The Norwegian oil and gas operator DNO ASA announced on Thursday that the drilling campaign in the Kurdistan region of Iraq has been stepped up on the back of last year’s profits and improved payments for exports from the Tawke field in the region.
DNO said in a statement the capital investments planned for 2017 are estimated to be around $100 million and further include four new production wells at the Tawke field. The plans for now are for the Norwegian company to drill a third well in Peshkabur and a production well in the Benenan field.
The company believes that the additional wells in Tawke field would raise the production above the current levels of approximately 115,000 barrels per day (bpd) depending on the export payments from the Kurdistan Regional Government (KRG).
The Company also released an annual reserves report which showed an increase in combined proven and probable reserves (2P) and contingent resources (2C) following the new oil discovery at the Peshkabir field in Kurdistan. According to the report, as of 31st of December the Company Working Interest (CWI) 2P reserves and 2C resources were estimated at 529.6 MMboe, up from 523.1 MMboe at year-end 2015. CWI 2P reserves were estimated at 368.3 MMboe, decreased from 391.5 MMboe at the end of 2015. The CWI 2C resources were estimated at 161.3 MMboe, up from 131.6 MMboe for 2015.
Meanwhile, at the Tawke field, 2P reserves and 2C resources stood at 604.0 million barrels (MMbbls) at the end of 2016, down from 643.2 MMbbls in 2015. The report shows that 2P reserves stood at 503.8 MMbbls, down from 543.0 MMbbls in 2015.
The Norwegian DNO company is focused on the Middle East and North Africa in regards to oil and gas production. It is involved in productions in the Kurdistan region of Iraq, Yemen, Oman, Tunisia and Somaliland, holding stakes in both onshore and offshore licenses.
Read 712 times