DNO Updates Operations
(Thomson Reuters ONE) -
Oslo, 30 July 2015 - DNO ASA, the Norwegian oil and gas operator, announced that
production from its flagship Tawke field in the Kurdistan region of Iraq
continued uninterrupted during this week's shut down of the Kirkuk-Ceyhan
pipeline in Turkey, given the flexibility to redirect volumes from exports to
local sales.
Prior to the pipeline disruption, Tawke production in the third quarter to date
averaged 157,000 barrels of oil per day (bopd), of which 134,000 bopd was
transferred to the Kurdistan Regional Government for export at the latter's
instruction and 20,000 bopd was sold into the local market by DNO. Another
3,500 bopd continues to be processed at the company's Tawke refinery.
In the second quarter of 2015, 118,000 bopd of Tawke production was transferred
to the Kurdistan Regional Government at Fish Khabur for export, 31,000 bopd sold
by DNO into the local market and 3,500 bopd processed at the Tawke refinery.
Overall second quarter field output was up nearly 50 percent from the first
quarter.
The company indicated that it is closely tracking regional security developments
and will take measures to secure personnel and facilities as necessary.
Discussions are ongoing with Kurdistan's Ministry of Natural Resources regarding
the split between export deliveries and local sales, payments for prior and
ongoing exports and revenue allocation covering local sales which are paid for
directly by the buyers. In the interim, in line with other operators, DNO has
curtailed new capital investments and is considering further cutbacks in
operating costs.
In Oman, second quarter production averaged 9,000 barrels of oil equivalent
(boepd) at the offshore Block 8, down from over 11,000 boepd in the first
quarter due to the shutting in of the West Bukha-5 well. Drilling of an
additional well is under planning to boost West Bukha oil and gas output.
In Yemen, production from Block 32 and Block 43 remains suspended following
declaration of force majeure and evacuation of expatriate staff in the wake of
escalating hostilities.
--
For further information, please contact:
Media: media(at)dno.no
Investors: investor.relations(at)dno.no
Tel: +47 911 57 197
--
DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North
Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds
stakes in onshore and offshore licenses at various stages of exploration,
development and production in the Kurdistan region of Iraq, Yemen, Oman, the
United Arab Emirates, Tunisia and Somaliland.
--
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO ASA via GlobeNewswire
[HUG#1942315]
Unternehmensinformation / Kurzprofil:
Datum: 30.07.2015 - 08:02 Uhr
Sprache: Deutsch
News-ID 410280
Anzahl Zeichen: 3543
contact information:
Town:
Oslo
Kategorie:
Business News
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