Norway’s DNO ASA just posted a massive jump in both revenue and profit for the third quarter of 2025.
The company reported record revenue of $547 million and an operating profit of $222 million, more than double what it earned in the previous quarter. That’s a strong comeback after a tough start to the year.
Kurdistan Operations Rebounding
In Iraqi Kurdistan, where DNO has a 75% operated stake in the Tawke licence, production averaged 46,600 barrels of oil equivalent per day (boepd) in the third quarter.
That’s a 38% drop compared to the previous quarter — mainly because of drone strike damage in mid-July. But the good news? The company moved fast with repairs, and production has already bounced back to around 75,000 boepd.
Exports Flowing Again
Oil exports from Kurdistan are finally back on international markets after being halted for over two and a half years. Shipments through the Iraq–Turkiye Pipeline (ITP) resumed in late September, marking a major milestone for the region’s energy sector.
For now, DNO is continuing to sell its share of oil locally under cash-and-carry contracts — getting paid in cash at prices in the low $30s per barrel. This setup is helping the company keep steady cash flow while it plans new investments.
Looking Ahead
DNO isn’t slowing down. The company plans to restart drilling at the Tawke and Peshkabir fields before the end of the year.
Two rigs — DQE-51 and Sindy — are being mobilized to drill eight new wells in 2026, with a goal of increasing total operated production to 100,000 barrels per day.
The Bottom Line
After a challenging few months, DNO has made a strong comeback. With record-breaking profits, production restored, and exports flowing again, the company looks ready to ramp up its next phase of growth — both in Kurdistan and beyond.
