DNO and Dana Energy Sign Changuleh Oil Field Agreement

DNO ASA and Dana Energy Company signed a cooperation agreement in relation to Iran’s Changuleh oil field on 19 April 2017. The agreement was signed by DNO’s Managing Director Bjørn Dale and Dana Energy’s Exploration and Production Senior Vice President Hossein Roshandel.

This follows the Memorandum of Understanding (MoU) which DNO signed with the National Iranian Oil Company (NIOC) in November 2016 to conduct a study concerning the development of the Changuleh field in western Iran. Under the cooperation agreement, DNO and Dana Energy will work as partners to continue such studies in order to present a Master Development Plan to NIOC for a bid regarding the development of the field.

Changuleh, discovered in 1999 but never developed, is estimated to hold more than 2 billion barrels of oil-in-place.

DNO is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Oman, Somaliland, Tunisia and Yemen. DNO is the largest foreign oil producer in Kurdistan, producing around 110,000 barrels of oil per day from the Tawke field.

Dana Energy is a leading private Iranian oil and gas company. The company’s main purpose is to develop upstream oil and gas projects, in addition to provide services in exploration and production, oilfield services and energy trading.