Norwegian DNO records over $160m in free cash flow from Kurdistan Region’s Tawke

ERBIL (Kurdistan 24) – The Norwegian oil and gas giant DNO announced that it had pocketed over $160 million in free cash flow from the Kurdistan Region’s Tawke field in the second quarter of 2022.

The European company cited “strong second quarter operational and financial results” in the press release published on Thursday.

The quarterly revenue of the company for April, May, and June stood at $361 million, according to the release.

High oil and gas prices, as well as production increases due to new wells drilling and development, have fueled the rise, according to the company.

The total production at the field, consisting of Tawke and Pishkabir, recorded over 106,000 barrels of oil per day (bopd), a statement from Genel Energy, a partner of DNO, reported.

The daily production at Tawke field has surpassed 44,000 barrels per day.  

“DNO is committed to put its capital to work in its core competency and capture new opportunities created as peers and even some of the largest European companies scale back spending and focus instead on harvesting,” the head of DNO, Bijan Mossavar-Rahmani, said in a stament.

The Kurdistan Regional Government (KRG) has reassured the international energy companies on numerous occasions that it would respect its commitments to the corporations working in the region despite the challenges.

The United Arab Emirates (UAE) Dana Gas, operating in the Region’s Khor Mor gas plant, reported that it had pocketed $11 million in net profit in the first half of 2022.