Cairo – Decypha: Production from the Kurdish Shaikan oil field has reached 34,749 barrels per day (bpd), where the production average for the first quarter of 2017 (Q1-17) has averaged 36,293 bpd, according to a statement from Gulf Keystone Petroleum, an operator in the Kurdish north of Iraq, reported Al Bawaba.
Security concerns have affected production in the Iraq’s Kurdistan during the past year.
The company statement came after regional counterpart Genel Energy announced its plans for growth, in terms of natural gas production, from the Kurdish north.
Gulf Keystone additionally announced that it has secured the necessary funding necessary to move regional production to 40,000 bpd and could potentially hit 55,000 bpd mark.
However, the company had noted that it was in discussions with the Kurdish government about commercial and contraction conditions. “Payments from the Kurdish government have been an issue in the past and, provided discussions with the government yield satisfactory results, further investments in the region will continue,” the company stressed in a statement.
By Decypha Editorial Team
