Norwegian oil and gas operator DNO ASA has accelerated drilling in the Kurdistan region of Iraq and Oman, citing 2016 operating profits and improved payments for exports from Tawke field in Kurdistan as the reason for stepping up investments.
Interim 2016 operating profits were $6 million, DNO said, noting that reversed an operating loss of $174 million in 2015. Following 2 years of cost cutting and asset rationalization, DNO has restarted investments to replenish its reserves and restore production.
Planned 2017 capital investments are estimated at $100 million, including four new production wells at Tawke (OGJ Online, Oct. 12, 2016). Other Kurdistan plans call for DNO to drill a third well at Peshkabir and an appraisal-production well at Benenan field on the Erbil license.
DNO said it will bring two wells back on stream in Oman on offshore Block 8 with plans to nearly double output at West Bukha and Bukha fields.
In addition, DNO is considering three additional wells at Tawke to raise production above current levels of 115,000 b/d contingent on regular and predictable export payments from the Kurdistan regional government.
DNO is controlled by RAK Petroleum PLC.
