Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the world class Shaikan oil field with current production capacity of 40,000 barrels of oil per day.
As one of the first companies to see the potential of the region, Gulf Keystone remains one of the most active operators in the Kurdistan Region of Iraq.
With the Shaikan discovery alone, declared commercial in 2012, Gulf Keystone has one of the largest onshore developments in the world today and a nameplate production capacity of 40,000 barrels of oil per day, with a mid to long-term production target of 110,000 bopd.
We believe that we have only scratched the surface of the true value of Shaikan and our ongoing exploration and appraisal activity is expected to result in further upside.
Shaikan: Increasing production
Shaikan was declared a Commercial Discovery in August 2012 and the Field Development Plan was approved in June 2013, following which we commenced commercial production and crude oil export sales from the field. Having achieved our cumulative production target of 40,000 bopd in December 2014, our aim is to maintain 40,000 bopd while we have the option to grow production to 55,000 bopd, subject to a regular payment cycle, before moving to the next develoment phase.