DNO to up Kurdistan investments

Kurdistan Region of Iraq

OSLO, November 9, 2017 – DNO plans to step up investments in the Kurdistan Region of Iraq despite recent violence that has decimated the region’s energy production, the Norwegian company announced on Thursday.


The news came as Reuters reported that the Kurdistan Regional Government “made a full monthly payment of around USD 100 million” to IOCs including DNO, Genel, Gazprom, Taqa and Gulf Keystone.

“The company has received year-to-date export payments totaling USD 297 million net to DNO, up from USD 210 million during the full-year 2016,” DNO said in a press statement. “With continuing export payments, DNO will step up investments in Kurdistan in 2018.”


DNO also announced Q3 revenue of USD 73 million, up 48% year-on-year, and said the recently drilled Peshkabir-3 well had tested about 3,000 bopd.


“The company has fast tracked the development of the [Peshkabir] field and an early production facility will be commissioned by year-end,” the statement added.

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