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North Sea
In 2023, DNO had diversified production across 12 fields in the
North Sea of which 10 were in Norway and two in the UK.
During 2023, the Norwegian Fenja field came onstream,
contributing to a North Sea net production average of 14,203
boepd (13,314 boepd in 2022). Of the total, 13,926 boepd were
attributable to Norway and 277 to the UK (13,035 boepd and
279 boepd, respectively, in 2022).
In 2023, Norwegian development projects Andvare (32 percent)
and Berling (30 percent) received government approval. These
projects are expected to come on stream in 2024 and 2028,
respectively. The DNO-operated Trym field was readied for
recommissioning in early 2024. In addition, DNO was working to
mature previous discoveries such as Brasse (39 percent) for
project sanction.
During the course of the year, DNO drilled six North Sea
exploration wells resulting in four discoveries. In addition,
successful appraisal drilling moved previous discoveries
Bergknapp (30 percent) and Ofelia (10 percent) closer to
development. The Ofelia appraisal operation also led to a new
gas discovery in the overlying Kyrre formation.
RESERVES
At yearend 2023, DNO held 73 licenses in Norway in various
stages of exploration, development and production (68 licenses
at yearend 2022). Across its Norway portfolio and on a net
basis, DNO’s 1P reserves totaled 23.7 MMboe, 2P reserves
stood at 34.8 MMboe, 3P reserves totaled 49.0 MMboe and 2C
resources stood at 132.0 MMboe. The comparable yearend
2022 figures were 1P reserves of 24.6 MMboe, 2P reserves of
35.6 MMboe, 3P reserves of 48.1 MMboe and 2C resources of
80 MMboe.
In 2023, DNO had a successful exploration and appraisal
program in Norway resulting in Røver South, Heisenberg,
Carmen, Norma and Kyrre discoveries and confirming the
Ofelia and Bergknapp discoveries.
In the UK, DNO held four licenses at yearend 2023 (seven
licenses at yearend 2022). On a net basis, 1P reserves totaled
0.1 MMboe, 2P reserves stood at 0.3 MMboe, 3P reserves
totaled 0.4 MMboe. No 2C resources were booked for DNO’s
licenses in the UK at yearend 2023. The comparable yearend
2022 figures were 1P reserves of 0.4 MMboe, 2P reserves of
0.9 MMboe, 3P reserves of 1.3 MMboe and no 2C resources,
all on a net basis.
Business development
In early 2023, DNO brought in OKEA ASA as the new 50/50
partner in its Brasse development project to undertake a fasttrack, low-cost review of a potential tieback of the discovery in
license PL740 offshore Norway to the OKEA-operated Brage
platform (DNO 14.2 percent). In August, the Company
announced that such a development concept had indeed been
agreed, upon which the operatorship of PL740 was transferred
to OKEA to maximize synergies with Brage and lower costs. To
further align interests across Brasse and Brage, DNO and
OKEA have since lowered their stakes in Brasse to 39.3
percent each by bringing Brage partners Lime Petroleum and M
Vest Energy into PL740. Final investment decision for the
Brasse project is expected in first half of 2024.
In the North Sea, DNO carried on high grading its portfolio in
2023 through a combination of licensing round awards, license
transactions and relinquishment of licenses deemed
unattractive following evaluation.
Across the portfolio, the Company continues to develop a
pipeline of new business opportunities to supplement its current
position in the Middle East, the North Sea and West Africa. It
actively pursues growth opportunities across the exploration
and production lifecycle, including exploration, development
and production, both organically as well as through potential
mergers and acquisitions.
Shortly after the end of the year, DNO announced an
agreement to acquire a 25 percent interest in the Arran field on
the UK Continental Shelf from ONE-Dyas E&P Limited. The
transaction is expected to add some four million barrels of oil
equivalent net to DNO, of which 90 percent gas, with projected
net 2024 production of 2,000-2,500 boepd. The acquisition
reflects DNO’s strategy of acquiring bolt-on producing assets as
the Company develops its discoveries elsewhere in the North
Sea. The cash consideration is USD 70 million plus a
contingent consideration of up to USD 5 million if certain
operational targets are met. The Company expects financial
synergies between Arran and DNO’s existing position in the UK.