Norwegian oil and gas company DNO is targeting around 100,000 barrels of oil equivalent per day (boepd) by 2030, as it shifts its growth strategy increasingly toward the North Sea. The company is using acquisitions, asset swaps and new field developments to expand production while reducing its reliance on non-core assets such as its former Côte d’Ivoire business and declining output from Kurdistan.
DNO’s North Sea production is expected to reach about 85,000 boepd in 2026, following the acquisition of Sval Energi and a series of portfolio transactions. The company is building a large non-operated portfolio in Norway and the UK, giving it exposure to producing fields while limiting the operational burden of running them directly.
A major part of the strategy is concentrating assets around existing infrastructure, particularly the Gjøa hub. DNO recently acquired a 5% stake in Gjøa and Gjøa Nord through an asset swap with Vår Energi, strengthening its position around the hub. The company is also progressing several subsea tie-backs, including Ofelia, Cerisa and Gjøa Nord, allowing new discoveries to be connected to existing facilities rather than developed as standalone projects.
The company is also advancing a broader development pipeline that includes Symra, Dvalin North, Bestla, Berling and Kjøttkake, alongside exploration and appraisal activity. In March, DNO acquired a 19% stake in the Atlantis gas-condensate discovery and 10% in Afrodite through a non-cash asset swap with Equinor, giving it additional development opportunities without paying cash for the interests.
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The strategy is intended to create a repeatable growth model: acquire or discover resources, concentrate them around existing hubs, develop them quickly and turn them into production and cash flow. As DNO exits non-core assets and continues investing in the North Sea, the company is positioning the region as the main driver of its push toward 100,000 boepd by the end of the decade.
