Since re-entering the North Sea in 2017, DNO has been one of the most active and successful explorers on the Norwegian Continental Shelf. Targeting organic growth, the Company has made a series of discoveries in Norway, of which 15 were progressing towards investment decision as of yearend 2025.
In 2025, the North Sea business was transformed by the acquisition of Sval Energi, which added material production to complement DNO's already strong exploration and development portfolio. Pro forma North Sea net production with Sval Energi included throughout the year increased to an average of 81,059 boepd from 15,201 boepd in 2024. Of the pro forma total, 77,256 boepd were attributable to Norway and 3,803 boepd to the UK (13,057 boepd and 2,144 boepd, respectively, in 2024).
With the startup of Andvare and Verdande shortly before the end of the year, DNO held stakes in 30 producing North Sea fields at yearend 2025, as well as four ongoing field developments.
The Company's seven-well 2025 exploration program resulted in five discoveries, of which Kjøttkake (DNO 40 percent), Vidsyn (25 percent) and Mistral (10 percent) were the most notable successes. As the Company works to shorten development timelines in Norway, Kjøttkake is being fast-tracked for first oil early in 2028. Kjøttkake is one of four DNO discoveries scheduled for final investment decisions by license partnerships in 2026. In addition, a dozen other DNO discoveries in Norway are being studied for possible fast-track development.
DNO Norge AS licenses in Norway (link to updated list from the Norwegian Offshore Directorate)
DNO licenses in the UK (link to updated list from UK's North Sea Transition Authority)