Gulf Keystone has announced that production has commenced from the Shaikan oilfield in Kurdistan Region of Iraq
The commercial production by early September 2013 was approximately 12,400 barrels per day (bpd), with future potential for 20,000 bpd, the company said.
The energy firm said it was also constructing a Shaikan production facility (PF-2), which will be capable of producing the same output (lifting the total to approximately 40,000 bpd) and could be completed in October 2013.
Gulf Keystone said it will take a cash-neutral approach to growing operations, which will include drilling up to eight wells on Shaikan field in 2014 and investment decisions on additional Shaikan production facilities.
Situated approximately 85km northwest of Erbil and covering an area of about 283 sq km, Gulf Keystone previously estimated the Shaikan field held 13.7bn barrels of gross mean oil-in-place.
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Gulf Keystone spuds Shaikan oil well in Kurdistan Region of Iraq
