Iraqi Kurdistan’s oil sector received further positive news this week with a breakthrough on a long-stalled deal to increase near-term production from a key field by some 25,000 b/d.
The Shaikan oil field’s stakeholders (Gulf Keystone 80%, Hungary’s MOL 20%) agreed this week with the KRG on a plan to increase the field’s production capacity to 55,000 b/d by end-2019. Nominal capacity is currently at 40,000 b/d, but lack of investment has caused production to drop off, to average 28,000 b/d so far in 2018. (CONTINUED - 463 WORDS)
