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DNO gets $69m payment for Kurdish May deliveries

BAGHDAD, August 21, 2018

DNO, the Norwegian oil and gas operator, today reported receipt of $69.03 million as payment for May 2018 crude oil deliveries to the export market from the Tawke licence in the Kurdistan region of Iraq.

The funds will be shared by DNO and its partner Genel Energy pro-rata to the companies' interests in the licence, said a statement from the Norwegian energy giant.

Separately, a payment of $5.99 million has been received net to DNO, representing three per cent of gross Tawke licence revenues during May, as provided for under the August 2017 receivables settlement agreement with the Kurdistan Regional Government.

DNO, whose largest shareholder is RAK Petroleum, also listed on the Oslo Stock Exchange, operates and has a 75 per cent interest in the Tawke licence, which contains the Tawke and Peshkabir fields.

Following the regularisation of export payments by the Kurdistan Regional Government, KRG, for Tawke licence production since February 2016, the company will no longer make announcement of monthly receipts and will instead issue quarterly updates on export volumes and values, said the statement.

The company holds stakes in onshore and offshore licences at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the UAE, Tunisia and Somaliland.-TradeArabia News Service

Tags: DNO | Oil Exports | payment | Kurdistan |

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