07/10/2024 | Press release | Distributed by Public on 07/09/2024 23:05

DNO Powers on in Kurdistan

DNO Powers on in Kurdistan

10 Jul 2024 07:00 CEST




Oslo, 10 July 2024 - DNO ASA, the Norwegian oil and gas operator, today
celebrated the 20th anniversary of the signing of its first production sharing
contracts in the Kurdistan region of Iraq. These contracts, signed in mid-2004,
marked the start of a journey that has created a modern oil industry in
Kurdistan, helped transform the local economy and catapulted DNO into the ranks
of the largest European exploration and production companies.

The acreage contracted by the Company included the highly prospective, and in
DNO's hands, highly productive, area that today hosts the prolific Tawke and
Peshkabir oilfields, the region's largest operated by an international oil

Production from these fields (Tawke started up in 2007 and Peshkabir in 2017)
averaged above 100,000 barrels of oil per day (bopd) until pipeline exports from
Kurdistan were halted in the first quarter of 2023 with the shutting down of the
pipeline through Türkiye to the Mediterranean.

Over the past 20 years, these two DNO-operated fields have together produced
more than 450 million barrels, generating USD 17.3 billion in revenues for the
Kurdistan Regional Government. In addition, DNO has created well paid jobs,
attractive work opportunities and a market for local suppliers of oil industry
goods and services.

"We've had feet on the ground in Kurdistan through thick and thin, ISIS and
crisis, in addition to all manner of legal, security and payment challenges but
have remained resilient and resolute," said Bijan Mossavar-Rahmani, DNO's
Executive Chairman. "All the while, other companies large and small have come
and gone," he added. "We remain firmly committed to Kurdistan and our next
challenge is to optimize and monetize our share of production by tapping
international markets."

Despite the recent shutdown of oil exports and subsequent scaling back of
investments, DNO has maintained gross production of around 80,000 bopd in 2024,
representing a quarter of Kurdistan's total output. The Company's net
entitlement share is sold on a cash and carry basis and transported by traders
by road tanker to local refineries though at a discount to international prices.

DNO holds a 75 percent stake in the Tawke and Peshkabir fields but under the
production sharing contract, the Kurdistan Regional Government has received the
bulk of the oil produced while the Company and its partner Genel Energy
International Limited have paid all costs.


For further information, please contact:
Media: [email protected]
Investors: [email protected]


DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North
Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the
Company holds stakes in onshore and offshore licenses at various stages of
exploration, development and production in the Kurdistan region of Iraq, Norway,
the United Kingdom, Côte d'Ivoire, Netherlands and Yemen.

This information is subject to the disclosure requirements pursuant to §5-12 of
the Norwegian Securities Trading Act.

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Oslo Børs Newspoint

Company Name

DNO, DNO ASA 21/26 7.875 pct USD C


NO0003921009, NO0011088593




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