DNO inks Somaliland production sharing deal
Oslo, April 23, 2013
DNO International, the Norwegian oil and gas company, said it has entered into a production sharing contract (PSC) covering block SL18 onshore Somaliland adding substantial exploration acreage to its portfolio.
The President of Somaliland, Ahmed M. Mohamoud Silanyo, and DNO International's executive chairman, Bijan Mossavar-Rahmani, attended the signing ceremony in Washington, D.C.
"The 12,000 sq km block adds substantial exploration acreage to DNO's portfolio and in an area that is both prospective and undrilled," said Mossavar-Rahmani.
He pointed out that Somaliland falls within the company's geographic and geological comfort zones. "We have been active across the Gulf of Aden in Yemen since the late 1990s."
The company has initiated studies on Block SL18 ahead of an extensive seismic program planned for 2014.
DNO International is an Oslo-listed, Mena-focused oil and gas company holding stakes in 18 licenses in various stages of exploration, development and production both onshore and offshore. The company has a major presence in the UAE, Oman, Kurdistan, Yemen, Tunisia and Somaliland.-TradeArabia News Service