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Oslo-listed, Iraqi Kurdistan-focused DNO plans to spend big in 2019 to “outdrill, outproduce and outperform all other international oil companies in Kurdistan – combined.” The firm aims to mobilize a fifth drilling rig as it ups the ante, investing $420mn this year, up from $293mn in 2018.
Twin priorities are staving off decline at its 128,000 b/d Tawke license (DNO 75%op, Anglo-Turkish Genel 25%) and fast-tracking development of the non-producing Baeshiqa license (DNO 32%op, ExxonMobil 32%, Turkish Energy Company 16%, KRG 20%).
DNO hiked gross Tawke Block output from 110,000 b/d in January 2018 to 128,000 b/d last month. But the surge at the block’s Peshkabir field from 16,000 b/d to its current 54,000 b/d obscures worrying declines at the Tawke field from 94,000 b/d to its current 74,000 b/d over the period. (CONTINUED - 539 WORDS)