DNO ASA posted record revenue of USD 547 million and an operating profit of USD 222 million in Q3 2025. Both figures more than doubled compared to the previous quarter. This strong performance reflects the company’s recovery and expansion in Kurdistan.
Kurdistan oil production faced a major challenge in mid-July. A drone strike damaged key facilities at the Tawke licence, where DNO operates a 75-percent interest. As a result, gross production averaged 46,600 barrels of oil equivalent per day (boepd) during the quarter, a 38-percent drop from the previous period.
However, rapid repairs restored output to around 75,000 boepd. Kurdistan oil production is now flowing steadily again. Oil shipments resumed via the Iraq-Turkiye Pipeline (ITP) in late September. This ended a two-and-a-half-year suspension, reopening international markets to DNO’s oil.
Meanwhile, DNO continues to sell its entitlement oil to local buyers under cash-and-carry contracts. Prices remain in the low USD 30s per barrel. These sales provide a steady cash flow that supports new investments.
Looking ahead, DNO plans to restart drilling at the Tawke and Peshkabir fields by year-end. The DQE-51 and Sindy rigs will drill eight new wells in 2026. The company aims to boost combined gross operated production to 100,000 boepd. Analysts expect this growth to strengthen DNO’s revenue and market position further.
DNO’s performance highlights the resilience of Kurdistan oil production. Despite the mid-year setback, the company restored output quickly and resumed exports. Investors see this recovery as a positive sign for future operations in the region.
Moreover, the success of cash-and-carry sales shows how local contracts can sustain operations even during market disruptions. DNO’s strategy combines quick repairs, strong local partnerships, and targeted drilling to ensure long-term growth.
In conclusion, DNO’s third-quarter results demonstrate the potential of Kurdistan oil production. Rapid recovery, renewed exports, and ambitious drilling plans indicate robust growth ahead. The company is well-positioned to capitalize on Iraq’s northern oil fields while maintaining financial stability.
