Gulf Keystone has confirmed the start of crude oil exports from its Shaikan field located in the Kurdistan Region of Iraq
The Bermuda-based company said that in line with its marketing strategy, which is being developed in co-operation with the ministry of natural resources of the Kurdistan Regional Government, the first tendered cargo of between 30,000 tonnes and 33,000 tonnes of Shaikan crude was trucked to Turkey late last year and will be loading at the port of Dortyol this month.
A second tender is under way for two further cargoes of similar size of Shaikan crude, which are expected to be loaded later this month and during February. Sales realisations are expected to be in accordance with the terms of the production sharing contract for the Shaikan Block and will reflect transportation and quality adjustments.
Chief executive Todd Kozel said, "Significant progress has been made since the Shaikan field development plan was approved in June 2013. We began commercial production 30 days after its approval and now the first cargo of Shaikan crude is being sold to the international market.
"As we are increasing Shaikan production, we are developing a flexible marketing strategy in co-operation with the ministry of natural resources of the Kurdistan Regional Government to achieve the best price for our crude. Our short-term focus is on the trucking export route via Turkey, while we are working on getting access to the regional pipeline network."
