DNO says it has still not been paid for Iraqi oil
Norwegian company still not paid for oil produced from Tawke field
Norwegian energy company DNO International has said that it is still waiting to be paid for the oil it pumped from the Tawke oilfield in Iraqi Kurdistan.
News agency Reuters reported that the Tawke field is yielding 50,000 barrels per day (bpd) of oil for DNO of which 45,000 bpd are being exported.
"Pricing and payment procedures have yet to be established for the international sales from the Tawke field," DNO is reported by Reuters as saying.
The company said that it has been assured by the Kurdistan Regional Government (KRG) that the payment issue will be resolved.
"When such payment procedures are in effect, DNO expects both increasing cash flow and strengthening of its financial position. In the meantime, DNO will maintain high focus on capital discipline," the company said in comments published by Reuter.
The Norwegian company also reported second quarter profits of US$19.21 million.