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ExxonMobil, DNO ink Baeshiqa partnership

Written by  AOG Staff Saturday, 09 September 2017 22:35
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Norwegian oil and gas operator DNO ASA announced an agreement with ExxonMobil to join the Baeshiqa license in the Kurdistan region of Iraq in Western Asia. 

DNO will assume operatorship of the license with a 40% interest, acquiring one-half of ExxonMobil's position. ExxonMobil retains a 40% interest, the Turkish Energy Company (TEC) its 20% interest and the Kurdistan Regional Government its 20% interest.

Pending Government approval, DNO will drill an exploration well in the first half of 2018 with a second exploration well to follow on a separate structure.

The 324sq km license is situated 60km west of Erbil and 20km east of Mosul. ExxonMobil had previously conducted extensive geological and geophysical studies and constructed a drilling pad before work was interrupted due to security conditions in the region.

The Baeshiqa license contains two large, undrilled structures which are expected to have multiple independent stacked target reservoir systems, including in the Cretaceous, Jurassic and Triassic.

DNO currently operates two other licenses in Kurdistan: one contains the Tawke and Peshkabir fields which together produce over 110,000 bo/d and the other the Benenan and Bastora heavy oil fields which are undergoing further appraisal and development.

"We are pleased to partner with ExxonMobil, TEC and the Government on this exciting exploration opportunity," said Bijan Mossavar-Rahmani, DNO's Executive Chairman.

"We bring to the project a 10-year record of operations in Kurdistan, culminating in more than 200 MMbbl produced to date. “Following regularization of export payments and a landmark agreement with the government to close out our historical receivables, our foot is back firmly on the accelerator,” said Bijan Mossavar-Rahmani, DNO's executive chairman.

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