Tuesday, July 26, 2011

DNO doubles estimate for Kurdish oil field

Tuesday, July 26, 2011

(OSLO, Norway, July 12, UPI)-Norwegian energy company DNO ASA said Tuesday the reserve estimate of Tawke oil field in the Kurdish region of Iraq is a former two-digit.

DNO said a reserve estimate completed sets the recoverable reserve estimation from the Tawke field by French company Beicip Franlab to 636 million barrels of oil, of the 305 million barrels estimated in 2010.

DNO Managing Director Helge Eide said that the latest estimate of third-party Auditors confirmed that Tawke was a world-class field.

"The new reserves numbers far surpass our expectations some months ago and certainly were not provided for when we made the discovery in the year 2006", he said in a statement. "But the field of the last performance has its extraordinary reservoir quality."

DNO and its partners launched exports of Tawke oil field in June 2009 oil raft for only four months due to the legal disputes between the Kurdish government and Baghdad.

The Iraqi Minister of finance in may, the first oil export payment to contractor confirms in the Kurdish region. Kurdish Prime Minister Barham Salih said earlier this year confirmed payment to the Kurdish regional government for the export of 5 million barrels of oil revenues derived the Federal Government in Baghdad.

DNO said in June that the first payment of $103.7 million for its oil exports was a milestone for the operation of the country.

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