DNO saw a profits boost in the second quarter of the year up from the previous three months. The Norwegian oil and gas operator said there had been an increase from $26million to $55million while its net loss was $40million for the second quarter. The company has also hit record production levels from the Tawke field in the Kurdistan Region of Iraq with output averaging 153,346 barrels of oil per day (bopd).
Repeated sabotage by "organised gangs" of the oil pipeline from northern Iraq to Turkey has cost the autonomous Kurdistan region $501 million since July 1, its ministry of natural resources said on Tuesday. The flow of oil is currently suspended due to a theft attempt on the pipeline, which runs to the Turkish port of Ceyhan from fields in Iraq's Kurdish north and Kirkuk. The pipeline was previously idled for a week after being blown up by members of the Kurdistan Workers' Party (PKK) in late July, when Turkey began bombing the outlawed group in northern Iraq.
Kurdish oil producer Genel Energy has reiterated its commitment to the region, as it revealed its earnings are up for the first half of the year.
US-operator Gulf Keystone has leveraged record daily production from its Iraqi assets.
Gulf Keystone Petroleum Ltd. gained the most in more than five years in London after saying it’s in talks with parties on a possible sale of assets or the company. The oil explorer focused on Iraq’s Kurdistan region rose as much as 61 percent, the biggest gain since Aug. 25, 2009, and was up 57% at 55.75 pence by 9:55 a.m.
Foreign oil producers in Iraqi Kurdistan are resorting to selling crude at about $30 a barrel in the domestic market as the government hangs on to companies’ export earnings amid weaker world prices and a costly battle with Islamic State. “The government’s announcement was that there would be payments coming,” said Bijan Mossavar-Rahmani, executive chairman of Norwegian producer DNO ASA, said in an interview in Oslo. “That payment I think got disrupted because of lower prices and the resolution of the budget issues.” That’s forcing DNO to increase sales to the local market.
Gulf Keystone Petroleum said seven wells are now producing at its Shaikan production facilities. A further well is expected to come online this month in the Kurdistan region of Iraq where operations are taking place. The company said total daily production has been gradually increasing since last month, with the company’s 400,000 gross barrels of oil per day target being reached shortly before New Year.
Marathon oil has made a discovery at its Harir Block in the Kurdistan region of Iraq. The company said it had hit oil and gas in its Jisik-1 exploration well. The site, 40 miles northeast of Erbil, was drilled to a total depth of 15,000 feet and oil and gas was noted in an extensive gross interval in both the Jurassic and Triassic reservoirs.
Gulf Keystone Petroleum is on track to produce 40,000 barrels of oil per day (bopd) by the end of the year at its Shaikan facilities in the Kurdistan region of Iraq. The company said its production levels are stable, averaging 23,000 bopd from three wells at PF-1 and two wells at PF-2. Civil works are also ongoing to connect the Shaikan-7 and -8 wells to PF-1.