Kurdistan Regional Government has paid a gross payment of US$15 million to Gulf Keystone Petroleum (GKP) for crude oil export sales during February 2017.
Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the world class Shaikan oil field with current production capacity of 40,000 barrels of oil per day.
As one of the first companies to see the potential of the region, Gulf Keystone remains one of the most active operators in the Kurdistan Region of Iraq.
With the Shaikan discovery alone, declared commercial in 2012, Gulf Keystone has one of the largest onshore developments in the world today and a nameplate production capacity of 40,000 barrels of oil per day, with a mid to long-term production target of 110,000 bopd.
We believe that we have only scratched the surface of the true value of Shaikan and our ongoing exploration and appraisal activity is expected to result in further upside.