Norwegian oil firm DNO DNO.OL raised its guidance on Monday for output from Iraq’s Tawke license and said the company now has more cash on its hands than debt for the first time since 2018.

Gross output from Tawke, located in the Iraqi Kurdish region, is now projected at between 107,000 and 109,000 barrels of oil equivalent per day (boed) in 2022, up from a previous forecast of 105,000 boed, the company said in a statement.

“DNO is committed to put its capital to work in its core competency and capture new opportunities created as peers and even some of the largest European companies scale back spending,” Executive Chairman Bijan Mossavar-Rahmani said.

“We believe in the oil and gas business and in our responsibility to all stakeholders, including host governments who want to capitalize on current prices and consumers who now call for more production, not less,” he said.

The company’s net profit rose to $72.3 million in the April-June quarter from $56.7 million in the same period a year ago, but was still down from the $140.5 million earned in the first three months of 2022.
Source: Reuters (Reporting by Terje Solsvik, editing by Stine Jacobsen)