Norwegian company DNO has received $ 46.53 million from the Kurdistan Regional Government (KRG), the company said in a statement.
The company explained in a statement that this is in exchange for the crude oil deliveries last August to the export market with the supply license from the field “Tawke”.
In addition, the company received $ 4.27 million from the Government of the Territory, representing 3% of the revenues of the “Tawke” license.
The company will, according to the statement, share that amount with its partner, Jinil Energy Limited.
In mid-October, DNO received $ 39.55 million from the territorial government from previous shipments in July.
The Kurdistan government signed agreements at the end of last August with the companies “DNO” and “Jinl” to settle their dues.
The company also announced that the oil flow rates amounted to 3000 barrels of oil per day from the first area in the well Bechkapir / 3 in northern Iraq, while the other nine oil regions and a gas area to be tested in a horizontal shape along the 1.5 km in the reservoir Cretaceous and Jurassic oil.
“The company has been tracking rapid development in this area, and the production facility will be operational early next year, and the production of a well of Bashkabir 2 about 4700 barrels per day since last May, while the field produced more Tawke,” the Norwegian company DNO said on Sunday. From 100 thousand barrels at a time when the operations of DNA and without interruption in Kurdistan. ”
“The company had received export payments from Kurdistan amounting to 297 million dollars, an increase of 210 million dollars over 2016, and with the continuation of export payments, the company will increase investments in Kurdistan in 2018.”
The company reported a third-quarter operating profit of $ 469 million during the quarter. This comes after the recognition of $ 556 million in other revenues after the settlement agreement with the Government of Kurdistan in August of 2017.