GKP Rises on Takeover Rumours

By John Lee.

Shares in Gulf Keystone Petroleum (GKP) have gained around 10 percent this week on rumours of a takeover.

Bloomberg reports that, as the world’s biggest oil companies look for untapped fields, the company is sitting on a giant oil field in Iraqi Kurdistan that wouldn’t look out of place in a major’s portfolio.

With the KRG completing a pipeline for direct crude exports to Turkey by the end of the year, exports could be set to boom.

Chief Executive Todd Kozel (pictured), told Bloomberg:

“Exports are what we’ve been waiting for since 2007, so the pipeline is very big and instrumental for a company like Gulf Keystone.”

But added:

“We are a public company, and consolidation is the next phase in Kurdistan. But that’s not in our plans now.”

(Source: Bloomberg)