DNO Will Pay 189 million to Top Diplomat

Norwegian financial newspaper Dagens Næringsliv (DN) wrote that the top U.S. diplomat Peter Galbraith owns five percent of the oil field Twake in Northern Iraq, after receiving the share as a reward for the role he played in DNO’s access to the field in 2004,

DN calculated that DNO must pay the former diplomat 189 million after the arbitration award

DNO boss Helge Eide confirmed that the U.S. diplomat's role in the arbitration.

The former US top diplomat was working as deputy when he was special envoy for the UN in Afghanistan.

In an announcement Wednesday DNO International said that the company must pay between 55 to 75 million U.S. dollars (NOK 320-440 million) after an arbitration proceeding in London .

DNO in Iraq

Norway based international upstream oil and gas company, DNO has its headquarters in Oslo.In June of 2004, DNO entered into Production Sharing Contracts (PSC) with the Kurdistan Regional Government in Northern Iraq. As one of the first international oil companies to enter this highly prospective region.

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