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Baghdad / Obelisk: The Norwegian company DNO announced, 08/11/2022, strong operational and financial results in the second quarter of this year in Kurdistan, supported by the rise in oil and gas prices and production in the Tauki field license.
With quarterly revenue of $361 million and free cash flow of $167 million, the company reduced debt and exited the second quarter in positive cash position for the first time since 2018.
He added that the total operating cash flow amounted to $341 million, including $50 million of arrears accumulated in Kurdistan as a result of non-payment of some Tauki field bills for the years 2019 and 2020. These arrears, which amounted to $259 million at the end of 2020, have been reduced to $87 million as of June 30, 2022, excluding interest.
He added that the average total production by licensing the Tawke field amounted to 106,900 barrels of oil per day during the second quarter, of which the Beshkabir well contributed 62,200 barrels per day and the Toki well 44,066 barrels per day, and the latter represents the first quarterly increase in production since a year 2015 In this old field as drilling was done, maintenance work was carried out on the existing ones and gas injection continued.
The report indicated that after obtaining approvals from the regional government, the Norwegian company DNO began transferring production by truck in licensing the Bashiqa field at a rate of 600 barrels per day, while development continues in the fields of Zartak 2 and Zaratek 3, to be followed by Bashiqa 3 field in the fourth quarter of this year.
The regional government argues that there is no money and demands that the central government spend its share of the federal budget, while exporting hundreds of thousands of barrels of oil and gas daily abroad.
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