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Eexonmobil Exits The Iraqi Kurdistan License
Oil & Gas | 14 February 2021

The Norwegian oil and gas operator DNO announced the acquisition of ExxonMobil’s 32% interest by doubling its stake in the Baeshiqa license in the Kurdistan region of Iraq. The financial terms of the deal are yet to be disclosed.

The deal is pending government approval, which will double DNO’s operated stake to 64 percent (80% paying interest) and ExxonMobil sees an exit from the asset. DNO said it had planned to continue an exploration and appraisal program on the license while fast-tracking early production from existing wells in 2021.

With the finalization of the deal, the remaining partners in the license would include TEC, with a 16 percent stake, and the Kurdistan Regional Government with a 20 percent carried interest. DNO earlier bought a 32 percent interest in the Baeshiqa license from ExxonMobil, and figured operatorship of the asset, back in 2018.

The 125 square mile Baeshiqa license is apparently said to comprise of two large structures, Baeshiqa and Zartik, which will have multiple independent stacked target reservoir systems, including in the Cretaceous, Jurassic and Triassic, DNO mentioned. Moreover the Baeshiqa license, DNO operates the Tawke license, containing the Tawke and Peshkabir fields, in Kurdistan. DNO also pointed that the gross operated production from the Tawke license averaged 110,300 barrels of oil per day in 2020, with a 2C volume of 43mmbbls. The estimates are from three of the tested zones in the two wells.

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