Norwegian upstream oil and gas company DNO ASA reported record second-quarter revenue on Tuesday, driven by strong production from its North Sea assets, even as operations in Kurdistan remained suspended amid unresolved payment disputes with regional authorities.
The company’s Q2 2026 presentation slides, released alongside the financial update, highlighted that North Sea output more than offset the absence of Kurdistan production, which has been halted since late 2024 due to unpaid invoices and regulatory disagreements. DNO did not disclose specific revenue figures in the slides but noted that total production for the quarter reached record levels, primarily from its Norwegian continental shelf operations.
The suspension of Kurdistan operations, which previously accounted for a significant portion of DNO’s output, has persisted for over a year, forcing the company to rely entirely on its North Sea portfolio. Analysts have noted that while the North Sea provides stable cash flow, the loss of Kurdistan revenue has pressured margins and delayed planned investments in the region.
DNO’s management emphasized in the slides that the company remains committed to resolving the Kurdistan payment issues but provided no timeline for a resolution. The firm also reiterated its focus on optimizing North Sea production to maintain financial stability amid volatile oil prices.
The company’s shares were flat in Oslo trading following the release of the slides, reflecting limited immediate market reaction to the operational update.
