Gulf Keystone Petroleum Ltd. (LSE: GKP) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan oil field with current production capacity of 40,000 barrels of oil per day.
Gulf Keystone was one of the first companies to see the potential of the region and in 2009 discovered the Shaikan field which was declared a commercial discovery in 2012.
The Company operates one of today’s largest onshore developments with a production capacity of 40,000 barrels of oil per day, with plans to increase to 55,000 bopd in the near term, and further beyond.
The Company believes there remains significant upside potential in the Shaikan field and seeks to unlock this value through its development activity.
Shaikan: Increasing production
Shaikan was declared a Commercial Discovery in August 2012 and the Field Development Plan was approved in June 2013, following which commercial production from the field was commenced. Our aim is to produce 40,000 bopd with the option to grow production to 55,000 bopd before moving to the next development phase. Cumulative production from Shaikan has now exceeded 60 million barrels.