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Norwegian Oil Firm Keen on Iran Entry

Norwegian Oil Firm Keen on Iran EntryNorwegian Oil Firm Keen on Iran Entry

Norway's DNO ASA, which has operations across the Middle East, would like to do business in Iran when sanctions against the country are lifted as planned, the energy company said on Thursday. Oslo-listed DNO has its biggest operation in Iraqi Kurdistan, where it produced about 153,000 barrels of oil per day in the second quarter. It is also present in Oman, Yemen, Somaliland, Tunisia and the UAE, Reuters reported. "Iran offers interesting opportunities at such time as international sanctions are removed," the company said. "DNO (is) uniquely well placed, as it operates oil and gas projects, both onshore and offshore, in three neighboring countries with specific synergies and opportunities." The firm's technology and experience could be relevant to increase output from Iran's existing fields and for developing new ones, it said. DNO reported a second-quarter net loss of $39.9 million versus a profit of $44.4 million a year earlier. Revenue of $54.8 million topped the $49 million expected by analysts polled by Reuters.

 

Financialtribune.com