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DNO rejects 700 mln US$ bid for Iraqi Kurdistan oil
licenses from unnamed oil firm
22.8.2007
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August 22, 2007
OSLO, Norway, -- DNO ASA said it has rejected
an unsolicited 700 mln US$ bid by 'a large
international oil company' for its licenses in
Kurdistan region (northern Iraq).
The Norwegian oil minnow said it has 'reviewed the
interest and decided not to pursue the matter
further'.
The suggested price, it said, was based on
information available in the market as of early July
2007.
'No further comments can be given due to
confidentiality requirements,' DNO added.
Dno Asa DNO expecting first export of oil from
Iraqi Kurdistan in November
DNO ASA said it is expecting the first export of oil
from its Tawke field in Kurdistan region (northern
Iraq) in November this year, assuming it secures the
relevant permission from authorities in the region.
Speaking after the release of its second quarter
results, DNO said it is aiming to begin the export
of oil into Turkey via pipeline from November. |
Oil fields in Kurdistan region |
The Kurdistan Petroleum Law was ratified by the
region's parliament in August, and DNO said it
expects the federal law to be approved in September.
According to this schedule, he said, exports could
begin the following month.
Due to the political situation in Iraq, DNO is
currently being forced to sell its oil in the local
market.
AFX | forbes
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