The Norwegian business DNO said on Thursday that, following the effects of the major export pipeline’s suspension almost a year ago, its oil production in Iraqi Kurdistan had mostly resumed.
The corporation clarified that a reduced pricing is now offered for its manufacture locally.
About 450,000 barrels of crude oil per day were flowing from northern Iraq to Turkey, but that ceased in March of last year due to an arbitration case judgment by the International Chamber of Commerce (ICC).
When exports may resume is still uncertain.
The Norwegian business released a statement stating that, following the closure of the export pipeline in March 2023, the Tawke oil field, which is controlled by DNO, has mostly restarted production, reaching 80,000 barrels of oil equivalent (BOE).
Approximately 35,000 barrels were produced by DNO during the third quarter of 2023.
Selling additional oil to the regional market allowed the firm to raise output.
DNO claims to be selling oil for $30 to $35 per barrel, but because drilling has ceased, operating expenses have also dropped, bringing in around $10 million a month.
In the Tawke field, DNO holds a 75% ownership share, with Genel Energy, its partner, owning a 25% share.
