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DNO ASA

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DNO ASA
Company typeAllmennaksjeselskap
OSE: DNO
IndustryPetroleum
Founded1971
HeadquartersOslo, Norway
Area served
Worldwide
Key people
Bjoern Dale (Managing Director)
Bijan Mossavar-Rahmani (Executive Chairman)
ProductsOil and gas exploration and production
RevenueUS$347.4 million (2017)[1]
US$521.1 million (2017)[1]
US$495 million (2017)[1]
Total assetsUS$1.415 billion (end 2017)[1]
Total equityUS$875.9 million (end 2017)[1]
Number of employees
911 (end 2017)[1]
Websitewww.dno.no

DNO ASA (OSE: DNO) is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom and Yemen.

About DNO

DNO is Norway's oldest oil company and the first to list on the Oslo Stock Exchange in 1981. During the last two decades the company's focus has shifted from the North Sea to the Middle East region.

In 2004, DNO was the first international oil company to enter the Kurdistan region of Iraq, at a time when the Kurdish region's oil industry was virtually non-existent. The company began production from its flagship Tawke oil field in Kurdistan in 2007 – just two years after the start of exploration activities. The neighboring Peshkabir field was brought on production in 2018.

DNO is now the leading international operator in Kurdistan in terms of production (more than 110,000 barrels of oil per day in 2017) and reserves (the Tawke and Peshkabir fields together hold more than 500 million barrels of proven and probable reserves).

The company re-entered the North Sea as well in 2017, acquiring offshore exploration licenses in Norway and the United Kingdom. This has since expanded to include the Norwegian Sea and the Barents Sea.

Operations

Kurdistan region of Iraq

DNO entered the region in 2004 and now has a leading position in reserves and production.

Norway

DNO re-entered Norway in 2017 through the acquisition of Origo Exploration and now holds twenty-one licenses on the Norwegian Continental Shelf.

United Kingdom

DNO entered the United Kingdom in 2017 through the acquisition of Origo Exploration and now holds three licenses to the UK Continental Shelf.

Yemen

DNO entered Yemen in 1998 and was the company's first foray into the Middle East.

Assets

Kurdistan, Iraq

License Type Status Ownership Operator Partners
Tawke PSC Onshore Production/Development/Appraisal/Exploration 75% DNO Genel Energy International Ltd.
Erbil PSC Onshore Development 40% DNO Gas Plus Erbil Ltd., KRG
Baeshiqa PSC Onshore Exploration 32% DNO ExxonMobil, Turkish Energy Company, KRG

Norway

License Type Status Ownership Operator Partners
PL248 F Offshore Exploration 20% Wintershall Norge AS DNO, Petoro
PL248 GS Offshore Exploration 20% Wintershall Norge AS DNO, Petoro
PL248 HS Offshore Exploration 20% Wintershall Norge DNO, Petoro
PL293 B Offshore Exploration 20% Equinor DNO, Idemitsu
PL767 Offshore Exploration 10% Lundin DNO, Inpex
PL825 Offshore Exploration 10% Faroe Petroleum DNO, Spirit, Lundin, Equinor
PL827S Offshore Exploration 30% Equinor DNO
PL859 Offshore Exploration 20% Equinor DNO, Lundin, Petoro, ConocoPhilips
PL889 Offshore Exploration 20% VNG Norge AS DNO, Concedo
PL902 Offshore Exploration 10% Lundin DNO, AkerBP, Petoro
PL921 Offshore Exploration 30% Equinor DNO, Petoro AS
PL922 Offshore Exploration 20% Spirit Energy Norge AS DNO, Total E&P Norge, VNG Norge AS
PL923 Offshore Exploration 20% Equinor DNO, Petoro AS, Wellesley Petroleum AS
PL924 Offshore Exploration 30% Equinor DNO
PL926 Offshore Exploration 30% Faroe Petroleum Norge AS DNO, Concedo ASA
PL929 Offshore Exploration 20% Neptune Energy DNO, DEA Norge AS, Pandion Energy AS
PL931 Offshore Exploration 40% Wellesley Petroleum AS DNO
PL943 Offshore Exploration 30% Equinor DNO, Capricorn Norge AS
PL950 Offshore Exploration 10% Lundin DNO, Petoro, Inpex
PL951 Offshore Exploration 20% Aker BP ASA DNO, Eni Norge AS, Concedo ASA
PL953 Offshore Exploration 30% Wintershall Norge AS DNO, Concedo ASA

United Kingdom

License Type Status Ownership Operator Partners
P2074 Offshore Exploration 25% Chrysaor CNS Limited DNO, Ineos

Yemen

License Type Status Ownership Operator Partners
Block 43 Onshore Development/Exploration 56.67% DNO The Yemen Company, Geopetrol Hadramaut Inc.

Board of directors

Bijan Mossavar-Rahmani - Executive Chairman

Bijan Mossavar-Rahmani is an experienced oil and gas executive and has served as DNO's Executive Chairman of the Board of Directors since 2011. Mr. Mossavar-Rahmani serves concurrently as Executive Chairman of Oslo-listed RAK Petroleum plc, DNO's largest shareholder. He is a member of the nomination and remuneration committees.

Lars Arne Takla - Deputy Chairman

Lars Arne Takla has extensive experience from various managerial, executive and board positions in the international oil and gas industry. He was elected to DNO's Board of Directors in 2012 and is a member of the HSSE committee.

Elin Karfjell - Director

Elin Karfjell is Managing Partner of Aelika AS and has held various management positions across a broad range of industries. Ms. Karfjell was elected to DNO's Board of Directors in 2015 and is a member of the audit committee.

Gunnar Hirsti - Director

Gunnar Hirsti has executive experience from various managerial, executive and board positions in the oil and gas industry as well as the information technology industry in Norway. He was elected to DNO's Board of Directors in 2007 and is a member of the audit and remuneration committees.

Shelley Watson - Director

Shelley Watson began her career as a reservoir surveillance and facilities engineer with Esso Australia in its offshore Bass Strait operation. She has served on DNO's Board of Directors since 2010 and is a member of the audit committee.

Criticism from the National Contact Point

The Norwegian National Contact Point concluded in 2018 that DNO had not met the expectations expressed in the OECD Guidelines on prior notice and consultation with the employees of DNO Yemen in connection with suspension of the company's Yemeni operations in 2015.[2] The key issue in the complaint concerned lack of prior notice and consultation between DNO and the employee representatives in Yemen in connection with collective dismissals and suspension of production in the war-like situation that prevailed in 2015. The complaint also concerned the question of whether DNO had obstructed the workers’ right to organize and collective bargaining in Yemen, and the validity of dismissals as part of the downsizing process.

Industri Energi had for some time tried to help the workers of DNO Yemen after having received desperate appeals from the workers who were sacked by text messages and e-mails when the company withdrew from the country, and not been given the wages and benefits they were entitled to.[3] Still the workers have not received the compensation they legally are entitled to according to court decisions in Yemen.[4]

References

  1. ^ a b c d e f "Annual Report 2017" (PDF). DNO ASA. Retrieved 19 April 2018.
  2. ^ "Final statement in complaint Industri Energi – DNO". regjeringen.no. Retrieved 4 June 2018.
  3. ^ "Industri Energi express concern about how DNO has treated workers in Yemen". industrienergi.no. 19 December 2016. Retrieved 4 June 2018.
  4. ^ "DNO forced to pay workers". industrienergi.no. 9 March 2016. Retrieved 4 June 2018.

Financial statements and presentations

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