DNO
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.
- Company typePublic
- Founded1971
- HeadquartersOslo, Norway
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
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.
DNO firmographics
Firmographics- 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
DNO industry classification
Industry- 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
Where DNO is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Offices5 records
Markets served
DNO business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure, Others
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | North Sea realized oil price Q1 2026: $87.0/boe |
| Other | Pay-as-you-go | Kurdistan realized oil price Q1 2026: $31.0/boe |
| Other | Multi-year contract | DNO05 Senior Unsecured Bonds: USD 400 million at 9.25% fixed |
| Other | Multi-year contract | DNO06 Senior Unsecured Bonds: USD 600 million at 8.5% fixed |
| Other | Multi-year contract | DNO07 Subordinated Hybrid Bonds: USD 400 million at 10.75% fixed |
| Subscription | Monthly | Quarterly dividend: NOK 0.375 per share (annualized NOK 1.50) |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
DNO product offering
Product offeringCore 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
Companies that use DNO
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles4 records
DNO technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
DNO partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered core and minor.
- Vår Energi ASAcoreDNO 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 MobilcoreDNO 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.
- ShellcoreDNO 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.
- ENGIEcoreDNO 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.coreGenel 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 AScoreDNO 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 ASAcoreAker 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 AScoreWellesley 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)coreCarmen license partnership consists of DNO Norge AS (30%), Wellesley Petroleum AS (30% and operator), Equinor Energy AS (30%), and Aker BP ASA (10%)
- Petoro ASminorPartner in Gjøa Subsea Projects (Ofelia, Gjøa Nord, and Cerisa developments) alongside Vår Energi as operator, with interests across multiple licenses
- Harbour EnergyminorPartner in Gjøa Subsea Projects and other North Sea licenses including PL475ES where DNO holds 20%
- ConocoPhillips Skandinavia ASminorConocoPhillips 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 ASminorORLEN 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 ASminorDNO 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)minorTEC 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 InternationalcoreDNO 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 AScoreDNO 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
DNO competitors and assessment
Company assessmentDirect 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
DNO social profiles
Digital presenceDNO financial estimates
Financial estimateRevenue estimate
Valuation estimate
DNO leadership team
Management profileNumber of profiles
Profiles15 records
DNO subsidiaries and ownership
Company hierarchySubsidiaries6 records
DNO funding detail
Funding detailFunding overview
Funding rounds4 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
DNO M&A and investment
M&A and investmentM&A4 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about DNO
What does DNO do?
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.
Is DNO a public or private company?
DNO is a public company. It is classified as public and is currently operating.
When was DNO founded?
DNO was founded in 1971. It employs 1,001 to 5,000 people.
Where is DNO based?
DNO is headquartered in Oslo, Norway, in the Europe region.
How does DNO make money?
Three revenue lines are on record. Oil and Gas Production Sales are the primary driver. The others are offtake Financing Facilities and bond Financing.
Who are DNO's main competitors?
Direct peers on record are Aker BP, Vår Energi, Genel Energy, Harbour Energy and Foxtrot International. Broad incumbents are Equinor, Wintershall Dea, MOL Group and OMV. Tullow Oil is listed as an emerging player.
Does DNO have an API?
No public API is recorded for DNO.
What industry is DNO in?
DNO's product category is Upstream Oil and Gas Production. Its primary akta.pro industry code is EUALAAAI, Offshore E&P (Shallow/Deepwater, Subsea Production Systems), with a secondary code of EUAEAGAO, Marine & Offshore Energy O&M (Offshore Wind, Platforms, Subsea Assets). Its NAICS code is 211 and its SIC code is 1311.