Norwegian oil hunter dives deeper into red

Oil company DNO, which focused on the North Sea and the Middle East, books big impairments on oil fields and drills itself deeper into deficit in the third quarter.

Photo: Atef Hassan/Reuters/Ritzau Scanpix

Looking at DNO's third quarter interim report and making a year-over-year comparison with Q3 of 2019, it quickly becomes clear that, based on presented parameters, things are not going well for the business.

Sales fell from USD 227 million to USD 163 million, which is not quite proportional to production development, even though DNO has gone from extracting 122,754 barrels of oil equivalent per day on average in last year's third quarter to 113,742 this time around.

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