DNO saw a profits boost in the second quarter of the year up from the previous three months.
The Norwegian oil and gas operator said there had been an increase from $26million to $55million while its net loss was $40million for the second quarter.
The company has also hit record production levels from the Tawke field in the Kurdistan Region of Iraq with output averaging 153,346 barrels of oil per day (bopd).
An estimated 77% of field prodictuon was delivered to the Kurdistan Regional Government for pipeline export through Turkey.
Meanwhile an additional 31,378 bopd was sold into the local market and the balance processed in the company’s Tawke refinery.
Kurdistan’s Ministry of Natural Resources recently announced plans to allocate monthly payments from its independent oil sales to DNO and other operators from September onwards.
The company said discussions are ongoing with the Kurdistan Regional Government to allocate export revenues to DNO on a regular and ongoing basis, consistent with the company’s contractual
entitlements.
Bijan Mossavar-Rahmani, DNO’s executive chairman, said: “We welcome regular export payments which are necessary to sustain our operations in Kurdistan.
“Without such payments, we will not be in a position to make further investments and without further investments, production from the Tawke field will decline.”