DNO Kurdistan Oil Output Recovered to Pre Pipeline-Shutdown Level

DNO’s oil production in the Kurdistan region has largely recovered to levels seen before the shutdown of the pipeline to the Turkish port of Ceyhan in March 2023, while the output is now sold domestically at a discount, the firm said, cited by Reuters.

• DNO’s oil production at the end of last year stood at around 80,000 boed, the firm said.
• The firm pumped around 95,000 boepd from the Tawke and Peshkabir fields in the Tawke licence before the pipeline's shutown.
• The producer sells its oil now domestically in the low to mid $30s/bbl, it said.
• "Surely no one is pleased to leave significant money on the table with every barrel sold," said DNO's Executive Chairman Bijan Mossavar-Rahmani.
• Last month, Iraq has asked local authorities in the Kurdistan region to cut oil production as the country is seeking to meet its new OPEC+ quota of 4mbpd, Argusmedia reported.
• DNO has not been asked by the KRG to reduce its oil production to meet Iraq’s OPEC+ quota, Managing Director Chris Spencer said. Instead, the local government is encouraging DNO to increase production, Spencer added.