Due to turbulence and uncertainty in global oil and financial markets triggered by the coronavirus pandemic, DNO has updated their guidance for 2020. Working Interest (CWI) production will be reduced to a projected 88,000 barrels of oil equivalent per day (boepd), of which the Kurdistan region of Iraq will contribute 71,000 barrels of oil per day (bopd) and the North Sea 17,000 boepd for the second half of 2120. DNO’s CWI production averaged 104,800 boepd last year.
“Budget cuts and the newly announced Norwegian production caps are not expected to make a material change to DNO’s 2020 North Sea projections; the majority of the Company’s fields subject to the restrictions are not fully utilizing their previous higher production permits,“ the company says in a press release.
