Norway’s DNO bucked the recent trend of oil firms suspending operations in Kurdish Iraq, saying yesterday that it remains committed to operations there and will be ramping up production at its Tawke field.
DNO, which is 42.8 per cent-owned by RAK Petroleum, announced record second-quarter gross production of just under 139,000 barrels of oil equivalent a day (boe/d), up 76 per cent from the previous quarter (the company’s working interest in that production is about 59 per cent).
Bijan Mossavar-Rahmani, DNO’s executive chairman, said: “We’ve had feet on the ground in Kurdistan for 10 years, including during the recent crisis as well as in past ones, and remain fully and firmly committed to our operations.”
In the second quarter, the company said it hit record daily production of 133,192 barrels at its Tawke field, located in north-west Kurdish Iraq, on the Turkish border. DNO is developing the field with target production of 200,000 bpd. It also has operations in Dohuk and Erbil in the Kurdish Iraq region.
On the financial side, the company reported sales up 10 per cent over the previous year’s second quarter, at US$143 million, but net profit down 7.5 per cent, at $44.4m, owing to higher costs.
While saying it was “charging ahead at Tawke”, DNO conceded that “the security situation will dictate execution” of its development plans for the field.
In recent weeks, as the Islamic State in Iraq and Syria (ISIS) insurgents spread fear and mayhem as they advanced through northern Iraq, a number of oil companies said they were suspending operations and pulling out staff. In more recent days, Kurdish counter-insurgent forces, supported by US air strikes, have taken back territory, including the Mosul Dam, one of Iraq’s largest sources of hydroelectricity and water.
Nonetheless, companies including Abu Dhabi’s Taqa, as well as Genel and Chevron, have not yet said they will be resuming operations.
Yesterday DNO said that as well as plans to expand production further at the Tawke and Benenan fields in Kurdish Iraq, it will begin exploring new blocks onshore in Oman and offshore Tunisia. The company also has operations in Yemen and Ras Al Khaimah.
amcauley@thenational.ae
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The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
