• 3 minutes In a Nutshell...
  • 5 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 7 minutes Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 9 minutes Why Oil could hit $100
  • 5 mins COVID is real now
  • 3 hours The Quad naval alliance forming.
  • 15 hours The Grey Lady has fallen (further into irrelevancy)
  • 2 days Where is Alberta, Canada headed?
  • 23 hours Is The Three Gorges Dam on the Brink of Collapse?
  • 15 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 ?
  • 17 hours The Boris Yeltsin of America
  • 1 day Is the oil & gas industry on the way out?
  • 2 days Joe Biden offers advice to correct the public health
  • 41 mins Is Biden the poster child for White Privilege ? DNC needs to replace him now before it's too late.
  • 2 days There Has Been No Trump Manufacturing Boom Even Before Covid
  • 2 days Fauci: "USA will soon have 100K new cases per day". Trump re(p)-lies: "The problem has been fixed"
Iran’s Oil Storage Ready To Burst

Iran’s Oil Storage Ready To Burst

The amount of oil that…

Rising Demand Leads To Record Refinery Runs In China

Rising Demand Leads To Record Refinery Runs In China

Chinese refineries processed a record-high…

Gulf Keystone Resumes Investing On Boosting Kurdistan Oil Production

London-listed independent operator and producer Gulf Keystone Petroleum said on Monday that it would resume investing in the Shaikan oil field in Iraq’s Kurdistan Region, aiming to boost production to 55,000 bpd in the second half of 2019, from just over 30,000 bpd now.

Gulf Keystone, operator of the Shaikan oil field, with its partner, Hungary’s MOL, reached an agreement with the natural resources ministry of the Kurdistan Regional Government about the investment project at Shaikan, which will require a total gross investment of between US$200 million and US$230 million, of which Gulf Keystone’s net share of the funding will be between US$160 million and US$184 million.

After achieving the 55,000 bpd target in the second half of 2019, Gulf Keystone and its joint venture partner will target a production increase to 75,000 bpd and then to 110,000 bpd.

Gulf Keystone and MOL plan to submit a revised field development plan to Kurdistan’s natural resources ministry later this year, setting out the “framework and details of how production increases beyond 55,000 bopd will be achieved.”

“We expect to communicate this work plan and associated capex towards the end of the year,” Gulf Keystone said in its first-half 2018 earnings release today, which showed record profit after tax.

At Shaikan, the gross average production in the first half of 2018 was 31,861 bopd and 31,399 bopd for July and August, at the top end of the full-year guidance of 27,000-32,000 bopd, which was kept unchanged, Gulf Keystone said.

“The region has remained stable and the Company has also benefited from an improved oil price environment, with the average Brent crude oil price for the first half of the year being over $70 a barrel (H1 2017: $52/bbl). The resurgence in oil prices also played a role in the global investment community becoming increasingly positive on the prospects for the oil and gas sector,” the company’s top managers said in the statement.

By Tsvetana Paraskova for 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