DNO to Add Export Capacity From Northern Iraq

Source: Reuters 2/20/2014, Location: Middle East

Norway's DNO said it would build a second pipeline to export oil out of its Tawke field in Iraqi Kurdistan, while it also reported a surprise quarterly loss due to issues at fields in the United Arab Emirates and in Oman.

The ability to export out of the Kurdistan region is vital to DNO's fortunes, because Tawke is its prize oilfield, estimated to contain a billion barrels of recoverable oil.

On Thursday DNO said it would build a second pipeline, with twice the capacity of the existing pipeline, to export oil from Tawke to the Fish Khabur terminal, from where oil can be exported via other pipelines.

The firm posted an operating loss of 434 million crowns ($71.9 million) in the fourth quarter, against expectations for a profit of 309 million, according to the average estimate in a Reuters poll of analysts.

The loss was due to a writedown of 869 million crowns for "goodwill and asset impairments" at the firm's operations at two offshore blocks in the United Arab Emirates and another one in Oman.

The loss compared with a profit of 1 billion crowns at the same time a year ago. "We have an aggressive work programme planned for 2014 to drive up production and delivery capacity," DNO Executive Chairman Bijan Mossavar-Rahmani said in a statement.

DNO said it planned to increase the production capacity of the Tawke field to 200,000 barrels per day (bpd) by the end of this year. The field, it said, could even produce at a rate of 270,000 bpd, up from the current 155,000 bpd.

Shares in DNO were down 0.82 percent at 0802 GMT, which was in line with the Oslo benchmark index, down 0.63 percent. ($1 = 6.0382 Norwegian kroner)


United States >>  7/1/2022 - Tennessee Gas Pipeline Company, L.L.C. (TGP), a subsidiary of Kinder Morgan, Inc. received approval for its producer certified gas (PCG), or responsib...
Spain >>  6/30/2022 - The Prime Minister of Albania, Edi Rama, the Vice-President and Minister for Ecological Transition and the Demographic Challenge, Teresa Ribera, and t...

United States >>  6/30/2022 - Ocean Yield AS (“Ocean Yield” or the “Company”) has agreed to purchase two 36,000 cbm liquified ethylene gas carrier (LEG) newbuildings, to be constru...
United States >>  6/29/2022 - - At a ceremony in Houston, Texas, yesterday, the ‘Pacific INEOS Grenadier’ was named in honour of INEOS’ Grenadier 4X4 that is soon to launch in Amer...

China >>  6/28/2022 - Kalmar, part of Cargotec, has received an order for three Kalmar Eco Reachstackers from Yantai Port in China. These are the first Eco reachstackers to...
Morocco >>  6/28/2022 - Kalmar, part of Cargotec, has received a repeat order for shuttle carriers to APM Terminals in Tangier, Morocco. The first phase of the project consis...

Related Categories: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 

Related Articles: General  LNG Carriers  LNG Terminal  Natural Gas Storage  Oil and Gas Pipeline  Oil Storage  Railways  Tank Truck  Tankers 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.