Business | Oil & Gas

DNO output falls 11% to 12,809 bpd

Norwegian oil and gas producer DNO International said yesterday net entitlement production fell 11 per cent in the second quarter to 12,809 barrels per day from the first three months of 2008.

  • Reuters
  • Published: 23:47 July 29, 2008
  • Gulf News

Oslo: Norwegian oil and gas producer DNO International said yesterday net entitlement production fell 11 per cent in the second quarter to 12,809 barrels per day from the first three months of 2008.

It achieved an average oil price of $71.46 per barrel in the second quarter, up from $61.96 in the first quarter, it said.

DNO, the first Western company to drill for oil in Iraq following the U.S.-led invasion in 2003, still does not have a licence to export oil it produces in northern Iraq, forcing it to sell on the local market where prices are lower.

DNO said gross production from its Tawke oilfield in northern Iraq, which it shares with the Kurdish regional authorities, rose 65 per cent quarter-on-quarter to 11,361 barrels per day.

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