DNO today revealed plan to drill new well in the Kurdistan region of Iraq after posting a second consecutive quarter of operating profits.
The Norwegian operator said it was launching an “aggressive drilling campaign at the company’s flagship Tawke field in the Kurdistan region of Iraq”.
Five new production wells will be drilled in the second half of the year to boost capacity at the field, the firm said.
“Resumption of regular and predictable export payments underpin new investments at Tawke and other fields,” said DNO’s executive chairman Bijan Mossavar-Rahmani.
“There is more value we can unlock in Kurdistan.”
The company’s turnover was $61million, marking the fifth consecutive quarter in which revenues totaled USD 50 million or higher. It doubled is profit for the second quarter to $16million.
Overall production from its Tawke operations rose 27% to 122,900 barrels of oil equivalent per day.
A statement added: “Tawke production stood at 117,000 barrels of oil per day, nearly all of which was exported at an average price of $34 per barrel.”