DNO Restarts Tawke Field Production in Kurdistan

DNO ASA, the Norwegian oil and gas operator, has successfully restarted production at its Tawke field in Kurdistan after a four-month halt due to the Iraq-Turkey Pipeline closure. The restart, which began last month for integrity tests, continues due to strong demand. Current output averages 40,000 barrels of oil per day (bopd).

DNO's Chairman, Bijan Mossavar-Rahmani, highlighted that half of Tawke's production goes to the Kurdistan Regional Government, while DNO manages sales for the rest. Prices, now around 50 percent of previous levels, are promptly paid to DNO.

Mr. Mossavar-Rahmani also emphasized DNO's strategy to diversify its portfolio beyond Kurdistan, with successful offshore Norway discoveries, including Carmen. The company's Côte d'Ivoire projects contribute to stable production and potential growth.

Despite challenges such as Kurdistan export closure affecting Q2 2023 production, DNO maintains a strong balance sheet with significant cash deposits. The Board of Directors has approved a dividend payment of NOK 0.25 per share.