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
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