London-listed Gulf Keystone Petroleum (GKP) is hopeful that its planned merger with fellow Kurdistan-focused ShaMaran will position the combined company for substantial growth. Executives put working interest (WI) capacity from the combined entity at 53,000 b/d (MEES, 23 October), with GKP CEO Jon Harris tells MEES that he is optimistic production could rise to 100,000 b/d within a few years.
Gulf Keystone operates the 45,000 b/d capacity Shaikan oil field, which generates around 28,000 b/d of working interest production under amended PSC terms that have yet to be implemented; under the amended PSC, its stake would fall from 80% to 61.5% (see chart 1). ShaMaran, meanwhile, has stakes at two fields operated by US independent HKN; the 44,000 b/d Atrush field (50%) and Sarsang (18%), where capacity is currently limited to around 24,000 b/d following damage sustained earlier this year during the regional conflict. ShaMaran has also agreed to acquire a 25% stake in HKN’s 20,000 b/d Hamrin oil field in federal Iraq. (CONTINUED - 1560 WORDS)
