DNO receives payment on Iraq oil exports

03 December 2012

Norwegian firm paid $160m by Baghdad for its crude oil exports

Norwegian oil and gas firm, DNO International has received a $160m payment from the Kurdistan Regional Government (KRG) for past oil exports from the Tawke field in the north of Iraq.

This is the third payment received by DNO for its oil exports from the Tawke field according to a 2 December statement.

DNO International’s share of the payment is $116m.

The remainder will be transferred Genel Energy, a UK-Turkish joint venture, which is DNO’s partner at the field. DNO International is the operator and holds 55 percent interest of the Tawke licence.

It previously received payments in September 2011 for $60m and in June 2011 for $104m. The total received from Baghdad now amounts to $280m.

The company has exported about 50,000 barrels a day (b/d) from the region since the end of February through the Kirkuk pipeline to the port of Ceyhan on the Turkish coast of the Mediterranean Sea.

However, it halted exports in April, under instruction from the KRG as the federal government in Baghdad had not kept up its payments to contractors working in the semi-autonomous region. Exports resumed in August.

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