Gulf Keystone Petroleum (GKP) is providing an update on its announcement dated 27 March 2023 regarding the shut-in of the Iraq-Turkey pipeline on 25 March 2023 and suspension of exports.
GKP announces that it expects to shut-in production processed at Production Facility 1 ("PF-1") today [Friday], while production flowing into Production Facility 2 ("PF-2") will continue into storage tanks at reduced rates for around another two weeks before also being shut-in. The combined storage capacity at PF-1 and PF-2 is approximately 150,000 barrels.
The Company understands that discussions between the Kurdistan Regional Government and the Iraqi Ministry of Oil are ongoing and continues to believe that the suspension of exports will be temporary.
GKP is closely monitoring the situation and will provide further updates to the market, as appropriate.
(Source: GKP)
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