Norwegian oil and gas operator DNO announced on Thursday its highest annual revenue of $829 million in the company's 47-year history.
The company's revenue for 2017 was reported as $347 million.
Cash flow from operations also saw a substantial increase of 40 percent to $472 million in 2018, of which $334 million represented free cash flow.
Operated production averaged 117,600 barrels of oil equivalent per day (boepd), up from 113,500 boepd in 2017.
The company stepped up its operational expenditure in 2018 to nearly $300 million to support the fast-track development of the Peshkabir field in the Kurdish Regional Government of Iraq (KRG) and the ongoing drilling program at the Tawke field within the same license.
Spending levels in 2019 are projected to rise by more than 40 percent from 2018 levels to an estimated $420 million.
DNO's 2019 drilling program includes up to 20 exploration and production wells in KRG, including up to 14 wells at the Tawke field, four at Peshkabir and two at the Baeshiqa license area.
Exploration at another five DNO-licensed wells in Norway is planned.
By Murat Temizer
Anadolu Agency
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