• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 5 hours Sources confirm Trump to sign two new Executive orders.
  • 1 hour CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 10 hours Why Wind is pitiful for most regions on earth
  • 3 hours In a Nutshell...
  • 5 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 21 hours During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 9 hours A Real Reality Check on "Green Hydrogen"
  • 13 hours Why Oil could hit $100
  • 6 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days Joe Biden to black radio host, "If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 1 hour Putin Paid Militants to Kill US Troops
  • 2 days Coronavirus hype biggest political hoax in history

Gulf Keystone Petroleum Slashes 40% Of Jobs

Gulf Keystone Petroleum, which operates in Iraq’s semi-autonomous Kurdistan Region, is reducing its workforce by around 40 percent in view of the unprecedented oil market and macroeconomic conditions, the London-listed independent oil company said on Friday.

Gulf Keystone Petroleum operates the Shaikan Field northwest of Erbil under a Production Sharing Contract with the Kurdistan Regional Government (KRG) and has an 80-percent working interest in the Shaikan license.

Because of the oil price crash, the company is reducing costs by cutting the workforce of around 400 people by some 40 percent, including over 60 percent of expatriates, Gulf Keystone Petroleum said in an operational and corporate update on Friday.  

“In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business,” Gulf Keystone’s Chief Executive Officer Jón Ferrier said.

“Whilst uncertainty around the timing of the end of the crisis persists, the partial oil price recovery gives us some grounds for optimism about the future and our return to delivering the significant untapped value in Shaikan,” the manager added.

In April, when oil prices slumped due to the demand crash, Gulf Keystone Petroleum, the seller of Shaikan crude oil, gave its oil away for free, as the price of its oil pumped from the Shaikan field traded more than $21 under Brent prices. Brent Crude traded at an average of $21.04 for April.

The company confirmed in late May that it had “submitted an invoice to the Kurdistan Regional Government for a nil amount as the monthly average Dated Brent price in April was below the Shaikan crude discount.”  

“Following the increase in the Dated Brent price over recent weeks, the invoice to be submitted for crude oil sales during May 2020 will return to a positive amount,” Gulf Keystone Petroleum said last month.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News