 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
Oslo (AFP) May 11, 2011 Norwegian oil firm DNO, among the first to operate in Iraq after the fall of Saddam Hussein, said Wednesday it would finally receive payment for crude oil exports from the Kurdish area of Iraq. The overdue payment is made possible by a recent agreement between Baghdad and Kurdish authorities. "A first cash advance to DNO of 110 million dollars has now been confirmed by the Kurdistan Regional Government and forms a basis for increased activities by DNO in Kurdistan going forward," DNO managing director Helge Eide said when presenting the group's quarterly earnings. DNO has been present in Iraqi Kurdistan since 2004. Its activities in the autonomous province had been troubled by a long dispute Baghdad and authorities in Kurdistan, which have argued over payments, revenue sharing and the central government's refusal to recognise Kurdish oil contracts. The company started exporting crude oil from the Tawke field in 2009 but suspended exports shortly afterwards because it had not been paid. Exports restarted in February this year following an agreement between the two sides whereby Baghdad agreed to pay for the expenses of oil companies working in the region. Last week, Baghdad finally transferred 243 million dollars destined to payment for oil companies operating out of Kurdistan. This "amounts to around 50 percent of net revenues derived from the export of over five million barrels of oil from the Kurdistan Region between the start of February 2011 and March 27," Kurdish Prime Minister Barham Salih said in a statement. The Tawke field currently produces some 65,000 barrels a day, DNO said Wednesday. The deal between Baghdad and the KRG came too late for DNO to include the Tawke field revenue in its first quarter earnings, it said. The company lost 65.4 million kroner (8.3 million euros, $12.0 million) in the first quarter, down from a 14.8 million kroner net profit for the same period last year.
Share This Article With Planet Earth
Related Links Powering The World in the 21st Century at Energy-Daily.com
Methane levels 17 times higher in water wells near hydrofracking sitesDurham, NC (SPX) May 10, 2011 A study by Duke University researchers has found high levels of leaked methane in well water collected near shale-gas drilling and hydrofracking sites. The scientists collected and analyzed water samples from 68 private groundwater wells across five counties in northeastern Pennsylvania and New York. "At least some of the homeowners who claim that their wells were contaminated by shale-gas ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook
