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Norway's DNO says to finally be paid for Kurdistan oil exports
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Norway's DNO says to finally be paid for
Kurdistan oil exports
Norway, — Norwegian oil firm DNO, among the first to
operate in Iraq after the fall of Saddam Hussein,
said Wednesday it would finally receive payment for
crude oil exports from the Kurdistan region of Iraq.
The overdue payment is made possible by a recent
agreement between Baghdad and Kurdish authorities.
"A first cash advance to DNO of 110 million dollars
has now been confirmed by the Kurdistan Regional
Government and forms a basis for increased
activities by DNO in Kurdistan going forward," DNO
managing director Helge Eide said when presenting
the group's quarterly earnings.
DNO has been present in Iraqi Kurdistan since 2004.
DNO managing director Helge Eide
Its activities in the
autonomous province had been troubled by a long
dispute Baghdad and authorities in Kurdistan, which
have argued over payments, revenue sharing and the
central government's refusal to recognise Kurdish
The company started exporting crude oil from the
Tawke field in 2009 but suspended exports shortly
afterwards because it had not been paid.
Exports restarted in February this year following an
agreement between the two sides whereby Baghdad
agreed to pay for the expenses of oil companies
working in the region.
Last week, Baghdad finally transferred 243 million
dollars destined to payment for oil companies
operating out of Kurdistan.
This "amounts to around 50 percent of net revenues
derived from the export of over five million barrels
of oil from the Kurdistan Region between the start
of February 2011 and March 27," Kurdish Prime
Minister Barham Salih said in a statement.
The Tawke field currently produces some 65,000
barrels a day, DNO said Wednesday.
The deal between Baghdad and the KRG came too late
for DNO to include the Tawke field revenue in its
first quarter earnings, it said.
The company lost 65.4 million kroner (8.3 million
euros, $12.0 million) in the first quarter,www.ekurd.netdown
from a 14.8 million kroner net profit for the same
period last year.
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