
DNO reports "Stellar Production" in Iraqi Kurdistan
By John Lee.
DNO ASA, the Norwegian oil and gas operator, today reported 2024 revenues of USD 667 million on the back of what it described as " stellar production " in the Kurdistan region of Iraq.
According to a company statement this morning:
" Net production climbed 50 percent year-on-year to 77,300 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 59,000 boepd, North Sea 15,200 boepd and West Africa 3,100 boepd.
"At Kurdistan's Tawke license (75 percent and operator), DNO increased gross production from the Tawke and Peshkabir fields by 70 percent year-on-year to 78,600 boepd in 2024, with oil sold at its Fish Khabur terminal as the Iraq-Türkiye export pipeline remained shut in. Sales prices averaged USD 35 per barrel with payments deposited into DNO's international bank accounts ahead of deliveries. At these prices, Tawke license sales generate around USD 10 million per month of free cash flow to DNO.
"Maintaining strict capital spending discipline, DNO drilled no new wells on the Tawke license in 2024. Notwithstanding, output was increased by bringing three previously drilled wells onstream and by workovers and interventions on more than 20 other wells across the license. "
DNO's Executive Chairman Bijan Mossavar-Rahmani, said:
"Our Kurdistan team is doing a terrific job. Maintaining, never mind increasing, production from mature carbonate reservoirs without new drilling is rare, even exceptional."
Tawke License
Key Highlights Tawke license output: 74,143 bopd in Q4 2024 (-12% from Q3).
Tawke field: 27,864 bopd (-6% from Q3).
Peshkabir field: 46,279 bopd (-15% from Q3).
Annual production up 70%, despite no new wells drilled.
Sales continue via Fish Khabur amid ongoing Iraq-Türkiye pipeline closure.
Operational Overview Production decline in Q4 attributed to truck transport disruptions in October.
No new wells drilled in 2024, but output maintained through: Bringing three existing wells online. 20+ well workovers and interventions.
Oil sales via Fish Khabur, with prepaid international bank transfers from buyers.
Ownership & Strategy DNO: 75% operator interest.
Genel Energy International: 25% interest.
Focus on capital discipline, optimizing existing assets rather than expanding drilling.
Baeshiqa License
Key Highlights Baeshiqa license production: 20 bopd in Q4 2024.
License had been inactive since mid-2023 before testing.
DNO reviewing options while minimizing costs.
Operational Overview Well testing program completed in Q4.
Production remains minimal, indicating potential challenges in commercial viability.
Cost-cutting measures in place as future development is assessed.
Ownership Structure DNO: 64% operated interest (80% paying interest).
Turkish Energy Company (TEC): 16% interest (20% paying interest).
KRG: 20% carried interest.
Click here to see the full 2024 Interim Results Presentation
Click here to see the full 2024 Interim Results Report
(Source: DNO) Tags: Baeshiqa, Bashiqa, cg, DNO, featured, Fish Khabur, Iraq Oil Production News, Iraq-Turkey Pipeline (ITP), Kurdistan News, Peshkabir, Tawke
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Iraq Business
a day ago
- Iraq Business
'Visit Kurdistan' Platform is launched; 20m Tourists by 2035
By John Lee. Iraqi Kurdistan's 'Visit Kurdistan' platform was formally launched on Tuesday. The private-sector-led initiative is focused on advancing the Kurdistan Region's tourism sector and attracting international visitors. During the event, KRG Prime Minister Masrour Barzani delivered a speech in which he emphasized that the KRG, as part of its development agenda across all sectors, places particular importance on tourism. He noted that attracting foreign tourists to the Kurdistan Region provides an opportunity for cultural exchange and greater international visibility. The KRG aims to attract 20 million international tourists by 2035. Click here to visit the Visit Kurdistan platform. The following is the full text of PM Barzani's speech: Distinguished guests, Good evening. I am pleased to be with you today at this event marking the launch of the Visit Kurdistan platform. I congratulate the organizers and all involved in this effort and wish them continued success. This initiative is another step toward increasing the visibility of Kurdistan abroad and attracting more international tourists to our region. Within the KRG's broader vision to support all sectors, we place great importance on the tourism sector. Kurdistan has the foundations to become a leading tourism destination and an important source of revenue and employment for our youth. With its stunning natural landscapes, Kurdistan offers something for every season. Historically, our region is home to more than ten significant sites and landmarks - religious, cultural, and historical - that are of great interest to both domestic and international tourists. From ancient mosques and churches to sacred sites and monasteries, Kurdistan represents a rich mosaic of religious coexistence and cultural diversity. Sites like Shanidar Cave and the Erbil Citadel are internationally renowned. As the cradle of Mesopotamia, our land holds stories from the epic of Gilgamesh to the battle of Gaugamela and the visit of Alexander the Great. Welcoming international visitors to Kurdistan offers a unique opportunity for cultural exchange and elevates our region's global profile. In today's digital age, media and social platforms play a powerful role in helping the world discover Kurdistan. The KRG's goal is to attract 20 million international tourists by 2035 through strategic public-private cooperation. Visit Kurdistan stands as an example of how both sectors can work together to strengthen our economy through tourism. Dear guests, As you know, we are holding this event at a time when the federal government has unjustly and unlawfully suspended the salaries of the people of Kurdistan. This is part of a broader political pressure campaign to hold our region back from progress and prosperity. Let me be clear: these efforts will not succeed. The people of Kurdistan have endured far worse and have never surrendered their constitutional rights - and they will not now. We have faithfully upheld our constitutional obligations - now we expect Baghdad to do the same. Unfortunately, they not only disregard the constitutional rights of the people of Kurdistan Region, but also the very agreements they themselves signed. Baghdad must recognize that Iraq is a federal country, and the Kurdistan Region is a constitutional entity. The federal government must deal with the Kurdistan Region within this framework - not through centralization and collective punishment, which history has shown only leads to destruction and division. We hope Baghdad reconsiders its policies and stops undermining the legal and rightful entitlements of the people of Kurdistan Region. These policies serve no one's interests. We remain committed to resolving this crisis. We hope to reach a fair and sustainable outcome that benefits all. Once again, I congratulate you all on this important platform, and I thank everyone involved. May our country continue to prosper. (Source: KRG)


Iraq Business
a day ago
- Iraq Business
Video: IBBC Tech Forum on AI
By John Lee. The Iraq Britain Business Council (IBBC) hosted a very informative Tech Forum on the topic of "How Tech and AI can benefit services and entrepreneurs in Iraq and internationally'", as part of its Spring Conference in London last week. The session was chaired by Ashley Goodall, and speakers included: William Page, Daniel Sawko, ShipShape Raman Salihi, SoftCell Professor Frank Gunter, Lehigh University James Wallman, World Experience Organisation Please click below to view the full webinar: (Source: IBBC)


Shafaq News
a day ago
- Shafaq News
Dollar edged higher in Erbil
Shafaq News/ On Tuesday, the exchange rates оf the US Dollar against the Iraqi dinar edged slightly higher in Erbil markets at the closure. According to a survey by Shafaq News Agency, the selling and buying rates at currency exchange stores in Erbil were set at 141,300 IQD and 141,100 IQD per 100 USD, respectively. Meanwhile, in the capital, Baghdad's stock exchanges and markets remain closed for the fourth consecutive day due to the Eid al-Adha holiday.