Gulf Keystone plans new spending in Kurdistan

Gulf Keystone has the resources ready to invest in further oil production in the Kurdistan Region of Iraq, a report released by the company on Tuesday stated.

In its 2017 half-year report, the company also described its Kurdistan Region operations as “safe and secure throughout H1 2017.”

Almost a decade since the start of its operations in Kurdistan, Gulf Keystone focuses solely on the Shaikan field, which now has a production capacity of 40,000 bopd. The company reported H1 2017 output at the field as 36,664 bopd and said cumulative production has surpassed 40 million barrels.

The company reaffirmed a longstanding goal of raising Shaikan production to 55,000 bopd in Tuesday’s report, saying it is “preparing to make further investments to maintain plateau production at the nameplate capacity of 40,000 bopd with a view to increasing to 55,000 bopd.”

Gulf Keystone has been among the beneficiaries of the Kurdistan Regional Government’s recent push to settle debts with investors and revive activity in its oil and gasfields.

In August 2017, the company said it had been notified by the KRG that it would receive USD 15 million in gross payments for April crude exports from the Shaikan field.