The Norwegian DNO ASA company announced its acquisition of ExxonMobil’s stake which is 32% of the Baeshiqa license located in Kurdistan region of Iraq, a press release stated.
After this acquisition, DNO’s operated stake to 64% pending governmental approval. It noted that it plans to continue the exploration and appraisal program on the license along with following up the early production from existing wells in 2021.
By increasing our stake in the Baeshiqa license now, we demonstrate our belief in its ultimate potential,” said Bijan Mossavar-Rahmani, DNO’s Executive Chairman.
“Following the stabilization of oil prices and export payments in Kurdistan, DNO is stepping up spending on new opportunities,” he added.
It is worth noting that DNO acquired the first 32% from ExxonMobil in 2018.