DNO partly resumes oil production in Iraq (updated)

Genel Energy

17/08/2023 06:46

(Adds quotes, production, dividend, details)
       OSLO, Aug 17 (Reuters) - Norwegian oil company DNO
 DNO.OL  said on Thursday it had last month partly resumed
production at its Tawke field in the Iraqi Kurdistan region,
delivering oil to the local market at a discount as a key export
pipeline remained shut.
    DNO swung to an operating loss of $15 million for the second
quarter from a year-ago profit of $81 million, as its overall
net production dropped to the lowest level in 13 years.
        DNO had halted its production in Iraq's semi-autonomous
region of Kurdistan when Turkey in March shut down an export
pipeline following Baghdad's 
    win in an arbitration case at the Paris-based International
Chamber of Commerce (ICC).
        DNO on Thursday said its flagship Tawke field was now
producing at a rate of 40,000 barrels of oil per day (bpd),
while the nearby Peshkabir field remained shut.
  
        "While there is no light at the end of the export
pipeline, we are seeing the headlights of more and more incoming
tanker trucks loading up our Tawke cargoes on a cash-and-carry
basis," DNO Executive Chairman Bijan Mossavar-Rahmani said.
  

 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
 ((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters
Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))