OSLO, Aug 17 (Reuters) - Norwegian oil company DNO said on Thursday it had last month partly resumed production at its Tawke field in the Iraqi Kurdistan region, delivering oil to the local market at a discount as a key export pipeline remained shut.
DNO swung to an operating loss of $15 million for the second quarter from a year-ago profit of $81 million, as its overall net production dropped to the lowest level in 13 years.
DNO had halted its production in Iraq's semi-autonomous region of Kurdistan when Turkey in March shut down an export pipeline following Baghdad's
win in an arbitration case at the Paris-based International Chamber of Commerce (ICC).
DNO on Thursday said its flagship Tawke field was now producing at a rate of 40,000 barrels of oil per day (bpd), while the nearby Peshkabir field remained shut.
"While there is no light at the end of the export pipeline, we are seeing the headlights of more and more incoming tanker trucks loading up our Tawke cargoes on a cash-and-carry basis," DNO Executive Chairman Bijan Mossavar-Rahmani said. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)
Genel Energy (GENL)
