Norwegian independent DNO on 12 February announced record net profits of NOK1.04bn ($189mn) for 2012. It was a ‘milestone year’, for DNO, said company Chairman Bijan Mossavar-Rahmani, who outlined further growth.

But expansion is heavily weighted towards the firm’s Kurdistan Regional Government (KRG) assets. And with the KRG providing 45,000 b/d out of global gross production of 67,000 b/d and 67% of gross profit of NOK1.63bn ($295mn) in 2012, DNO is clearly heavily dependent on its Kurdish assets. And DNO is not alone, with a host of other companies braving the clear political risk to invest in the Kurdish oil sector. (CONTINUED - 774 WORDS)