Contractors Unlimited

Contractors Unlimited
Snapshot

DNO

DNO International ASA ("DNO") is a fast track, full-scale E&P Company with headquarters in Norway. DNO serves as operator and active license partner in several production and exploration assets.

DNO explores for oil and natural gas and acquires license interests in UK, Yemen, Kurdistan Region of Iraq, Equatorial Guinea and Mozambique, both frontier areas and regions with established oil and natural gas production and infrastructure. The company's growth comes through smart exploration, cost effective and fast track development, efficient operating techniques and strategic acquisitions.

Growth in Cycles
+ First cycle from 1996 until divestment of UK and NCS assets in 2003, realised and returned values to shareholders
+ Second cycle from 2003 with exploration focused strategy
+ Restructured NCS in 2007, initiating the third cycle.

First Cycle
DNO capitalised on its strong position in the UK and Norwegian sectors of the North Sea, where its strategy had been to focus on the development of small oil fields and increasing the recovery rates from mature fields. In 2004, DNO completed the sale of its UK Company and some of its Norwegian assets to Lundin Petroleum for NOK 1.7 billion, returning significant dividend payments to shareholders in 2004-2005.

Second Cycle

The focus shifted in 2003 to an exploration led strategy, which delivered significant reserves at low cost in Yemen and Kurdistan. Cash flow from high margin production in Yemen funded a significant part of the investments. DNO restructured its activities on the NCS, which generated a net gain of NOK 871 million to DNO.

Det Norske Oljeselskapet
In November 2007, DNO decided to combine their activities in the North Sea with Pertra ASA (now renamed to Det norske oljeselskap ASA, "DETNOR") - creating the second largest Norwegian oil and gas company. DNO's shareholdings in DETNOR is currently at 23.5%. The activities outside of the Norwegian Continental Shelf are carried on within DNO International ASA.

Third Cycle
The third cycle is building on their strong position in low cost, high potential areas and increased production capacity from a large developed reserve base. Increased production combined with a favorable debt structure will form the basis for future growth, both organically and through active participation in consolidation opportunities.

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Last updated: 06/10/09

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