DNO gets £48m payment for Tawke oil deliveries

DNO has been successful in gaining control of Faroe Petroleum
DNO has been successful in gaining control of Faroe Petroleum

Norwegian oil firm DNO has been paid £47.8million from the Kurdistan Government for crude oil deliveries from the Tawke license.

The funds are being shared with partner Genel Energy.

Tawke, in the Kursdistan region of Iraq, has proved and probable reserves of more than 500million barrels of oil.

In August DN, which also has interests in the UK, boosted its stake in Tawke to 75%.

Earlier this week DNO announced that production from the Peshkabir license in the field has increased to 25,000 barrels per day.

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