DNO to make $300m Gulf Keystone Petroleum bid

DNO receives more payments for oil exports

Apr 13, 2021
2 min read
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Norway’s DNO has reported more payment receipts from the Kurdistan Regional Government (KRG) for oil deliveries to the export market from the Tawke license in Kurdistan region of Iraq.

DNO said that it has received US$ 54 million from the Kurdistan Regional Government (KRG), of which US$ 35.2 million represents DNO’s entitlement share of February 2021 crude oil deliveries from the Tawke license in Kurdistan.

Of the balance, US$ 4.6 million is an override payment equivalent to three percent of gross February 2021 Tawke license revenues under the August 2017 receivables settlement agreement and US$ 14.2 million is a payment towards the Company’s arrears relating to withheld payment of Tawke license 2019 and 2020 entitlement and override invoices.

DNO operates and has a 75 percent stake in the Tawke license, which contains the Tawke and Peshkabir fields, with partner Genel Energy plc holding the balance. 

With resumption of payments, the partners have stepped up drilling of new wells at Peshkabir and workovers of existing wells at Tawke in 2021, raising gross operated license production from an average of 110,300 barrels of oil per day (bopd) in 2020 to 110,900 bopd in January, 112,000 bopd in February, 113,100 bopd in March and 115,500 bopd month-to-date in April.