Norwegian oil firm claims 100 million barrels in Northern Iraq
Independent Norwegian oil firm DNO has said that tests in its Tawke oil field in Kurdish northern
Iraq indicated reserves of about 100 million barrels.
Last year, DNO reached an agreement with local Kurdish authorities to drill in the region, and in April said it had struck oil and would perform more tests.
On Monday, it said that test drilling had resulted in a maximum flow rate of 5,000 barrels of oil per day.
DNO Managing Director Helge Eide said the preliminary reserves data and the good quality of the oil were sufficient for the installation of production facilities, with a target of producing oil in the first quarter of 2007.
This would make DNO the first western firm to produce oil in Iraq since the 2003 US-led invasion.
Shares in DNO rose on the Oslo stock exchange in reaction, climbing 6.9 percent to 57.50 Norwegian kroner.