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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Foreign oil companies cancel production expectations from Iraqi Kurdistan

    Rocky
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    • Post n°1

    Foreign oil companies cancel production expectations from Iraqi Kurdistan Empty Foreign oil companies cancel production expectations from Iraqi Kurdistan

    Post by Rocky Fri 12 May 2023, 5:04 am

    [size=30]Foreign oil companies cancel production expectations from Iraqi Kurdistan
    [ltr]2023.05.12 - 09:13[/ltr]
    [/size]
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    Baghdad - Nas  
    Yesterday, Thursday, the Norwegian oil company "DNO" canceled its expectations for production in the Kurdistan region of Iraq after a halt to exports since March, which forced the company to stop production, with the continued interruption of oil pumping through the Turkish Ceyhan pipeline from the semi-autonomous region in the north of the country.  
      
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    Turkey stopped pumping 450,000 barrels per day of Iraqi crude through the Iraqi-Turkish pipeline from the border region of Fishkhabour to the Turkish port of Ceyhan on March 25 after the Paris-based International Chamber of Commerce issued a ruling in an arbitration case in favor of Iraq.  
      
    Four days later, DNO announced the cessation of oil production from the Tawki and Bishkabir fields, which produced 107,000 barrels per day in total, in 2022.  
      
    "Until exports are resumed and payments for previous and current oil sales are regular, DNO cannot provide any forecasts for Kurdistan's production for the full year," the Norwegian company said in a statement today, Thursday.  
      
    On April 18, the company said that it expects total production from Kurdistan to be less than 100,000 barrels per day, which it previously expected, after it announced recording production of 94.72 thousand barrels per day for the first quarter.  
      
    DNO owns a 75 percent stake in the Tawke and Bishkabir fields, while its partner, Genel Energy, owns 25 percent.  
      
    Baghdad and the Kurdistan Regional Government of Iraq signed a temporary agreement on the fourth of last April to resume oil exports from Turkey, but the two sides have not yet defined many aspects of the agreement.  
      
    DNO production in Kurdistan represents about 80 percent of its net oil and gas production. The company also produces oil products in the North Sea and West Africa.  
      
    The company's operating profits in the first quarter of the year fell to $155 million from $236 million a year earlier, with operating profits in Kurdistan falling by more than half to $63.2 million.  
      
    But DNO maintained its plan to allocate 0.25 crowns ($0.0238) per share as a quarterly cash dividend in June.  
      
    In turn, “Genel Energy” canceled its forecast for production in 2023, saying that it was no longer fit for announcement, in light of the closure of the pipeline between Iraq and Turkey since March.  
      
    The company, which focuses its activities on the Kurdistan region of Iraq, said it will issue new forecasts once the pipeline reopens and investment plans are confirmed.  
      
    It also lowered its forecast for capital expenditures in 2023.  
      
    Reuters  
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