DNO Inks Exploration Deal in Kurdistan
Rigzone Looks Back: The decision by the U.S. and the UK to launch an invasion of Iraq in 2003 was a strategic move that was highly controversial at the time, and one that is still seeing severe repercussions today. One major benefit of that decision, however, was that it allowed the Iraqi region of Kurdistan to strengthen its autonomy and quickly grow an economy by developing oil reserves on its territory. Kurdistan's new-found prosperity began when it started inviting companies such as Norway's DNO to explore for oil in the region.
DNO has entered into an agreement with Kurdistan Regional Government to explore for and develop oil and gas in Northern Iraq. DNO will be the Operator and sole contractor for the area covered by the agreement.
The Middle-East region is one of DNO's current main focus areas. Since 1998 the company has been operating in The Republic of Yemen and is currently the Operator for two licenses - of which one producing field (Tasour) and a recent oil discovery (Nabrajah). In addition DNO is participating as a co-venturer in another producing field (Sharyoof), and was recently awarded its 4th concession as Operator in Block 72.
DNO's extensive experience and successful track record from Yemen makes the company well positioned to expand its operations in the Middle East, and the company is therefore pursuing new opportunities in the region.
The agreement with the Kurdistan Regional Government represents the first successful step in this process, and will strengthen the company's position in the Middle-East region.
DNO is very pleased with this new and encouraging opportunity and is looking forward to develop a long-term cooperation with Kurdistan Regional Government to exploit hydrocarbon resources in Northern Iraq.
Kurdistan Regional Government has controlled its natural resources since 1991. Future legal and constitutional developments in Iraq could, however affect operations under this agreement.
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