DNO International, an Iraq-focused oil producer with Ras Al Khaimah-based ownership, announced record operating revenues of Dh1.8 billion against an operating cash flow of Dh1.05bn.
Operating profit stood at Dh350.8 million, with the company citing one-off charges hindering the delivery of higher profit.
“2013 was a banner year for the company marked by several milestones, including great success from horizontal drilling at the Tawke field in Iraqi Kurdistan,” said Bijan Mossavar-Rahmani, DNO’s executive chairman. “We have an aggressive work programme planned for 2014 to drive up production and delivery capacity in existing fields while testing exploration prospects across the portfolio.”
Oil and gas production during the year rose to 39,170 barrels of oil equivalent per day (boepd) up from 38,354 boepd in 2012.
Production from its flagship Tawke field climbed to 155,000 barrels per day by the end of 2013 and is slated to reach 270,000bpd by the end of this year, with the completion of new horizontal wells.
The company, whose merger with the UAE’s RAK Petroleum was completed in 2011, has had its finances suffer from the political dispute over oil rights between the Kurdistan and central governments in Baghdad.
Angered by the production-sharing agreements that Erbil has signed with a string of international oil companies, Baghdad has withheld the bulk of the payments these companies are owed. The dispute has repeatedly led to a stop to exports from the autonomous region. In the first quarter of last year, DNO’s profits dropped to Dh107m after its share of production at Tawke declined by more than a quarter, as exports came to a halt.
DNO was the first foreign company to move into the semi-autonomous region after the second Iraq war, and it has been followed by UAE companies such as Abu Dhabi National Energy (Taqa) and Dana Gas, the Sharjah fuel producer.
A dispute between Iraq’s Kurdish region and Dana Gas over alleged non-payment of revenues has escalated amid a breakdown in trust between both parties. A tribunal was formed this month for Dana Gas’s international arbitration case against the Kurdish regional government.
ascott@thenational.ae
COMPANY%20PROFILE
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The%20Roundup
%3Cp%3EDirector%3A%20Lee%20Sang-yong%3Cbr%3EStars%3A%20Ma%20Dong-seok%2C%20Sukku%20Son%2C%20Choi%20Gwi-hwa%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Company%20Profile
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DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Haltia.ai%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Arto%20Bendiken%20and%20Talal%20Thabet%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20AI%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2041%0D%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20About%20%241.7%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self%2C%20family%20and%20friends%26nbsp%3B%3C%2Fp%3E%0A
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
COMPANY%20PROFILE
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Company Profile
Company name: OneOrder
Started: October 2021
Founders: Tamer Amer and Karim Maurice
Based: Cairo, Egypt
Industry: technology, logistics
Investors: A15 and self-funded
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
No Shame
Lily Allen
(Parlophone)
Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
COMPANY%20PROFILE%20
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Company%20profile
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
BeIN Sports currently has the rights to show
- Champions League
- English Premier League
- Spanish Primera Liga
- Italian, French and Scottish leagues
- Wimbledon and other tennis majors
- Formula One
- Rugby Union - Six Nations and European Cups
The%C2%A0specs%20
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The%20specs
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UAE currency: the story behind the money in your pockets