DNO takes Exxon operatorship
The Norwegian oil company will get half of ExxonMobil's stake in the Bashiqa block, one of three contracts it still holds with Iraqi Kurdistan, in the latest confidence-building move that could help the sector regain its momentum.
A night view of the rig drilling ExxonMobil's Maseif-1 well at the Pirmam block in Iraq's autonomous Kurdistan region. (PATRICK OSGOOD/Iraq Oil Report)
Norway's DNO is teaming up with ExxonMobil and a state-backed Turkish company in Ninewa province's Bashiqa block, under contract by Iraq's autonomous Kurdistan region.
"DNO will assume operatorship of the license with a 40 percent paying (32 percent net) interest, acquiring one-half of ExxonMobil's position," DNO said in a statement released early Friday from Oslo. "ExxonMobil retains a 40 percent paying (32 percent net) interest, the Turkish Energy Company (TEC) its 20 percent paying (16 percent net) interest and the Kurdistan Regional Government its 20 percent carried interest."
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