Gulf Keystone has released an update on its four blocks in the Kurdistan Region of Iraq, including the discoveries at Shaikan and Shiekh Adi, a s well as Akri-Bijeel and Ber Bahr.
With the Shaikan commercial discovery alone, Gulf Keystone has one of the world’s largest onshore conventional oil & gas developments with a Pmean of 13.7 billion barrels of gross oil-in-place as set out by Dynamic Global Advisors, independent Houston-based exploration consultants.
The company announced that it is on the verge of moving into a phase of significant production, with the capacity to produce up to 40,000 barrels of oil per day (bpd) from Shaikan in the coming months and up to 400,000 bpd in the coming years.
The size and quality of the Company’s fields is now increasingly recognised and a number of the world’s largest oil companies, including ExxonMobil, Chevron and Total, are now following Gulf Keystone’s lead and commencing active work programmes in the Kurdistan Region of Iraq, the company said.
“As one of the first companies to see the potential of the region, over the last five years Gulf Keystone has drilled or participated in nearly 20 wells and remains one of the most active operators in the Kurdistan Region of Iraq,” said Todd Kozel, Executive Chairman and CEO. “Shaikan is the largest onshore development worldwide today not in the hands of a major operator. However, we believe that we have only scratched the surface of the true value of our blocks and our ongoing exploration and appraisal activity is expected to result in further upside.”
“The Company is encouraged by recent reports from a variety of sources, including political spokespersons, regarding the close and burgeoning ties between the Kurdistan Region of Iraq and Turkey, which the Company believes presents further transformational progress for the region. In this context, Gulf Keystone will play a major role as a co-host of the 2nd International Energy Arena Conference in Erbil on 30 May, a meeting place for key political and industry decision makers on the energy cooperation between the Kurdistan Region of Iraq and Turkey,” he added. “I therefore strongly believe that there is considerable momentum in the development of Kurdistan’s vast natural resources and Gulf Keystone is in a prime position to benefit as the region moves to this next stage.”
“Our remarkable journey continues and I remain indebted to our hosts in the Kurdistan Regional Government and to the outstanding team within our Company. We have never been more excited about the future.”
