DNO says Yemen NI production fall in Q4

Norwegian oil producer DNO's fourth-quarter net entitlement (NI) production from Yemen showed a small drop in the fourth quarter, and total production fell heavily due to the halt in Iraqi exports. DNO's fourth quarter NI production from Yemen, which best reflects DNO's actual share of the output, fell to 4,738 from 4,987 bopd in the third quarter. Yemen December production stood at an average 4,913 bopd and the average realised oil price in the fourth quarter was $76 a barrel. The company's total working interest production fell to 13,581 barrels of oil per day (boed) in the fourth quarter, down from 44,578 bopd in the third. Total working interest production in December stood at 14,744 bopd. DNO said its fourth quarter NI production from the Tawke field in Kurdistan dropped to 3,959 bopd from 24,796 bopd in the third quarter after an ongoing disagreement with authorities over a revenue-sharing deal halted exports. DNO was the first foreign company to drill for oil in Iraq after the 2003 U.S-led invasion. The company set up production in Iraqi Kurdistan but has halted exports due to the row between the Arab-led central government and the semi-autonomous Kurdish authorities.