11th Dec 2024 10:43
(Alliance News) - Gulf Keystone Petroleum Ltd on Wednesday said 2024 has been a positive year for the company due to "strong operational and financial delivery".
The oil and gas producer, which operates in the Kurdistan region of Iraq, said gross average production was around 40,200 barrels of oil per day in the year to date, up from 21,891 barrels in 2023.
Average production fell to around 29,500 barrels per day in November due to the planned shutdown of a production facility, which was completed at the beginning of December.
The company said capital and cost discipline had allowed free cash flow generation despite recent temporary disruption.
Gulf Keystone said the near-term local sales outlook is strong, but the market is difficult to predict in the long-term. It said realised prices for crude oil have remained stable at between USD27 and USD28 per barrel.
It extended its ongoing share buyback programme of up to USD10 million, which will now run to completion or March 20, instead of the end of 2024.
Gulf Keystone is looking to restart Kurdistan crude exports through the Iraq-Turkey pipeline, with an amendment regarding compensation requiring approval by the Iraqi parliament which will return from recess in January.
It said the move would be a positive step but "a number of key details remain outstanding regarding payment surety for future oil exports, the repayment of outstanding receivables and the preservation of current contract economics".
Shares in Gulf Keystone were up 0.6% to 140.03 pence in London on Wednesday morning.
By Michael Hennessey, Alliance News reporter
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