ERBIL (Kurdistan 24) – Norwegian oil and gas operator DNO on Thursday announced its earnings from oil fields in the Kurdistan Region had beat forecasts, bringing USD 7 million more than expected.
The third-quarter earnings report was released a few weeks after the region’s largest international oil producer revealed output at the Peshkabir field in the Kurdistan Region of Iraq has ramped up to 50,000 barrels of oil per day (bpd), meeting the end-2018 target ahead of schedule and below budget.
Its operating profit came in at USD 71 million, above the earmarked USD 64 million. In July, DNO also surpassed its previously published targets, and in August, confirmed an over 80 percent increase in this year's profit from oil fields it operates in the Kurdistan Region.
“Kurdistan is back, and so is DNO,” the statement read at the time.
Drilling for the Peshkabir-8 well, spud in late August, should soon be completed, allowing the rig to move to spud Peshkabir-9 this month.
Four other wells at Peshkabir now produce at a combined rate of close to 40,000 barrels per day (bpd), following a workover at Peshkabir-3 which boosted production from that well to 11,000 bpd from 8,000 bpd.
At the company’s flagship Tawke field, production currently stands at just over 80,000 bpd.
DNO said it expected to end 2018 with operated production of at least 130,000 bpd, representing about one-third of all oil exports from Iraqi Kurdistan, up from 117,600 in the third quarter, Reuters reported.