Gulf Keystone has official plans to raise output from its Shaikan field in Iraqi Kurdistan to 100,000 b/d by 2018. But a severe payments backlog, and the lack of a clear schedule to rectify this, have left the firm short of cash and unwilling and/or unable to advance expansion plans.

The only significant assets of London-listed independent Gulf Keystone (GKP) are in Iraqi Kurdistan, with sole production coming from the Shaikan field, which it operates. Here the firm has lowered its 2015 output target to 36,000 b/d from the 40,000 b/d it hit in late 2014. (CONTINUED - 1026 WORDS)