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Oslo-listed DNO sees lower output from Kurdistan’s Tawke license in 2022

Category: Economy

Date: 2022-02-12T06:51:41+0000
Oslo-listed DNO sees lower output from Kurdistan’s Tawke license in 2022

Shafaq News/ Oslo-listed oil group DNO is expecting a 3.4% drop in gross production at its flagship Tawke license in Iraq's semi-autonomous Kurdistan region, but output from the North Sea operations is set to remain steady.

Although DNO is ramping up drilling in the Tawke license, its projected gross production will fall to 105,000 b/d in 2022 from 108,700 b/d last year, the company said Feb. 10 in a 2021 earnings report.

DNO holds a 75% operating interest in the the license, which includes the Tawke and Peshkabir fields, with partner Genel Energy holding the remaining 25%.

Last year, DNO reduced production partly caused by an 18-month drilling hiatus at Tawke that resumed in the third quarter. Net Kurdish production last year dropped 1.4% year on year to 81,535 boe/d.

In 2022, the company also expects to pump more than 4,000 b/d from Baeshiqa license, its first field development since Peskhabir in the Tawke development was brought onstream in 2017.

DNO is re-entering two discovery wells and drilling three new wells in Baeshiqa in 2022 after well test production totaled 15,000 barrels of 40 API oil from Baeshiqa-2 and 22 API oil from Zartik-1. DNO holds a 64% interest in Baeshiqa, alongside partners TEC and the Kurdistan Regional Government.

Baeshiqa license

"In December, the first phase field development plan for the [Baeshiqa] license was approved by the Kurdistan Regional Government, clearing the way for a fast-track project to deliver early production from previously drilled but suspended discovery wells," the company said.

The company's total 2021 net output declined 5.6% to 94,477 boe/d due to a 25% drop in North Sea production owing to "natural decline, delayed new production and planned maintenance."

DNO is projecting average 2022 net production in the North Sea to remain around 13,000 boe/d, with "seven exploration wells planned in proven basins with moderate risk profile," it added.

"The company will participate in drilling the highly anticipated Edinburgh exploration well in the UK and six additional prospects offshore Norway, aiming to build on last year's successes with the Røver Nord exploration well and the Bergknapp appraisal well," DNO said.

"Also in Norway, the DNO-operated Brasse project as well as the partner-operated Iris-Hades, Gjøk and Orion discoveries target 2022 project sanction, supporting the company's North Sea growth ambitions."

Source: S&P Global

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