DNO ups Kurdistan spending by 50%
OSLO, February 9, 2018 – DNO will ramp up spending in the Kurdistan Region of Iraq by 50% in 2018, the Norwegian upstream company announced on Thursday.
The announcement came following more than half a year of steady crude-sales payments from the KRG despite political turmoil in the region. The company’s revenues for the year were USD 347 million, a 72% increase over 2016.
DNO said it would spend USD 250 million in the region in 2018, targeting the fast-track development of the Peshkabir field and the drilling of four new wells in the Tawke field.
In August 2017, DNO announced its outstanding receivables for the Tawke licence had been settled by the KRG. The company also agreed to acquire the KRG’s 20% stake in the licence, increasing its interest to 75%.