![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Washington (UPI) Mar 16, 2017
With a strong focus on the Kurdish north of Iraq, Norwegian oil company DNO said it posted a $6 million profit last year on lower costs and better payments. DNO said its production for last year was driven in large part by operations at its flagship Tawke asset in the northern Kurdish region of Iraq. Last year, production averaged 107,300 barrels of oil per day, of which 98 percent was sent for exports through Turkey. The company started the year by saying steady payments from the Kurdish government for exports and improved market conditions that followed gains in crude oil prices from last year's lows meant more drilling opportunities in the region. Export payments were creating momentum for 2017, DNO Executive Chairman Bijan Mossavar-Rahmani said at the time. "DNO recorded an operating profit of $6 million in 2016 on the back of lower costs and higher paid revenues in the Kurdistan region of Iraq, following an operating loss of $174 million a year earlier," the company's annual report stated. "Annual revenues stood at $202 million, up from $187 million during 2015." The company attributed an improved payment arrangement with the Kurdish government established in early 2016 for setting a better foundation beneath its regional operations. DNO last year said it needed a "firm plain of repayment" of $1 million in arrears from the Kurdish government in order to proceed with new investments at its flagship asset. DNO held out a new discovery with the Tawke license area as a major achievement last year, adding 47.9 million barrels of oil equivalent of gross contingent resources to its portfolio. Looking ahead, the company said it plans to spend $100 million on operations that include four new production wells at Tawke. Iraq agreed to cut about 210,000 bpd from its production under the terms of a managed decline agreement coordinated by the Organization of Petroleum Exporting Countries. The central government in Baghdad said in the past the semiautonomous Kurdish government wasn't contributing to the arrangement.
![]() Detroit MI (UPI) Mar 15, 2017 As President Trump heads to Michigan on Wednesday to roll out relaxed vehicle emissions and fuel standards, debates began early over the potential results. The president scheduled a trip to Michigan to meet with auto executives to discuss what White House spokesman Sean Spicer said would be a roll back of regulations that would "lead to more American jobs and higher wages, specifically ... read more Related Links All About Oil and Gas News at OilGasDaily.com ![]()
![]() |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |