International oil companies are looking to increase oil production in Kurdistan

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[size=52]International oil companies are looking to increase oil production in Kurdistan[/size]

[size=45]Translated by: Hamed Ahmed[/size]
[size=45]The international Norwegian oil and gas company, DNO, revealed its renewed optimism about expanding exploration operations within its licenses in the Kurdistan region by setting plans for its activities for the year 2024 in drilling more wells in the Tawki field, noting that its oil production rate during the month of December reached 90%. One thousand barrels per day.[/size]
[size=45]The Norwegian company said in a statement reported by the American energy news website, Upstream, that it will carry out the initial drilling operations for wells in its licensed area in the Bashiqa region in the year 2024 after discovering the site, which was achieved in 2019.[/size]
[size=45]The company, DNO, owns 64% of the shares of operations in Bashiqa, along with its partners, the Turkish energy company, Turkish Energy, which holds 16% of the shares, and the regional government, which owns 20% of the shares.[/size]
[size=45]The Norwegian company revealed in its statement its plan to drill more wells, describing this as promising and promising aspirations for its development activities in the Kurdistan region at a time when its total production rate from the Tawke oil field, which it manages, continues to increase and escalate.[/size]
[size=45]The company said that its production rate at the licensed site from December to date has reached approximately 90 thousand barrels per day of crude oil.[/size]
[size=45]The company stated that this would raise the planned production rates for the fourth quarter of 2023 to 65 thousand barrels per day, an increase from the third quarter production rate, which was approximately 26 thousand barrels per day, with no production during the second quarter, following the closure of the export pipeline. Iraqi - Turkish in March.[/size]
[size=45]The company said in its statement that of the total current production of the Tawke field, of which DNO’s share is 40%, it has been sold to local buyers at a reduced price of $30 per barrel. However, all such sales, according to the company's statement, are conditional on advance payment from customers.[/size]
[size=45]In response to price discounts for local sales, DNO has reduced its production costs from the Tawke field since the closure of the Iraqi-Turkish export pipeline. The company states in its statement that the operating amounts spent in the Tawke field were 65% less than before the closure of the export pipeline.[/size]
[size=45]The Norwegian company DNO has begun production operations in the licensed area in the Tawke field since 2007, and in the Fish Khabur oil field since 2017.[/size]
[size=45]The company’s CEO, Bijan Muzaffar Rahmani, said, “These are flexible and promising fields, and DNO is a flexible company as well.” Even with local sales of the oil produced amounting to less than half the international price through the Iraqi-Turkish export pipeline, before its closure, production rates in the field are still high and strong and generate financial resources for the company.”[/size]
[size=45]Rahmani added, “We remain confident that the recent challenges facing the company and the rest of the international oil companies will be resolved and overcome as long as we are committed to our pledge to develop and expand our work further in the Kurdistan region, as we have been over the past two decades.”[/size]
[size=45]The authorities in Iraq and Turkey are still waiting for the green light to resume the flow of oil exports through the Ceyhan export pipeline between Iraq and Turkey, which was stopped by Ankara in March after compensation rulings were issued against it by the International Chamber of Commerce Court.[/size]
[size=45]The court issued its ruling in accordance with an appeal by Baghdad and demanded that Ankara pay fines to the Iraqi government for oil exports from the region for the period from 2014 to 2018 without a prior license.[/size]
[size=45]Turkey had stopped pumping 450,000 barrels per day of Iraqi crude through the Iraqi-Turkish pipeline from the Fish Khabour border area to the Turkish port of Jiha on March 25. DNO owns a 75% stake in the Tawke and Pishkbir fields, while its partner Genel Energy owns 25%.[/size]
[size=45]About the website: Upstream Oil[/size]
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