London-listed Gulf Keystone has been forced to revise down the 2019 production target for its key Shaikan field in Iraqi Kurdistan. The firm’s 1H 2019 results, released this week, show average production at Shaikan (Gulf Keystone 80%op, Mol 20%) of just 29,360 b/d due to “wells being offline for workovers and maintenance.”
As a result the firm is now guiding just 30,000-33,000 b/d for full year 2019 output, down from 32,000-38,000 b/d. Second half output is expected to be affected by the planned shutdown of production facility-1 (PF-1) “to install facilities as part of the 55,000 b/d expansion project.” The field produced 31,860 b/d for 1H 2018. (CONTINUED - 331 WORDS)
