OSLO, Dec 21 (Reuters) - Norwegian independent oil producer DNO (DNO.OL) said on Friday that its share of production from a oilfield in northern Iraq rose to 5,882 barrels per day from 2,632 barrels in October.
DNO, which has a 55 percent working interest in the Tawke field in the Kurdish part of north Iraq, on Tuesday raised its estimate of recoverable oil at the field by more than double earlier estimates to 230 million barrels of oil.
“It is expected that there will be lower production from Tawke during the second half of December due to the holiday season,” DNO ASA said in a statement.
It added that the October output had been low due to the Eid holidays and a switch of the test production to the field’s lower reservoir.
DNO’s value largely depends on expectations of future production from the Iraq asset which it holds under a production sharing agreement with the Kurdistan regional authority.
DNO’s share of production from its fields in Yemen rose to 6,948 barrels per day in November from 6,791 in October, the company said.
From November, DNO’s production from fields off Norway is included in the associated company Det norske oljeselskap ASA DETNOR.OL which will be shown going forward as a separate line in the profit and loss statement, DNO said.
Reporting by John Acher