Norwegian company DNO International has doubled its production levels, reaching record figures for the independent.
The company has also released details of dramatically increased capex scheduled for this year as part of a new upgrade programme to increase the production capacity of the company’s Tawke facility in Kurdistan from 70,000 bpd to 100,000 bpd. Other plans include the drilling of 18 exploration and appraisal wells in the coming year. Capex in 2011 was Nkr 422 million - the figure for 2012 shows a dramatic increase, rising to Nkr 1 billion.
DNO’s CEO, Helge Eide has said: “We are investing in additional production capacity through facilities upgrades and new wells across out portfolio and anticipate continuing increased production into 2012. There are also significant reserves upside from high impact exploration, appraisal and development drilling.”
Record output levels increased from 17,381 bpd in 2011 to 39,966 bpd. This significant increase, coupled with high oil prices lead to a 65% increase in revenue when compared to 2010 levels.
Read the article online at: https://www.oilfieldtechnology.com/exploration/15022012/dno_output_hits_record_levels/