London-headquartered Gulf Keystone (GKP) pulled in a $26.6mn payment this week for its work at Iraqi Kurdistan’s 32,000 b/d Shaikan heavy oil field (80% op, Hungary’s MOL 20%). The payment – which is the second largest since GKP settled its dispute with the KRG in June (MEES, 22 June) – further demonstrates Erbil’s ability to make timely payments to foreign firms operating in the controversial region.
GKP can certainly use the cash: the firm plans to spend $200-230mn ($160-$184mn net to GKP) to “accelerate the production increase” that it plans toward a 55,000 b/d end-2019 target as well as a pipeline from production facility 1 to the Kurdistan export pipeline (MEES, 14 September). (CONTINUED - 111 WORDS)