DNO ASA, the Norwegian oil and gasoline operator, today pronounced 2024 sales of USD 667 million on the again of what it described as “stellar manufacturing” in the Kurdistan vicinity of Iraq.
in keeping with a company declaration this morning:
“net production climbed 50 percentage year-on-yr to seventy seven,three hundred barrels of oil equivalent in line with day (boepd), to which Kurdistan contributed 59,000 boepd, North Sea 15,2 hundred boepd and West Africa three,a hundred boepd.
“At Kurdistan’s Tawke license (75 percent and operator), DNO multiplied gross production from the Tawke and Peshkabir fields by using 70 percent yr-on-yr to 78,six hundred boepd in 2024, with oil bought at its Fish Khabur terminal because the Iraq-Türkiye export pipeline remained close in. income charges averaged USD 35 according to barrel with payments deposited into DNO’s international bank accounts beforehand of deliveries. At these costs, Tawke license sales generate around USD 10 million in line with month of unfastened cash go with the flow to DNO.
“keeping strict capital spending field, DNO drilled no new wells at the Tawke license in 2024. notwithstanding, output became extended through bringing 3 formerly drilled wells onstream and by means of workovers and interventions on extra than 20 different wells across the license.”
DNO’s executive Chairman Bijan Mossavar-Rahmani, said:
“Our Kurdistan group is doing a extremely good activity. keeping, in no way mind growing, manufacturing from mature carbonate reservoirs without new drilling is rare, even incredible.”
Tawke License
Key Highlights
Tawke license output: seventy four,143 bopd in this autumn 2024 (-12% from Q3).
Tawke discipline: 27,864 bopd (-6% from Q3).
Peshkabir field: forty six,279 bopd (-15% from Q3).
Annual manufacturing up 70%, no matter no new wells drilled.
sales preserve thru Fish Khabur amid ongoing Iraq-Türkiye pipeline closure.
Operational evaluate
manufacturing decline in this fall attributed to truck delivery disruptions in October.
No new wells drilled in 2024, however output maintained thru:
Bringing three current wells on-line.
20+ well workovers and interventions.
Oil income thru Fish Khabur, with pay as you go worldwide financial institution transfers from shoppers.
possession & method
DNO: 75% operator interest.
Genel power worldwide: 25% hobby.
attention on capital field, optimizing current property instead of increasing drilling.
Baeshiqa License
Key Highlights
Baeshiqa license production: 20 bopd in this autumn 2024.
License were inactive given that mid-2023 earlier than trying out.
DNO reviewing options even as minimizing prices.
Operational review
nicely trying out application completed in this fall.
production remains minimal, indicating ability challenges in commercial viability.
fee-slicing measures in place as future development is classified.
ownership structure
DNO: sixty four% operated hobby (eighty% paying hobby).
Turkish power enterprise (TEC): 16% hobby (20% paying hobby).
KRG: 20% carried interest.
