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London listed Gulf Keystone (GKP), which operates Iraqi Kurdistan’s 32,000 b/d Shaikan field (80%, MOL 20%) is putting its money where its mouth is. The firm confirmed in its H1 results this week that it has accelerated and expanded its production capacity expansion project, increasing the project’s price tag as a result.
Gross capex for the project has been boosted from $175-215mn to $200-230mn ($160-184mn net GKP) to “accelerate the production increase” toward its 55,000 b/d target and to tie in its PF-1 production facility to the Kurdistan export pipeline.
Construction is now underway to increase output capacity to 55,000 b/d by end-2018. Indeed, one element has already been completed with the PF-2 facility hooked up to the export pipeline in July. Once PF-1 is also linked up, all of Shaikan’s output will be directly exportable by pipeline.
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