DNO has bought out ExxonMobil’s 32% stake in the Baeshiqa licence, increasing the Norwegian company’s stake to 64%.
The Tawke licence in Kurdistan produced 110,300 barrels per day in 2020, DNO has reported, down from 124,000 bpd in 2019.
DNO’s Peshkabir gas capture and injection project, in Kurdistan, has launched and already captured 1 billion cubic feet of gas injected, in a major move to reduce emissions.
DNO and Genel Energy have cut production estimates and spending this year in Kurdistan, although allowing that work could resume should prices strengthen.
DNO, the Oslo-listed exploration firm which took over Aberdeen's Faroe Petroleum, has announced it is reducing staff “in all locations” in response to Covid-19 outbreak and oil price crash.
DNO North Sea, the Norwegian firm which took over Faroe Petroleum, said it now has more “firepower” to grow with a boost to its lending facilities.