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Norway's DNO says closer to exporting Iraqi
Kurdistan oil
14.3.2008
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March 14, 2008
OSLO, -- Norwegian oil company DNO has signed
revised agreements with the Kurdistan regional
government in north Iraq, amending the production
sharing contract for the Duhok and Erbil licence
areas, DNO said on Friday.
The revised deal divides the Duhok area into two
licence areas, one for the Tawke field and one for
the remaining Duhok area, and it is meant to bring
the contract into line with the oil and gas law of
the Kurdistan region of Iraq, DNO said.
After the revision, DNO holds three production
sharing contracts in the Kurdistan region of north
Iraq,www.ekurd.net
the Tawke PSC with a
working interest of 55 percent, Duhok PSC with an
interest of 40 percent and the Erbil PSC with an
interest of 40 percent, the company said.
Managing director Helge Eide said the new terms of
the agreements are in line with the
recently-announced Iraqi oil law, and that DNO is
'pleased with the overall terms of the contracts'. |
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Although DNO has been
ready to export oil from Iraq for a number of
months, it has been unable to do so because of
confusion over the law, forcing it to sell into the
local market at reduced prices.
"It is the opinion of DNO that the terms of the PSC
contracts provide a solid basis for creating
substantial values to our shareholders, the region
and all of Iraq," DNO said in a statement.
Separately, DNO announced successful results from
the Hawler 1 well, which is also in northern Iraq
and which the company hopes 'will form the basis for
our second field development within the region'.
Duhok, Erbil are located in semi-autonomous
Kurdistan region in 'northern Iraq'
Information for this report was provided by Reuters
| Thomson Financial
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