Hungary MOL partner in Kurdistan reaches 40,000 gross bpd oil production in Shaikan block

Jan 05, 2015 12:00 AM

Gulf Keystone Petroleum Limited, the partner of Hungarian fuels group MOL in operations in the Kurdistan Region of Iraq, has announced  that total daily production at Shaikan wells reached 40,000 gross barrels of oil per day.

Gulf Keystone announced today that the existing Shaikan production facilities ("PF-1" and "PF-2") are now producing from seven wells with Shaikan-8 expected to come online in January 2015.

"Total daily production has been gradually increasing since early December 2014, reaching the Company's 40,000 gross barrels of oil per day target on 27 December. On 29 December, a record number of 354 trucks were loaded at PF-1 and PF-2 with nearly 58,000 gross barrels of Shaikan crude sent by truck to the Turkish coast for further export sale," it said in a press release.

On 24 December, the Company spudded Shaikan-11, an additional producer, which will be tied to PF-2 through the 11 km flowline, already in place.

The company achieved a nearly 300% increase in Shaikan production and export sales since January 2014, commented John Gerstenlauer, Gulf Keystone's Chief Executive Officer.

"Our immediate focus is to ensure a stable daily production rate of 40,000 gross barrels of oil per day, which is a base for future production growth, whilst maintaining a regular payment cycle for Shaikan export oil sales by truck and to finalise a pipeline access solution for Shaikan," he added.

"I’m glad to see the progress on Shaikan. No question, reaching 40 mboepd production level is a significant milestone in the project. However the further upside is huge. We will work together with our Partner and with the Ministry of Natural Resources in order to deliver further successes as soon as possible by developing the field in the most efficient way," added Alexander Dodds, MOL Group Executive Vice President for Upstream.

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