Friday 9 May 2014

DNO first-quarter profit falls as Kurdish oil exports stuck | The National

DNO first-quarter profit falls as Kurdish oil exports stuck | The National:



"DNO said first-quarter profit fell 21 per cent as oil exports to Turkey were stuck in storage amid a dispute over revenue sharing.



Net income fell to US$23.7 million from $30.1m a year before as sales grew 9.2 per cent to $112.8m, said the Norwegian oil producer focused on Iraq’s northern Kurdish region in a statement. The profit missed the $46m average of eight analyst estimates compiled by Bloomberg.



DNO, the first foreign company to drill for oil in Iraq after the US-led invasion in 2003, has been caught in a dispute between the semi-autonomous Kurdistan region and the central government in Baghdad over oil-export revenue sharing, contracts and land. The Kurds were still negotiating with Iraqi authorities as exports began from northern Iraq to Turkey, including from DNO and partner Genel Energy’s Tawke field."



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