SULAIMANI, Kurdistan Region — Norwegian oil firm DNO reports a robust 2024 revenue of $667 million, largely fueled by exceptional production in the Kurdistan Region.
In a report, the firm states that the company’s cash from operations surged by nearly 50% to $433 million, though operating profit dropped to $6 million due to non-cash impairments. DNO’s net production rose by 50% to 77,300 bpd, with Kurdistan contributing 59,000 bpd.
The company saw a 70% increase in production from its Tawke and Peshkabir oil fields in the Kurdistan Region, reaching 78,600 bpd in 2024.
Despite the Iraq-Turkey export pipeline being shut, oil was sold at the Fish Khabur terminal at an average price of $35 per barrel, with Tawke field generating an estimated $10 million per month in free cash flow.
DNO’s North Sea expansion also contributed to the strong performance, with the company acquiring new assets and expanding production to 19,000 bpd by Q4.
The firsm says it plans to drill between four and six North Sea exploration wells in 2025, with increased operational spend forecasted at $750 million.