Energy News  
OIL AND GAS
DNO receives Kurdish oil payments
by Daniel J. Graeber
Oslo, Norway (UPI) Dec 3, 2015


disclaimer: image is for illustration purposes only

Norwegian energy company DNO became the latest company to confirm payments from the Kurdish government of Iraq for crude oil exports.

DNO shares $30 million with its partners at Genel Energy for payments towards oil exported from the Tawke field in the Kurdish north of Iraq.

"The payment is the third such monthly payment received in 2015," the company confirmed.

British energy company Gulf Keystone Petroleum was paid for exports earlier this week.

The Kurdish north hosts some of the larger oil fields in Iraq and while the Kurdish government said crude oil exports are its principle source of revenue, it said it recognized energy companies operating in the region face difficulties moving forward without their share. In August, the government said it would allocate some of its revenue to international oil companies on a monthly basis to help cover their expenses.

DNO said production from Tawke to date averaged about 157,000 barrels per day, of which the bulk was transferred to the Kurdish government. About 20,000 bpd were sold by DNO to the local market and another 3,500 bpd processed in a local Kurdish refinery.

DNO in early May completed a two-year investment program to double the number of wells in the Tawke prospect and improve pipeline capacity. It set a daily production record at Tawke of just over 150,000 barrels of oil and installed capacity to hit the 200,000 bpd mark.

The semiautonomous Kurdistan Regional Government started independent oil sales in June, averaging earnings of around $682 million per month. Total preliminary crude oil production from the Kurdish north for November was estimated at 19 million barrels.

Speaking to potential investors at a London energy conference, Deputy Kurdish Prime Minister Qubad Talabani said independent crude oil exports were a lifeline in an otherwise bleak economy.

"It is clear that the KRG's fiscal situation is unsustainable and that major reforms are needed to restore fiscal balance," he said.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Gazprom reviews gas line to Europe in midst of Russian, Turkish tensions
Moscow (UPI) Dec 03, 2015
Amid frosty relations between Moscow and Ankara, Russian energy company Gazprom said it was reviewing the status of a pipeline through the Baltic Sea. Officials with Gazprom hosted their counterparts from Austrian energy company OMV to discuss bilateral affairs. "The meeting addressed the status of the Nord Stream II project as well as possibilities of an asset swap and oil suppl ... read more


OIL AND GAS
Timelapse from space reveals glacier in motion

New satellite to measure plant health

NASA plans twin sounding rocket launches over Norway this winter

Sentinel-3A on its way

OIL AND GAS
Raytheon completes GPS III launch readiness exercise

LockMart advances threat protection on USAF GPS Control Segment

Orbital ATK products enable improved global positioning on Earth

Galileo pair preparing for December launch

OIL AND GAS
'Traditional authority' linked to rates of deforestation in Africa

Tallest trees could die of thirst in rainforest droughts

Amazon deforestation leaps 16 percent in 2015

Top civil servants probed over hardwood traffic in Gabon

OIL AND GAS
Fighting climate change with 'poop power'

EU clears clean British power plant

First biomethane injected into the grid at a farm in Den Bommel

New step towards producing cheap and efficient renewable fuels

OIL AND GAS
Naturalist David Attenborough says Sun can save Earth

Investors flee fossil fuels, but many banks still back coal: reports

SunEdison signs 6MW solar power deal with LA County

Duke Energy, Google team up on solar power project in N.C.

OIL AND GAS
German power giant RWE to spin off renewables business

Big UK cities vow to run on green energy by 2050

SeaPlanner New Features Launched on Nordsee One Offshore Wind Farm

Moventas introduces breakthrough Extra Life technologies for wind industry

OIL AND GAS
Poland's coal addiction exacts heavy health, economic toll

Coal mine fire in northeast China kills 21: state media

India revisits energy mix

Coal subsidised with 10bn euros a year in EU: study

OIL AND GAS
Chinese paper chides Miss Canada over rights stance

Ma's South China Morning Post takeover a double-edged sword

Miss Canada lashes out at Beijing after contest snub

China upholds conviction of journalist, 71, grants parole: lawyer









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.