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FINANCIAL NEWS
Norway’s DNO Int’l ASA pulls out of oil fields in Oman
27 Aug 2015
(MENAFN) Norwegian oil and gas operator DNO International ASA has confirmed that it has pulled out of two oil and gas blocks in Oman, the company stated in its second-quarter earnings report.
With its departure from the two concessions, DNO has seen its portfolio of Omani hydrocarbon assets shrink to two blocks: Block 8 offshore Oman, and Block 36 onshore Oman.
A key priority for the current year is to align its spending with earnings, DNO said. Accordingly, the 2015 capital expenditure program has been scaled back to USD80 million.
Moreover, reductions in operating costs, including staff levels, have led to annual savings of USD50 million from mid-2015. Furthermore, it is high-grading its overall portfolio by “focusing on core assets.”
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