13th Nov 2014 10:03
LONDON (Alliance News) - Gulf Keystone Petroleum Ltd Thursday said its crude oil exports from its Shaikan oilfield in northern Iraq to the Turkish coast has remained uninterrupted over the last year and said it is on track to increase production from the field before the end of the year.
The company said it is currently exporting all of its production from the Shaikan field by truck to the Turkish coast, and said exports had remained uninterrupted since November 2013, following previous disturbances and threats from groups of insurgents from Islamic State in the country.
Production levels from the Shaikan field remain stable at an average of 23,000 barrels of oil per day from a total of five wells. Gulf Keystone remains on track to nearly doubling the production capacity of the field to 40,000 barrels of oil per day before the end of the year, it said in a statement.
"Gulf Keystone's production operations and export oil sales have continued uninterrupted in 2014. All current production is being exported by truck and these exports are set to increase in the coming months as we are nearing our production target of 40,000 barrels of oil per day," said Chief Executive John Gerstenlauer.
Gulf Keystone also said the Kurdistan regional government has committed to introducing a more regular payment system and said it is expecting a payment for its exports during November after the government pledged to make initial payments to producers totalling USD75 million during this month.
"As we stand by the Kurdistan region and its people, we welcome the Kurdistan regional government's commitment to putting in place a regular payment cycle for oil exports from the region. As our production increases, we look forward to receiving our full contractual entitlement," added Gerstenlauer.
Gulf Keystone shares were down 2.1% to 75.12 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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