DNO Reports KRG Payments

  • Sep 08, 2021
  • DNO

Oslo, 8 September 2021 – DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 63.2 million net to the Company from the Kurdistan Regional Government (KRG), of which USD 46.2 million represents DNO’s entitlement share of June 2021 crude oil deliveries to the export market from the Tawke license in Kurdistan.

Of the balance, USD 5.8 million is an override payment equivalent to three percent of gross June 2021 Tawke license revenues under the August 2017 receivables settlement agreement and USD 11.2 million is towards KRG withholdings of certain Tawke license 2019 and 2020 entitlement and override payments. Following this latest payment, the sixth such monthly transfer to date, the outstanding arrears, exclusive of any interest, dropped from USD 259.0 million to USD 202.5 million.

DNO operates and has a 75 percent stake in the Tawke license, which contains the Tawke and Peshkabir fields, with partner Genel Energy plc holding the remaining 25 percent.