Founded in 1971, DNO is Norway’s oldest oil company and the first to list on the Oslo Stock Exchange in 1981. Initially a North Sea player, our focus over the past two decades shifted to the Middle East region, home to the world’s most prolific oil resources. By tapping into its Norwegian heritage and leveraging our regional footprint, DNO has proven a nimble and successful operator, even in challenging environments.
In 2004, DNO was the first international oil company to enter the Kurdistan region of Iraq, at a time when the Kurdish region’s oil industry was virtually non-existent. DNO re-entered the North Sea during 2017, acquiring offshore exploration licenses in Norway and the United Kingdom. This has since expanded to include the Norwegian Sea and the Barents Sea.
Wherever we operate, we look to minimize risk and maximize success through smart exploration, and, when a discovery is made, fast-track production. We have developed a best-in-class core competency in the fractured carbonate plays that are characteristic of the MENA region.
At our flagship Tawke oil field in Kurdistan, we began production in 2007 – just two years after the start of exploration activities. The neighboring Peshkabir field was brought on production in 2017. We are now the leading international operator in production (more than 110,000 barrels of oil per day in 2017) and reserves (the Tawke and Peshkabir fields together hold more than 500 million barrels of proven and probable reserves) in Kurdistan, one of the world’s remaining largely untapped onshore hydrocarbons frontiers.
DNO has among the lowest finding, development costs of any oil company anywhere in the world. Combined with low lifting costs, this gives us a significant competitive advantage when oil prices are weak and strong cash flow when oil prices are robust.
We are agile. We are flexible. We are resilient. We are DNO.