DNO is Iraqi Kurdistan’s largest foreign operator in terms of output, but it is seeking to diversify from the high-risk region through a pivot to the North Sea. Over the last six years, the Norwegian firm has acquired a substantial portfolio of North Sea assets, while maintaining disciplined spending in Kurdistan.
The diversification efforts are now bearing fruit, with net North Sea output up 35% year-on-year to 19,296 boe/d in Q1. This was dwarfed by the firm’s net Kurdistan output of 61,561 boe/d, but DNO expects this dynamic to be turned on its head and for Kurdistan’s share of its net global output to fall from more than 70% to around 40% within a matter of weeks. Managing Director Chris Spencer said earlier this month that North Sea output will “quadruple” to around 80,000 boe/d once the $1.6bn acquisition of Norway’s Sval Energi Group is finalized in mid-June. (CONTINUED - 1128 WORDS)
