Business
Approval of Shaikan Field Development Plan
Approval of Shaikan Field Development Plan.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 8599H Gulf Keystone Petroleum Ltd. 26 June 2013 \n \n\nNot for release, publication or distribution in or into the United States or jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction.\n \n \n26 June 2013\n \n \nGulf Keystone Petroleum Ltd. (AIM: GKP)\n(\"Gulf Keystone\" or \"the Company\")\n \nApproval of Shaikan Field Development Plan \nGulf Keystone, the independent oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, is delighted to announce that the Field Development Plan for the Shaikan field, a world class commercial discovery, is now approved.\nTodd F. Kozel, Chairman and CEO of Gulf Keystone, commented:\n \n\"This is an historic moment in the evolution of the Company. Gulf Keystone is now fully permitted to commence production from the Shaikan field and this represents a key milestone in the Company's growth. We have been a pioneer in the region from the outset and this milestone reconfirms our pioneering spirit and our desire to lead the upstream oil industry in Kurdistan\"\n \n\"The initial production capacity will start in the coming weeks, steadily increasing to 20,000 barrels oil per day (bopd) and then quickly progressing to 40,000 bopd on the completion of the second production facility. This will increase to 150,000 bopd within 3 years and 250,000 bopd by 2018.\n \nThis is an enormous achievement by the GKP team who have worked so long and hard to achieve this goal and have forged such strong links within the Kurdistan Region, at all levels\"\n \nA spokesman of the Ministry of Natural Resources of the Kurdistan Region of Iraq said:\n \n\"Gulf Keystone has done outstanding work during the exploration phase, exceeding its minimum contractual requirements from two wells to seven wells, and making substantial progress in defining and delineating the Shaikan field.\" \n \nProduction from the Shaikan block will play a crucial role in helping the Kurdistan Region to achieve its overall oil export targets of one million barrels per day by the end of 2015, and two million barrels per day by the end of the decade.\"\n \nThe MNR spokesman added: \"The Ministry of Natural Resources looks forward ...