Gulf Keystone looks to offload Algerian permit
E&P company wants sale in order to concentrate on Iraqi Kurdistan
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British exploration and production company Gulf Keystone Petroleum has announced that it is seeking a buyer for its interest in the Hassi Ba Hamou Permit in central Algeria.
The sale is subject to approval from the Algerian authorities, state-owned energy giant Sonatrach and Gulf Keystone’s partner in the venture BG North Sea Holdings.
Todd Kozel, executive chairman of Gulf Keystone said the reason behind the move was the company’s desire to concentrate the company’s resources on its Iraqi Kurdistan licences.
"Kurdistan offers our shareholders significant near-term upside potential and it is therefore strategically compelling that Gulf Keystone should focus all its cash resources and efforts on maintaining the fast pace of exploration drilling in the country,” Kozel said.
“With the commencement of oil exports from Kurdistan any success from our current and planned well operations could lead to oil production revenues in a relatively short timeframe.”
“This also means that we must take advantage of opportunities to realise value from assets where the returns are less compelling," he added.