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Norway’s DNO, operator of the largest producing field in the semi-autonomous Kurdistan region of Iraq, says it estimates that it is owed roughly $1bn by Erbil, equal to the Oslo-listed independent’s entire market capitalization. Production from Tawke hit a daily gross production record of 180,130 b/d of oil equivalent (boe/d) in the second quarter but further investments will remain on hold unless regular payment is made, says Executive Chairman Bijan Mossavar-Rahmani.
Without new investment, production will begin to decline and everyone will lose, he warned in a discussion with analysts after DNO announced its second quarter results on 20 August. (CONTINUED - 2155 WORDS)