and non-cash asset swaps designed to concentrate interests around hub infrastructure on the Norwegian Continental Shelf.

Name

DNO

Legal name

DNO ASA

Website

https://dno.no

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

DNO ASA is a Norwegian upstream oil and gas producer operating in Kurdistan, the North Sea, and West Africa, with 390 MMboe of 2P reserves and Q1 2026 net production of 131,671 boepd, selling output primarily to Exxon Mobil, Shell, ENGIE, and local Kurdistan buyers.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Production

NAICS

Oil and Gas Extraction (211), Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industry

Marine & Offshore Energy O&M (Offshore Wind, Platforms, Subsea Assets) (EUAEAGAO)

Keywords

• Upstream oil production
• Natural gas exploration
• Offshore field development
• Crude oil sales
• Hydrocarbon reserves management

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure, Others

Revenue model

1. Oil and Gas Production Sales: DNO generates revenue primarily through the sale of oil and gas produced from its operated and non-operated licenses. The company sells North Sea oil under offtake agreements to major companies like Exxon Mobil and Shell, and sells Kurdistan oil to local buyers under cash-and-carry arrangements. Realized oil prices in Q1 2026 were $87.0/boe for North Sea and $31.0/boe for Kurdistan.
2. Offtake Financing Facilities: DNO has secured offtake financing facilities tied to its North Sea oil and gas production, including agreements with Exxon Mobil (two-year tenor covering ~half of North Sea output) and Shell (one-year tenor covering ~half of North Sea output). Combined with the gas offtake agreement with ENGIE, total financing facilities reach up to USD 910 million.
3. Bond Financing: DNO raises capital through bond issuances in the capital markets. The company has three outstanding bond issues: DNO05 (USD 400 million, 9.25% coupon, maturing 2029), DNO06 (USD 600 million, 8.5% coupon, maturing 2030), and DNO07 hybrid bonds (USD 400 million, 10.75% coupon, maturing 2085).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

DNO ASA is a Norwegian upstream oil and gas exploration and production company that operates producing assets across three regions: the Kurdistan region of Iraq (Tawke and Peshkabir fields), the Norwegian and UK North Sea (30 producing fields following the 2025 Sval Energi acquisition), and West Africa (Block CI-27 offshore Côte d'Ivoire). The company generates revenue by selling crude oil, natural gas, and NGLs from operated and non-operated licenses under offtake agreements with major energy companies and local buyers.

Product overview

DNO ASA is a Norwegian oil and gas exploration and production company operating across three main regions: the Kurdistan region of Iraq, the North Sea (Norway and UK), and West Africa (Côte d'Ivoire). The company's core producing assets include the DNO-operated Tawke license with the Tawke and Peshkabir oil fields in Kurdistan, and a portfolio of 30 producing North Sea fields following the 2025 acquisition of Sval Energi. Development projects include Kjøttkake (40%, fast-tracked for 2028), Symra (20%, online 2026), and the Carmen gas-condensate discovery. The company operates as a single business segment focused on upstream oil and gas activities with no distinct technology products or software offerings.

Differentiator

Problem solved

Functional benefit

Products and services

• Tawke License

Quantifiable outcome

• Record net production of 110,700 boepd in 2025, highest in 54-year history
• +3 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

17 partnerships are on record, tiered core and minor.

