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FINANCIAL NEWS
DNO to increase crude output in Iraq
05 Jul 2012
(MENAFN) DNO International confirmed an oil discovery at Tawke oilfield north of Iraq, which will boost its overall crude output, adding that it has resumed drilling operations in Yemen, Reuters reported.
DNO had a gross production of 50,948 barrels of oil equivalent per day in the first quarter in Iraq’s Kurdistan region.
The Norwegian oil firm also confirmed oil in its Peshkabir-1 well, in an area west of Tawke field in the Kurdistan region, which is currently producing oil.
DNO is halfway to its planned 3,085-metre depth in its Tawke-18 well, as it targets to reach 100,000 bpd output of crude oil from the field before the end of this year.
The company restarted its drilling operation at Tsour-27 well in Yemen, and expects to produce its first oil in Yaalen at the end of 2013.
Early production capabilities in this well could deliver 5,000 barrels of oil per day and output could double at a later stage, the firm said.
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