DNO Confirms Payment from Kurdistan for Oil Exports

Norwegian oil and gas firm DNO is the latest firm operating in the Kurdistan region of Iraq to confirm that it has received payment from the Kurdistan Regional Government for oil exports.

In a statement Wednesday, DNO said that the KRG has made a first payment of $30 million for oil exported from the Tawke field during 2014. The payment will be shared by DNO ($20.6 million) and partner Genel Energy ($9.4 million), reflecting the two companies' participation in the Tawke license operated by DNO.

DNO Executive Chairman Bijan Mossavar-Rahmani commented in a company statement:

"This payment and the payments to follow until producers receive full contractual entitlements for exports propel us towards regularization and internationalization of the oil industry in Kurdistan. We are committed to Kurdistan and will do more with more."

Tuesday this week saw the Iraqi government reach a temporary agreement with the KRG to end a dispute over oil exports and budget payments to the semi-autonomous Kurdistan region, while independent oil producers Genel Energy and Gulf Keystone Petroleum confirmed on Tuesday and Monday respectively that they had received initial payments for exports from the KRG.

 



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