• Vår Energi ASAcoreStrategic or Co-development Partner · 18 June 2026DNO entered a multi-asset transaction with Vår Energi acquiring 5% stake in Gjøa field and Gjøa Nord discovery in exchange for 5% interest in Nova subsea field, 15% stake in Ringhorne Nord discovery, plus USD 17.5 million cash payment.
• Exxon MobilcoreChannel Partner/ Reseller/ Distributor · 18 December 2025DNO has placed its North Sea oil production with Exxon Mobil subsidiaries starting January 2026. The agreement covers approximately half of DNO's North Sea output with a two-year tenor, securing offtake financing facilities totaling up to USD 205 million.
• ShellcoreChannel Partner/ Reseller/ Distributor · 18 December 2025DNO has placed its North Sea oil production with Shell subsidiaries starting January 2026. The agreement covers approximately half of DNO's North Sea output with a one-year tenor, securing offtake financing facilities totaling up to USD 205 million.
• ENGIEcoreChannel Partner/ Reseller/ Distributor · 2 July 2025DNO secured North Sea gas offtake and related USD 500 million financing facility with ENGIE, covering gas production from DNO's Norwegian assets.
• Genel Energy International Ltd.coreStrategic or Co-development PartnerGenel Energy holds 25% interest in the Tawke PSC license in Kurdistan, with DNO operating and holding 75% interest. The Tawke license has produced over 500 million barrels and includes the Tawke and Peshkabir oil fields.
• Equinor Energy AScoreStrategic or Co-development PartnerDNO executed a non-cash asset swap with Equinor in March 2026, exchanging interests in four non-core discoveries for stakes in Atlantis (19%) and Afrodite (10%) discoveries near the Kvitebjørn field. Equinor operates Kvitebjørn, Carmen, Atlantis, and Afrodite.
• Aker BP ASAcoreStrategic or Co-development PartnerAker BP operates the Symra field (50% interest) where DNO holds 20%. Also partner in multiple North Sea licenses and developments including Ivar Aasen platform. In November 2025, DNO completed multi-asset swap with Aker BP increasing stake in Verdande field.
• Wellesley Petroleum AScoreStrategic or Co-development PartnerWellesley Petroleum operates the Carmen discovery (30% interest) in PL1148 license where DNO holds 30%. Also operator of several other licenses where DNO holds interests including PL1255B, PL1290S, and PL1291.
• Aker BP ASA (Carmen License)coreStrategic or Co-development PartnerCarmen license partnership consists of DNO Norge AS (30%), Wellesley Petroleum AS (30% and operator), Equinor Energy AS (30%), and Aker BP ASA (10%)
• Petoro ASminorStrategic or Co-development PartnerPartner in Gjøa Subsea Projects (Ofelia, Gjøa Nord, and Cerisa developments) alongside Vår Energi as operator, with interests across multiple licenses
• Harbour EnergyminorStrategic or Co-development PartnerPartner in Gjøa Subsea Projects and other North Sea licenses including PL475ES where DNO holds 20%
• ConocoPhillips Skandinavia ASminorStrategic or Co-development PartnerConocoPhillips operates the Cerisa field development in the Gjøa Subsea Projects. ORLEN acquired 7.6% interest in Albuskjell and Vest Ekofisk from DNO, with development to be operated by ConocoPhillips.
• Orlen Upstream Norway ASminorStrategic or Co-development PartnerORLEN acquired stakes from DNO in Albuskjell and Vest Ekofisk fields. DNO received interests in Nova and Ringhorne North from Vår Energi in related transaction. Also divested Ekofisk Previously Produced Fields to Orlen.
• INPEX Idemitsu Norge ASminorStrategic or Co-development PartnerDNO entered agreement to acquire 3.3% interest in Vega Unit from INPEX Idemitsu, increasing DNO's interest to 8.8%, strengthening position around Gjøa hub.
• Turkish Energy Company Limited (TEC)minorStrategic or Co-development PartnerTEC holds 16% interest (20% paying interest) in Baeshiqa PSC license in Kurdistan, with DNO holding 64% operated interest and KRG holding 20% carried interest.
• Foxtrot InternationalcoreStrategic or Co-development PartnerDNO holds one-third stake in Foxtrot International which operates Block CI-27 offshore Côte d'Ivoire. DNO has 9.09% indirect interest through this partnership in four producing gas fields.
• Sval Energi Group AScoreStrategic or Co-development PartnerDNO completed USD 1.6 billion acquisition of Sval Energi Group AS in June 2025, transforming the North Sea business by quadrupling production and reserves.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Aker BP: Norwegian offshore E&P operator and DNO's partner in multiple North Sea licenses including Symra (operator, 50%) and the Ivar Aasen platform. Most direct North Sea operating peer with comparable asset base and exploration focus.
• Vår Energi: Norwegian E&P operator and recent counterparty in DNO's multi-asset Gjøa transaction. Operates Gjøa, Goliat, and Balder, giving it overlapping North Sea acreage and similar mix of producing fields and developments.
• Genel Energy: Direct partner in the Tawke PSC license in Kurdistan (Genel holds 25%, DNO operates with 75%). Closest direct peer in Kurdistan region exposure and a focused mid-cap E&P model similar in scale to DNO.
• Harbour Energy: UK-listed North Sea-focused E&P operator with material production from UK and Norwegian sectors. Direct competitor for North Sea assets and a partner in DNO's Gjøa Subsea Projects.
• Foxtrot International: Operator of Block CI-27 offshore Côte d'Ivoire in which DNO holds a one-third stake. Most directly comparable partner for DNO's West Africa gas business and a co-investor alongside DNO's Executive Chairman.

Broad incumbents

• Equinor: Norway's national oil major and the operator of Kvitebjørn, Carmen, Atlantis, and Afrodite. Counterparty in DNO's 2026 asset swap and a partner across multiple Norwegian Continental Shelf licenses; broader portfolio dwarfs DNO but North Sea focus overlaps directly.
• Wintershall Dea: European-headquartered independent E&P with significant Norwegian and North Sea production. Comparable in operating footprint and asset portfolio mix, though broader geographically (also Middle East, North Africa, South America).
• MOL Group: Hungary-based integrated oil & gas group with E&P operations across the North Sea, Middle East, and Africa. Comparable international upstream footprint and emerging offshore production portfolio.
• OMV: Austrian integrated oil & gas company with material North Sea production through its SapuraOMV and OMV Norge operations. Similar mid-cap E&P profile with international geographic diversification.

Emerging players

• Tullow Oil: International E&P operator focused on West Africa and South America with offshore expertise. Comparable as a mid-cap producer with exposure to frontier and mature offshore basins, though geographically lighter on North Sea.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/dnoasa

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries6 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DNO