DNO International

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Type Public Limited Company
Traded as OSE:DNO
Founded 1971
Headquarters Oslo, Norway
Key People Helge Eide (President, MD), Berge Larsen (Chairman)
Revenue NOK 2. 07 billion, (approx. $369.3 million), 2011.[1]
Net Income NOK 653.2 million (approx. US $116.7 million)[2]
% change on previous year 330.9%[3]
Total Assets NOK 5. 04 billion (approx. US $899.39 million), end 2011.[4]
Total Equity NOK 2. 16 billion (approx. US $385.27 million), end 2011.[5]
Website www.dno.no

Global Snapshot

DNO International ASA is a Norway-based oil and gas exploration and production company. It was founded in 1971 and was the first Norwegian oil company to be listed on the Norwegian stock exchange. Initial exploration and production activities were in the British and Dutch territories of the North Sea.[6] However more recently Its operating activities are primarily undertaken in the Middle East, Africa and in the UK. The company holds oil and gas assets in Yemen, the Kurdistan region of Iraq, the North Sea, Mozambique and Equatorial Guinea. The company is also active on the Norwegian Continental Shelf.[7]

At the end of 2011 DNO held total remaining proven and probable reserves (2P) of 371.9 million barrels of oil equivalent (joe). This represented a 91.5 percent year-on-year increase since 2010, largely due to the upward revision of recoverable reserve estimates at the Tawke field in Iraqi Kurdistan.[8] Gross production in 2011 was 64,185 million barrels of oil equivalent (boe) per day.[9]

Company Report Highlights

DNO's operating revenues for 2010 increased by 44% on 2009 figures, mainly due to higher production from Iraq's Tawke field and higher oil prices. However provisions for 'special items', such as arbitration costs, negatively affected the net profit result.

The company's working interest production in 2010 was 17,381 barrels of oil per day (bpd), compared to 12,285 bpd in 2009. Partners in Yemen approved the first phase of the field development for the Yaalen discovery and DNO commenced the drilling of three exploration wells in three countries in the last quarter of 2010. Hydrocarbons were discovered in two of the wells.

In 2010 DNO was awarded exclusive rights to negotiate for substantial exploration acreage in Mozambique and Yemen.[10]

Official Accreditations and Global Perceptions

EITI Supporter Status

DNO became an EITI supporting company in July 2011.[11]

UN Global Compact

As of December 2011, was not a participant in the UN Global Compact.

CSR Review

DNO's Annual Report for 2010 highlights the following achievements in corporate social responsibility:

  • DNO was not able to meet all of the Global Reporting Initiative (GRI) in 2010, but is committed to continue using the standard to improve, and an internet-based GRI table was due to be launched during 2011. The company is also meeting the reporting requirements set by the EITI.
  • During 2010 a separate business ethics and anti-corruption program was rolled out to employees both at corporate headquarters and in the business units.
  • All licenses and PSCs are subject to an Environmental Impact Assessment (EIA), developed in accordance with the World Trade Bank Standard.
  • During 2010 social investments in Mozambique included the refurbishment of two schools and local health services. Investments in Kurdistan have continued with the water purification project in the Dohuk governorate, exchange programs between Kurdistan and Norway and financial support for the education of students of oil industry-related subjects, scholarships and investments in infrastructure. In Yemen, DNO continued to support the Yemen Smile initiative to help children born with open clefts.[12]

Transparency

Global Operations by Country

Iraq

Main article: DNO Operations in Iraq

References

  1. Annual Report and Accounts 2011”. DNO.
  2. Annual Report and Accounts 2011”. DNO.
  3. Annual Report and Accounts 2011”. DNO.
  4. Annual Report and Accounts 2011”. DNO.
  5. Annual Report and Accounts 2011”. DNO.
  6. History”. DNO, retrieved 18 December 2012.
  7. DNO International ASA”. Reuters, retrieved 22 December 2011.
  8. DNO International Releases Annual Statement of Reserves”. DNO, 30 April 2012.
  9. Annual Report and Accounts 2011”. DNO.
  10. Annual Report and Accounts 2010”. DNO International ASA, 21 July 2010.
  11. Annual Report and Accounts 2010”. EITI, 5 July 2011.
  12. Annual Report and Accounts 2010”. DNO International ASA, 21 July 2010.

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