Norwegian oil firm DNO International said it is ramping up oil production in Iraq as it confirmed an oil discovery in the country's resource-rich Tawke field and has resumed drilling operations in Yemen.
DNO, which explores and produces oil and gas in Iraq and Yemen and plans to expand activities in North Africa and the Middle East, had a gross production of 50,948 barrels of oil equivalent per day in the first quarter in the Kurdistan region, making up the bulk of the company's output.
"In parallel with its stepped up operational activities in the Kurdistan Region of Iraq, the company continues to ramp up production and sales of oil to the local market," it said in a statement on Thursday, without providing further details.
Asked how higher production and sales in Kurdistan could affect earnings, DNO spokesman Tom Bratlie said: "We expect that the second quarter will be in line with our guidance."