Norwegian oil and gas operator DNO ASA had total 2021 revenues over $1 billion in 2021, up 63% from a year earlier. Annual operating profit increased to $321 million, reversing an operating loss of $315 million in 2020.
Free cash flow in 2021 of $362 million drove a 68% reduction in net debt to $153 million at yearend.
In 2022, DNO plans an operational spend of $800 million across the portfolio.
Production
Gross production at the company’s flagship Tawke license in Kurdistan averaged 108,700 boe/d in 2021, of which Peshkabir field contributed 61,800 b/d of oil and Tawke field 46,900 b/d. Of the total, 81,500 b/d of oil were net to DNO’s interest. North Sea net production averaged 12,900 boe/d, bringing the company’s total 2021 net production to 94,500 boe/d.
In Kurdistan, DNO is ramping up its drilling activities to maintain Tawke license gross production at around 105,000 b/d of oil during the year, as well as a contribution from the operated Baeshiqa license in excess of 4,000 b/d of oil. In December, the first phase field development plan for the license was approved by the Kurdistan Regional Government, clearing the way for a fast-track project to deliver early production from previously drilled but suspended discovery wells. Three additional Baeshiqa development wells will also be drilled in 2022.
In the North Sea, DNO projects net production in 2022 to remain around 13,000 boe/d. The company will participate in drilling the Edinburgh exploration well in the UK and six additional prospects offshore Norway.
Also in Norway, the DNO-operated Brasse project as well as the partner-operated Iris-Hades, Gjøk, and Orion discoveries target 2022 project sanction.
