DNO Announces 2020 Net Production

OSLO, (UrduPoint / Pakistan Point News / WAM - 19th Jan, 2021) DNO ASA, the Norwegian oil and gas operator, on Monday announced net production of 95,100 barrels of oil equivalent per day (boepd) across its portfolio in 2020, notwithstanding the sharp decline in planned spending to preserve cash following the market turmoil triggered by the COVID-19 pandemic.

DNO ASA, founded in 1971, cis listed on the Oslo Stock Exchange. Its largest shareholder, also Oslo-listed, is UAE-linked RAK Petroleum. It has stakes in onshore and offshore licences at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, United Kingdom, Netherlands, Ireland and Yemen.

Gross operated production from the company’s flagship Tawke licence in the Kurdistan region of Iraq, about evenly split between the Tawke and Peshkabir fields, averaged 110,300 barrels of oil per day (bopd) with 77,700 bopd net to DNO’s interest.

Last year was the sixth consecutive year in which gross Tawke licence production has averaged over 100,000 bopd.

In mid-December 2020 the Tawke licence passed the milestone of 350 million barrels of oil produced, including 300 million from the Tawke field and 50 million from the Peshkabir field. DNO operates and has a 75 percent stake in the Tawke licence with partner Genel Energy plc holding the balance.

Production from DNO’s non-operated North Sea assets contributed another 17,300 boepd net to the company’s interest in 2020, unchanged from a year earlier, following the drilling of three development wells and multiple well interventions across the 11 producing fields in Norway and the UK. The Company expects six to eight development wells will be spud in 2021.

According to preliminary figures, the Company exited 2020 with a cash balance of US$475 million, essentially unchanged from the start of the year.