UK based Gulf Keystone Petroleum PLC have revealed they are targeting production increases, following "safe and secure" operations throughout the first half of 2018.
The Shaikan oil field has produced an average of just under 32,000 barrels of oil per day (bpd) so far in 2018, with production expected to continue between 27,000-32,000 bpd for the remainder of the year. However, Gulf Keystone have revealed that they intend to raise production at the field to 55,000 bpd for the second half of 2019, following agreements with the Kurdistan Regional Government’s Ministry of Natural Resource (MNR) and Hungarian Oil and Gas (MOL).
The company also revealed they have received regular oil sales payments from the KRG, with cash receipts of $107 million net paid to the company during the first half of 2018 and $147 million net paid to the company from production in the previous eight months up to the end of August 2018.
Source: Kurdistan 24