Genel Energy notes that DNO ASA, as operator of the Tawke PSC (Genel 25% working interest), has today issued an update on licence activity.

Following closure of the Iraq-Türkiye Pipeline in March, the Operator gradually reopened the Tawke and Peshkabir fields and stepped up deliveries to local trading companies in the Kurdistan Region of Iraq. 

The Tawke field was reopened on 18 July, and gross production from the Tawke licence in Q3 2023 totalled 25,984 bopd. Production continues to increase; so far in the fourth quarter output is averaging double the level of the third quarter, with the Peshkabir field having restarted production on 16 October.

The DNO-Genel contractual entitlement, currently around one-half of volumes produced, is sold at prices that vary narrowly in the mid $30s per barrel, and payments are made in advance before any oil is delivered. These payments more than covered operational spend in Q3.

KeyFacts Energy: Genel Energy Iraq country profile