DNO receives $47.23M from Kurdistan for February oil export delivery

ERBIL (Kurdistan 24) – Norwegian oil and gas operator DNO on Thursday announced it had received USD 47.23 million from the Kurdistan Regional Government (KRG) as payment for crude oil deliveries to the export market in February.

According to a statement on its website, DNO reported that the payment was related to its Tawke license.

It added that the funds would be shared by its partner Genel Energy plc pro-rata “to the companies’ interests in the license.”

“Separately, a payment of USD 4.51 million from the [KRG] has been received net to DNO, representing three percent of gross Tawke license revenues during February,” the statement said, noting it was provided for under a receivables settlement agreement last August.

The Norwegian oil and gas firm operates at the Tawke and Peshkabir fields in Kurdistan’s Duhok Province, holding a 75 percent interest under the Tawke license.

DNO holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in Kurdistan, other parts of the Middle East, North Africa, and the United Kingdom.

The company also posted production results for February 2018, stating gross production from the Tawke license stood at 111,618 barrels of oil per day (bpd).

“Only 102,999 bpd was exported due to a planned pipeline outage; the balance was placed into interim storage at Fish Khabur and [will be exported] the following month,” it stated.

The Kurdistan Region is rich in natural resources, primary among them oil and gas. Currently, the government of the semi-autonomous region exports over 300,000 bpd to the Ceyhan port in Turkey.