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FINANCIAL NEWS
Gulf Keystone restarts crude oil output in Northern Iraq
04 Nov 2012
(MENAFN) London-based oil exploration firm Gulf Keystone Petroleum Limited announced the resumption of crude output in Kurdistan, Reuters reported.
According to industry sources, the company is now pumping 5,000 to 7,000 barrels of oil per day (bpd) for sale on the domestic market and is developing its Shaikan field to boost production to around 40,000 bpd by mid-2013, some of which may be exported.
The Shaikan field is Gulf Keystone’s prize asset, from which it aims to produce as much as 150,000 bpd by 2015.
In May, Kurdstan Regional Government (KRG) has ordered Gulf Keystone to halt production amid long-running dispute with Baghdad, which lead earlier this year to a disruption in payments to operators in the northern region.
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