DNO: KRG Payments Not Enough

Although cautiously optimistic that KRG receivables payments will continue into 2016, Norway’s DNO confirmed in its Q3 update on 5 November that significant investment in the firm’s Tawke field, the largest producer in the three official KRG provinces, remains on hold for now.

DNO’s Executive Chairman Bijan Mossavar-Rahmani confirms that the firm received payments of $22mn from the KRG in both September and October, with another $8mn going to partner Genel Energy. He adds that in addition “local sales of both crude oil and refined products…generated net to DNO another $24 million for a total of $46 million from our Kurdistan operations in the third quarter.” (CONTINUED - 513 WORDS)