Norway's DNO International announced Tuesday that it made a record net profit in 2012 of $180 million (NOK 1.04 billion) after its fourth quarter production increased to 46,398 barrels of oil equivalent per day (compared to an average of 38,354 for the year as a whole).
The company spent $220 million on exploration and development in 2012.
"We are thrilled to have surpassed the billion NOK mark in net profits," DNO Executive Chairman Bijan Mossavar-Rahmani said in a company statement.
"DNO doubled exploration and development spending in 2012 and funded the program from operating cash flow. Based on current plans, we expect to boost spending another 50 percent to NOK 1.75 billion [$315 million] in 2013."
Based in Norway, DNO is focused on the Middle East and North Africa and holds stakes in 17 licenses that are at various stages of exploration, development and production in the Kurdistan region of Iraq, the Republic of Yemen, the Sultanate of Oman, the UAE and the Tunisian Repulic.
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