August 24, 2017 / 8:58 AM / a month ago

DNO, Genel strike oil sales agreement with Iraqi Kurdistan, shares rise

Aug 24 (Reuters) - Norway’s DNO and British-based Genel Energy, the two main foreign oil producers in Iraqi Kurdistan, have struck agreements with the Kurdistan Regional Government (KRG) to clear outstanding debt and restructure oil export payments going forward.

As part of its deal with the KRG, DNO agreed to increase its stake in the Tawke oilfield to 75 percent, taking over the KRG’s interest, the company said.

Genel Energy said its own agreement included the company receiving a higher share of revenue, at 4.5 percent, from oil sold from the Tawke field.

Shares in both companies jumped after the announcement, with DNO rising 6.5 percent by 0848 GMT and Genel Energy up 6.9 percent.

Reporting by Karolin Schaps and Nerijus Adomaitis; Editing by David Goodman

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