ERBIL, Kurdistan Region – Norwegian oil and gas operator DNO announced a boost in its investments in the Kurdistan Region for 2018 after reporting high revenues in late 2017 and having resolved its payment dispute with the KRG.
DNO tripled its output at the Peshkhabir oil field by the end of 2017 and has exported $100 million worth of oil “more than twice the investment to date,” DNO’s Executive Chairman Bijan Mossavar-Rahmani said on Thursday.
“And we have only started to appraise and develop this field which continues to surprise to the upside,” he added.
DNO plans to drill another six wells in Peshkhabir this year and is finalizing plans to drill four additional wells at Tawke field with its partner Genel Energy.
The company will also begin testing at its Hawler-1 oil well at Benenan field.
DNO reported $347 million revenues in 2017, up 72 percent from the year before, largely on the back of $116 million made in the fourth quarter, “the highest quarterly level in more than three years,” the company stated.
It also received monthly payments from the KRG totaling $380 million net in 2017, leaving the company closing out the year with $30 million net cash compared to a $139 million debt at the end of 2016.
Based on the strong 2017 results, DNO plans to hike its spending in the Kurdistan Region by 50 percent in 2018 to $250 million net.
DNO tripled its output at the Peshkhabir oil field by the end of 2017 and has exported $100 million worth of oil “more than twice the investment to date,” DNO’s Executive Chairman Bijan Mossavar-Rahmani said on Thursday.
“And we have only started to appraise and develop this field which continues to surprise to the upside,” he added.
DNO plans to drill another six wells in Peshkhabir this year and is finalizing plans to drill four additional wells at Tawke field with its partner Genel Energy.
The company will also begin testing at its Hawler-1 oil well at Benenan field.
DNO reported $347 million revenues in 2017, up 72 percent from the year before, largely on the back of $116 million made in the fourth quarter, “the highest quarterly level in more than three years,” the company stated.
It also received monthly payments from the KRG totaling $380 million net in 2017, leaving the company closing out the year with $30 million net cash compared to a $139 million debt at the end of 2016.
Based on the strong 2017 results, DNO plans to hike its spending in the Kurdistan Region by 50 percent in 2018 to $250 million net.
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