-- Norwegian oil and gas operator DNO ASA on Thursday reported first-quarter net production of 131,700 barrels of oil equivalent per day, down 12% from the previous quarter due to lower output from Kurdistan, even as record North Sea production and stronger energy prices boosted earnings.
Production during the quarter comprised 88,600 boepd from the North Sea, 39,600 boepd from Kurdistan, and 3,400 boepd from West Africa, the company said.
DNO said stronger March oil and gas prices, combined with record North Sea output, underpinned robust first-quarter results.
"While higher oil and gas prices support new investments across our portfolio, these prices are a consequence of unwelcome and tragic geopolitical convulsions outside our industry's control," Executive Chairman Bijan Mossavar-Rahmani said.
The company continued advancing its North Sea growth strategy, targeting production of 100,000 boepd by 2030. During the quarter, DNO completed a strategic asset swap, exchanging four non-core discoveries for a 19% stake in the Atlantis discovery near the Kvitebjorn and Gjoa hub areas.
DNO also agreed to acquire a 3.3% interest in the Vega Unit from INPEX Idemitsu Norge AS, increasing its stake in the field to 8.8%, subject to customary closing conditions.
The company said it has four North Sea developments scheduled to come onstream between 2026 and 2029. At the Symra field, production from the first two wells began in April, nine months ahead of schedule.
DNO also holds interests in nine North Sea discoveries awaiting project sanction, all targeted for first oil by 2030. Its 2026 exploration program includes six wells, among them appraisal wells at the Carmen, Afrodite, and Norma discoveries.
In Kurdistan, DNO said production at its operated Tawke license started the year strongly, supported by two newly drilled wells brought online early in the quarter.
However, the company temporarily suspended production and drilling activities after US-Israeli air strikes against Iran on Feb. 28, citing safety concerns.
Limited field operations resumed on Apr. 9, including workovers on existing wells and the restart of an eight-well drilling campaign aimed at increasing production from the Tawke and Peshkabir fields when security and market conditions improve.