Gulf Keystone signs Kurdish oil sales deal

Six-month contract was signed with an undisclosed buyer in Kurdistan

Gulf Keystone is still owed a significant amount of cash by the Kurdistan Regional Government.
Gulf Keystone is still owed a significant amount of cash by the Kurdistan Regional Government.

Gulf Keystone Petroleum said on Monday it has signed a six-month contract with a buyer of crude oil in the Kurdistan region as part of outstanding payments from the government.

Under the new contract, Gulf Keystone will supply between 12,000 and 40,000 barrels per day to a local buyer, whose name was not disclosed.

The company has already received an amount of $ 4.9mn for the first oil shipments, which will help strengthen its budget.

The Middle East based oil operator posted a cashflow of $ 68.7mn as of June 26. 

Production from Shaikan field in the Kurdistan region of Iraq has continued at more than 40,000 barrels of oil per day (bopd) following successful de-bottlenecking operations at the PF-1 production facility, the company said.

 

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