DNO ASA reported second-quarter 2026 net production of 84,912 barrels of oil equivalent per day (boepd) from the North Sea, more than double the 33,348 boepd it produced a year earlier, according to a trading update the Norwegian operator issued 28 July. Kurdistan output averaged just 273 boepd for the quarter, down from 39,600 boepd in the first quarter, after field operations there stayed largely shut for most of the period.
| Net production (boepd) | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| North Sea | 84,912 | 88,647 | 33,348 |
| Kurdistan | 273 | 39,600 | 56,070 |
| West Africa | 3,246 | 3,424 | 3,174 |
DNO sold 80,511 boepd from the North Sea in the quarter and reported no Kurdistan sales, versus 14,753 boepd sold from Kurdistan in the first quarter. Realized North Sea prices rose from the first quarter: oil averaged USD 115.1 a barrel, up from USD 87.0, gas averaged USD 89.5 a boe, up from USD 81.0, and NGL averaged USD 69.0 a boe, up from USD 36.2.
North Sea: a portfolio swap, a field start-up and a well result
On 18 June, DNO announced a multi-asset transaction with Var Energi ASA. Under the deal, DNO will acquire a 5 percent stake in the Gjoa field and the Gjoa Nord discovery, and in exchange will hand over a 5 percent interest in Nova and its 15 percent stake in license PL956, which covers parts of the Ringhorne Nord discovery. DNO will also receive USD 17.5 million in post-tax cash. The company said the swap streamlines its Norwegian Continental Shelf portfolio and secures a stake in the offshore Gjoa hub.
DNO separately completed its previously announced purchase of a 3.3 percent interest in the Vega Unit, which ties back to Gjoa, from INPEX Idemitsu Norge AS on 30 June, taking its stake in the unit to 8.8 percent. The same day, the Dvalin Nord field offshore Norway started production; DNO expects the field to reach a plateau rate of 3,000 boepd net to the company.
DNO also drilled one exploration well on the Norwegian shelf during the quarter: the Carmen appraisal well in license PL1148, where DNO holds a 30 percent interest. The well was spudded 19 April and completed 17 June, and DNO put gross recoverable resources following the well at 21 to 107 million barrels of oil equivalent.
Kurdistan restart still in progress
Limited field operations resumed at the Tawke license on 9 April, when DNO restarted workovers on existing wells and relaunched a previously announced eight-well drilling campaign. Production followed at Tawke on 28 June and at the Peshkabir field on 11 July, both in the Middle East. DNO said how quickly it ramps up and sustains full Kurdistan operations will depend on the condition of wells and surface facilities left shut in for a prolonged period, plus regional security conditions.
Dividend and tax payments
DNO paid a dividend of NOK 0.375 per share in the quarter, totaling USD 39.4 million, which works out to NOK 1.50 per share on an annualized basis. The company also paid USD 98.3 million in Norwegian taxes, covering installments on its 2025 taxable profit.
DNO will publish its full Q2 2026 operating and interim financial results on 13 August at 07:00 CET, followed by a videoconference call with executive management at 10:00 CET.
