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Sunday, 20 July, 2008, 02:20 GMT | more prices >>

DNO rejigs Kurdistan PSCs

By Upstream staff

Norwegian player DNO has signed revised agreements with the Kurdistan regional government in north Iraq, amending the production sharing contract for the Dohok and Erbil licence areas, it said today.

The revised deal divides the Dohok area into two licence areas, one for the Tawke field and one for the remaining Dohok area, and it is meant to bring the contract into line with the oil and gas law of the Kurdistan region of Iraq, DNO said.

After the revision, DNO holds three production sharing contracts in the Kurdistan region of north Iraq, the Tawke PSC with a working interest of 55%, Dohok PSC with an interest of 40% and the Erbil PSC with an interest of 40%, the company said.

"It is the opinion of DNO that the terms of the PSC contracts provide a solid basis for creating substantial values to our shareholders, the region and all of Iraq," DNO said in a statement.