Gulf Keystone Petroleum has announced that it has received approval for developing the onshore Shaikan oilfield in the Kurdistan Region of Iraq
The Shaikan Block lies approximately 85km to the north-west of Erbil and covers an area of roughly 283 sq km.
Todd Kozel, chief executive of Gulf Keystone said, “Gulf Keystone is now fully permitted to commence production from the Shaikan Field and this represents a key milestone in the company’s growth.”
Kozel added that initial production, which is due to commence soon, would steadily rise to 20,000 bpd and increase to 40,000 bpd once the second production facility at the field was completed.
The company plans to boost output from the field to 150,000 bpd within the next three years and is aiming for production to top 250,000 bpd by 2018.
Gulf Keystone has previously estimated the Shaikan Field to hold 13.7bn billion barrels of gross mean oil-in-place.
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