DNO posts $35 million profit in Q2 2024, sees increased oil output in Kurdistan Region

Shafaq News/ The Norwegian oil and gas operator DNO reported a $35 million profit for the second quarter of 2024, driven by increased oil production in Iraqi Kurdistan, the company announced on Saturday.

DNO's average production in Kurdistan reached 79,783 barrels per day (bpd) during the second quarter, marking a 5% rise from the previous quarter.

According to the DNO report, the output was primarily sourced from the Peshkabir and Tawke fields, which produced 49,099 bpd and 30,684 bpd, respectively. No production was reported from the Bashiqa field.

The company noted that the average selling price for oil from these fields was $30 per barrel to local traders, contributing to total revenues of $137 million.

Notably, the Kurdistan region of Iraq remains DNO's core area in production and reserves.

DNO holds a 75 percent operated interest in the Tawke license, with partner Genel Energy International Limited holding the remaining 25 percent.