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UK independent Gulf Keystone has increased production from its Shaikan oil field in Iraqi Kurdistan as it ramps up to a year-end target of 40,000 b/d. It has ambitious plans to eventually hit 100,000b/d.
The firm says it has sold 2.4mn barrels of crude since January on the seaborne market via the Turkish Mediterranean port of Dörtyol, to where it is trucked.
The latest operational update for the Kurdistan-focused company came as it announced the appointment of a new CEO to replace Todd Kozel.
Gulf Keystone (GKP) says average production from the 9.5bn barrel Shaikan field has gone up by between 6,000 b/d and 10,000 b/d after two wells from a second production facility, PF-2, came online in May, raising total average output from the field to between 21,000 and 25,000 b/d. It sees total output rising to 30,000-35,000 b/d by November after it connects new flowlines from PF-2 and completes debottlenecking work on its two production units. The near-term target of 40,000 b/d will be attained by the end of the year, the firm says. (CONTINUED - 901 WORDS)