Gulf Keystone Petroleum hits production target

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Gulf Keystone Petroleum said seven wells are now producing at its Shaikan production facilities.

A further well is expected to come online this month in the Kurdistan region of Iraq where operations are taking place.

The company said total daily production has been gradually increasing since last month, with the company’s 400,000 gross barrels of oil per day target being reached shortly before New Year.

John Gerstenlauer, Gulf Keystone’s chief executive officer, said: “We are pleased to begin 2015 on the back of a positive end to last year, having achieved the company’s record daily production and crude oil export sales rates from the Shaikan field.

“2014 was not without its challenges for the Kurdistan Region and we are proud of what has been achieved against this backdrop, in particular a nearly 300% increase in Shaikan production and export sales since January 2014.

“Our immediate focus is to ensure a stable daily production rate of 40,000 gross barrels of oil per day, which is a base for future production growth, whilst maintaining a regular payment cycle for Shaikan export oil sales by truck and to finalise a pipeline access solution for Shaikan.”