Gulf Keystone has announced it is moving into a "phase of significant production" and also provided an update on its discoveries at Shaikan, Sheikh Adi, Akri-Bijeel and Ber Bahr in the Kurdistan Region of Iraq
Gulf Keystone has announced plans to raise production from Shaikan, which has an estimated 13.7bn barrels of gross oil-in-place, to 40,000 bpd in the coming months, 150,000 bpd in 2015 and then to 400,000 bpd in the coming years.
The company said in a statement that it will be a key contributor in meeting the Kurdistan Regional Government's oil production targets of one million bpd in 2015 and two million bpd by 2019.
Considerable progress is also being made on regional pipeline infrastructure development and Gulf Keystone's increasing production will be matched by available export capacity.
"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 of Gulf Keystone.
"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."
The statement from Gulf Keystone added that the planned oil pipeline to the Fishkabur pump station on the border with Turkey is expected to be complete this year.
The company's drilling campaign continues with its 18th and 19th wells: the Shaikan-7 deep exploration well and the Shaikan-10 development well, which is expected to spud in Q2 2013.
Appraisal drilling is planned for the 1.9bn barrel Sheikh Adi field, as well as further exploration work on the block.
An extensive exploration and appraisal programme is ongoing on the Akri-Bijeel block with two discoveries, Bijell-1 and Bakrman-1, made to date.
