“the powerful countries are silent for their own interests
‘Lost daughter of Halabja’ finds comfort 30 years after genocide
Turkey releases figures for strikes on PKK in Kurdistan Region
The statement detailed that 11 caves destroyed
WSC Wins $35m Contract in Basra
By John Lee.
Malaysia-based Wah Seong Corporation Berhad (WSC) has announced that its indirect wholly-owned subsidiary Wasco Engineering International Ltd (WEIL) has been awarded a contract by Basrah Gas Company (BGC) for the design, packaging and sale of gas compressor packages and associated plant and site facilities.
The contract is valued at $34.6 million.
The scope of work of the contract involves provision of gas compressors and process equipment such as tri-ethylene glycol (TEG) unit, fuel gas conditioning skid, pipe racks, slug catcher, knock out drum, vent stack, site facilities such as office and workshop containers, lighting, safety equipment, fire and gas detectors, power generators and air compressors.
The activities undertaken will include engineering, detail design, procurement and packaging of the above process equipment. The activity is expected to commence in March 2018, and to be completed by end of 2018.
The contract is for the provision of engineering, design, supply and fabrication services which are within the business scope of the Engineering Division of the WSC Group and the risks are the normal operational risks associated with the said business. The WSC Group has previously supplied similar packages to the same customer in Iraq.
The contract is expected to contribute positively to the earnings of WSC Group over the contract period. The contract is project specific and is not renewable.
(Source: WSC)
In pictures: Delegations pay respect to Halabja survivors
5,000 were killed on March 16, 1988
Halabja athletes race with message of hope
“It is good to change sadness to happiness through sport,”
Turkish jets strike Kurdistan Region for third day
Turkish jets strike Kurdistan Region for third day
Three Kurdish parties returning to Tuz Khurmatu
KIU, Gorran, Komal obtained permission from Khurmatu authorities
KRG struggles to care for 834 children of Shingal’s missing parents
extended families are looking after the children
International flight ban ‘lifted,’ but reality differs in Kurdistan
technical teams to arrive on Sunday
DNO announces Higher Revenues, Profits, Production, Reserves
DNO ASA, the Norwegian oil and gas operator, today released its 2017 Annual Report and Accounts together with its 2017 Annual Statement of Reserves and Resources and reported improvements across key financial and operational metrics.
Annual 2017 revenues climbed to USD 347 million, up 72 percent from year earlier levels. Operating profit totaled USD 521 million, up from USD 6 million in 2016, with the recognition as other income of USD 556 million under the August 2017 Kurdistan Receivables Settlement Agreement.
Excluding the settlement agreement and non-cash impairments, operating profit in 2017 more than doubled to USD 72 million. And notwithstanding a doubling of operational spend to USD 259 million, the Company ended the year with a cash balance of USD 430 million.
Company Working Interest (CWI) production increased to 73,700 barrels of oil equivalent per day (boepd) from 69,200 boepd in 2016 (operated production in 2017 was 113,500 boepd, up from 112,600 boepd in 2016). Lifting costs last year averaged USD 3.6 per barrel of oil equivalent.
Iraqi Kurdistan
DNO’s production continues to be driven by the Tawke field in Kurdistan, where output in 2017 averaged 105,500 barrels of oil per day (bopd).
The adjacent Peshkabir field, brought on stream midyear, contributed another 3,600 bopd to bring total Tawke license production to 109,100 bopd in 2017. The Company plans to bolster production from the license with 10 new wells in 2018.
“We are committed this year to continue to outdrill, outproduce and outperform all other international companies in Kurdistan – combined,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani.
At yearend 2017, DNO’s CWI 1P reserves climbed to 240 million barrels of oil equivalent (MMboe) from 219 MMboe at yearend 2016, after adjusting for production during the year, technical revisions and an increase in DNO’s operated stake in the Tawke license from 55 percent to 75 percent.
On a 2P basis, DNO’s CWI reserves stood at 384 MMboe (up from 368 MMboe) and on a 3P basis, DNO’s CWI reserves stood at 666 MMboe (up from 521 MMboe). DNO’s yearend 2017 CWI contingent resources (2C) were estimated at 99 MMboe, down from 161 MMboe at yearend 2016, following reclassification of certain contingent resources to reserves.
On a gross basis, at yearend 2017, 1P reserves at the Tawke license containing the Tawke and Peshkabir fields totaled 348 MMboe (353 MMboe at yearend 2016) after adjusting for production of 40 MMboe during the year and technical revisions; 2P reserves totaled 513 MMboe (536 MMboe at yearend 2016); 3P reserves totaled 880 MMboe (725 MMboe at yearend 2016) and 2C resources totaled 91 MMboe (211 MMboe at yearend 2016) following reclassification.
International petroleum consultants DeGolyer and MacNaughton carried out the annual independent assessment of the Tawke and Peshkabir fields. DNO internally evaluated the remaining assets.
(Source: DNO)