MOL said operator Gulf Keystone Petroleum had confirmed that it will continue to produce more than gross 40,000 barrels of oil equivalent per day (boepd).
As a result of the continuing dialogue with the Kurdistan Regional Governmentʼs Ministry of Natural Resources to establish a regular payment cycle for all oil sales both current and historic, Gulf Keystone Petroleum and MOL have now adopted a diversified marketing strategy, MOL said.
Currently sales of Shaikan oil comprise crude oil export deliveries by truck to the Turkish coast and sales to a domestic buyer under a new six-month contract for offtake of between 12,000 and 40,000 boepd, MOL said. Total payments of gross $9.8 mln for domestic deliveries, comprising gross $4.9 mln for deliveries in 2014 and gross $4.9 mln as a first payment for deliveries under the new six-month contract have been received by the operator, MOL added.
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