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Sunday, 20 July, 2008, 22:50 GMT | more prices >>

DNO ‘confident’ on Iraqi exports

By Upstream staff

Norwegian independent oil producer DNO is "quite confident" it will get a licence to export oil from Iraq in 2008, chief executive Helge Eide said today.

DNO is the first western oil company to begin new exploration and production in post-war Iraq under a deal with the Kurdish regional authorities in the north.

"We are not involved directly with that process but there have been quite a number of positive signals which makes us quite confident that it will happen within this year," Eide told Reuters on the sidelines of DNO's capital markets day meeting with investors.

Eide said that after gaining an export permit, DNO could quickly boost its oil production in Iraq to about 30,000 barrels per day from nearly 7000 barrels on average in the first two months of 2008.

"We have 90,000-100,000 in well capacity (per day) and the export facility can take 50,000 barrels. Immediately when we have exports in place, we can ramp up to 50,000 barrels - and we get 60% of that," he said.

The 60% is DNO's working interest in the Tawke field in the Kurdish region of north Iraq.

DNO repeated that its total untested resource potential in Iraq amounted to 1.5 billion to 2.5 billion barrels of oil equivalent, including 600 million 1.0 billion barrels for DNO under production sharing agreements with regional authorities in Kurdistan.

Last month DNO revised its production sharing agreement with the Kurdish authorities, effectively cutting its stake. The company said the revision was a "step in the direction of exports" as the Kurdish authorities are negotiating with Baghdadaccess to Iraq's northern pipeline into Turkey.

So far, DNO has sold its Iraqi oil on the local market at local prices.

DNO, which does not include any Iraq exports in its guidance, has forecast production of 6,000 barrels of oil equivalent per day from Iraq in 2008 and 15,000 barrels in total - just above an average of 14,463 boed last year.

On Tuesday, DNO said its first-quarter output would probably beat its 16,000 boe per day target.

Shares in DNO hit 10-weeks highs earlier this week on growing hopes of an export deal with Iraqi authorities, but are still down some 20% over the past year due to a slower-than-expected ramp-up in Iraq and export woes.

The stock traded down 1.6% at Nkr8.64 at 0843 GMT, valuing the company at about $1.52 billion. Oslo's benchmark bourse index was up 0.4%.