ERBIL, Kurdistan Region (Kurdistan24) – The Gulf Keystone Petroleum states that a significant operational progress has been made in the Shaikhan block southern Duhok city in the Kurdistan Region.
Gulf Keystone Petroleum in a statement on Thursday stated that the company has been able to increase the crude production and export at the Shaikhan block.
“Significant operational progress has been made on the Shaikan block since the Shaikan-1 world-class discovery in 2009 to the ramp up of production and crude oil export sales levels of today,” the statement added.
The Shaikan block is situated about 85 kilometer to the north-west of Erbil, the capital of the Kurdistan Region.
The Gulf Keystone statement adds that “the Kurdistan Regional Government (KRG) has an option to nominate a third party interest of up to 15 percent in the Shaikan block and a further option to nominate a government interest of up to 20 percent following a commercial discovery.”
Gulf Keystone began its first exploration well at Shaikhan block in April 2009, and it announced a significant discovery in August 2009.
On 27 April 2009 the Company spudded its first exploration well, Shaikan-1 and on 6 August 2009 it announced a significant discovery, Gulf Keystone stated.
In June 2013, the Company commenced commercial production operations and subsequently crude oil export sales where there are two production facilities capable of producing 40,000 barrels of oil per day (bopd) in Shaikhan block.
Gulf Keystone is planning to develop the oil field as future targets aim to see production levels increase to 110,000 bopd.
Gulf Keystone believes that the oil reserves at its Shaikan oilfield is around 639 million barrels gross
Editing by Ava Homa