KRG-Focused DNO Takes Faroe

Norway’s Dno Finally Succeeded In Its Contentious Bid To Take Over Aberdeen-Headquartered Faroe Petroleum This Week, Taking A A 52% Controlling Stake In The 8,000 B/D, 28bn Cfd North Sea Producer. The 160p Buyout Values The Company At £641.7mn ($819mn).

Of Significance For Mena Watchers, The Acrimonious Takeover Signals Dno’s Gradual Shift Away From Higher Risk Middle East Assets Toward Its Own Backyard In The North Sea. Dno Finalized Its Exit From Oman Earlier This Year ( MEES, 4 January ), Whilst Still Holding A 64% Operating Interest In Yemen’s Block 47 Where It Declared Force Majeure In 2015 ( MEES, 3 April 2015 ).

But Dno’s Assets In Iraqi Kurdistan—Which Include The 130,000 B/D Tawke License (75% Operator, Genel 25%)—Remain The Company’s Bread And Butter. The Firm Is Also In The Middle Of A Drilling Campaign At Baeshiqa License ( MEES, 12 October 2018 ). (CONTINUED - 156 WORDS)