MOLʼs partner resumes production in Kurdistan

In Hungary

Gulf Keystone Petroleum resumed production and truck loading operations at both its production facilities at the Shaikan field in the Kurdistan region of Iraq after it received pre-payment of  $26 mln for future Shaikan crude oil sales on February 25, Hungarian news agency MTI reported. 

Gulf Keystone Petroleum, the partner of Hungarian oil and gas company MOL in the Shaikan block, also said in a release late Wednesday that it would now ramp up production to levels consistent with the installed capacity of 40,000 barrels of oil per day.

It anticipates that a further payment of a similar nature will be received, which is expected to stabilize a payment cycle for current and future Shaikan production while production capacity is being developed, the company said. On February 6, MOL and Gulf Keystone Petroleum said that exports of crude oil from the Shaikan field have been temporarily suspended due to delays in payment.

They said they remained in dialogue with the Kurdistan Regional Governmentʼs Ministry of Natural Resources in order to receive the outstanding payments and establish a stable payment cycle for export of crude oil sales in the future. They also said that MOL and its partner were actively working towards an early pipeline access solution for Shaikan crude, which will provide significantly improved margins compared to export deliveries by trucks.


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