Gulf Keystone, the oil and gas exploration and production company with operations in the Kurdistan Region of Iraq, announced on Monday that the Kurdistan Regional Government (KRG) has asked it to start exporting 5,000 barrels of oil per day. This happens just days after the Iraq central government released the first payment to the KRG after a long dispute, which KRG can use to pay oil exporters.
Although the sign off is yet to be officially completed, and can't take place until some other preparatory work is completed, COO John Gerstenlauer said: "The company views the recent announcement by the KRG confirming release of the first oil export payment to the KRG as an extremely positive development for all the oil producers in the Kurdistan Region of Iraq."
Considering the progress of the company to find oil, Gerstenlauer said: "We will soon have four exploration/appraisal wells underway in Kurdistan with further wells expected to spud before the end of the summer. The Company's steady progress in the Shaikan-2 and Sheikh Adi-1 drilling is highly encouraging and we look forward to obtaining more results from these two wells soon."
(Sources: Gulf Keystone; Reuters)