Gulf Keystone to start exporting

23rd May 2011 16:18

Oil explorer Gulf Keystone is preparing to export up to 5,000 barrels of oil per day (bopd) from its extended well test facility at Shaikan, at the request of the Ministry of Natural Resources of the Kurdistan Regional Government (KRG). A number of operational, commercial and legal preparations are required in order to be able to implement the Ministry's request, the company said in a statement accompanying an operational update on its activities in Kurdistan.The company is making steady progress in the Shaikan-2 and Sheikh Adi-1 drilling in the region. "We will soon have four exploration/appraisal wells underway in Kurdistan with further wells expected to spud before the end of the summer," John Gerstenlauer, Gulf Keystone's chief operating officer commented."The company views the recent announcement by the Kurdistan Regional Government confirming release of the first oil export payment to the KRG as an extremely positive development for all the oil producers in the Kurdistan Region of Iraq. This is especially good news for Gulf Keystone since we are preparing to meet the KRG's request to begin oil export at an initial volume of up to 5,000 bopd of crude," Gerstenlauer said.---jh