Wednesday, February 14, 2007
DNO to extract oil from Tawke well in March
Oil
(Kurdish Media) Norwegian oil company Den Norske Oljeslkep says that the first oil from the company's Tawke well in Kurdistan is on target to be extracted by the end of March this year. Major international oil companies have hesitated to become involved in Kurdistan whose ultimate relationship to Baghdad has yet to be resolved leaving the ground to a few smaller concerns such as DNO who are seizing opportunities such as Tawke that is estimated to contain 100 million barrels of oil.
For its 55 per cent stake in the venture, the Norwegian firm is undertaking to meet all costs of its production sharing agreement including installation of pipelines and central processing facilities increased its investment. The contract has yet to be endorsed in Baghdad, and while the Kurdish north and central government argue over oil licenses an even bigger issue is looming with regard to Kirkuk and its adjoining major oilfields.
Labels: DNO, Kudistan, oil, Tawke
