Economy

DNO receives over $56 million from Kurdistan for January oil export delivery

Norwegian oil and gas operator DNO announced that it had received over $50 million from the KRG for January’s delivery of oil to export markets.

Sangar Ali 2018/04/18 11:45

kurdistan Kurdistan Iraq Oil DNO Tawke

ERBIL (Kurdistan 24) – Norwegian oil and gas operator DNO announced on Wednesday that it had received over $50 million from the Kurdistan Regional Government (KRG) for January’s delivery of oil to export markets.

The company “reported receipt of USD 56.44 million from the Kurdistan Regional Government as payment for January 2018 crude oil deliveries to the export market from the Tawke license,” the statement read.

The Tawke license, in which the Norwegian company holds a 75 percent interest, contains the Tawke and Peshkhabir fields in the province of Duhok, near the Syrian and Turkish borders.

Funds received will be shared by DNO and partner Genel Energy plc pro-rata to the companies’ interests in the license.

The statement continued, “Separately, a payment of USD 5.24 million from the Kurdistan Regional Government has been received net to DNO, representing three percent of gross Tawke license revenues during January, as provided for under last August's receivables settlement agreement.”

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 barrels of oil per day (bpd) to Ceyhan port in Turkey.

Editing by John J. Catherine