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DNO International Says Iraq Field May Have 'Sea of Oil'

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Reuters

OSLO, Oct 14 (Reuters) – A new well at DNO International's Tawke oil field in Iraq is producing more than any of the other wells that have so far been drilled, the Norwegian company said on Monday.

The horizontal Tawke 23 well produced 32,500 barrels of oil per day, beating the 25,000 barrels recently produced at Tawke 20.

"The exceptional results from Tawke-20 and Tawke-23 have fundamentally changed our approach to developing this field and also our expectations for its performance," DNO's Executive Chairman Bijan Mossavar-Rahmani said in a statement.

"By any measure, these are prolific wells tapping into what increasingly feels like a sea of oil," he added.

Situated in Iraq's Kurdish region, the Tawke field is operated by DNO, which has a 55 percent stake, while Genel Energy holds 25 percent and the Kurdistan Regional Government the remaining 20 percent interest.

Copyright 2014 Thomson Reuters. Click for Restrictions.

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