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FINANCIAL NEWS
Norway’s DNO announces new oil find in northern Iraq
21 Mar 2012
(MENAFN) Norway’s DNO International announced its latest crude oil discovery in Tawke oilfield in northern Iraq, Reuters reported.
The company said the well flowed at a cumulative rate in excess of 25,000 barrels per day and encountered over 350 metres of gross continuous oil column.
The Tawke-16 well originally an exploration well to probe the unexplored northern flank of the field. DNO aims to produce 100,000 barrels per day from the field by year-end.
DNO owns 55 percent stake in the concession. Its partners are Genel with 25 percent stake and the Kurdistan Regional Government with 20 percent.
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