Gulf Keystone Company News

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Gulf Keystone Ready to Further Invest in Shaikan, Needs Payment Clarity
Wednesday, February 01, 2017 Gulf Keystone Petroleum Ltd is ready to further invest in the Kurdistan Region of Iraq's Shaikan field, but says it requires further clarity around payments.

KRG Delivers Payments to Genel, DNO, Gulf for Tawke, Shaikan Production
Monday, January 23, 2017 Genel Energy plc, DNO ASA and Gulf Keystone Petroleum Ltd all receive payments from the Kurdistan Regional Government.

China's Sinopec Weighs Takeover Of Gulf Keystone
Tuesday, December 13, 2016 China's Sinopec Corp is weighing a takeover of Gulf Keystone Petroleum, an oil company operating in the Kurdistan region of Iraq, Bloomberg reported on Tuesday.

Gulf Keystone Creditors Win Control as Court Approves Debt Deal
Thursday, September 29, 2016 Gulf Keystone Petroleum Ltd. bondholders won control of the oil producer after a London judge approved a debt-restructuring agreement.

Gulf Keystone Petroleum Pays Kurdistan Government $112.5M in 2015
Monday, September 12, 2016 Gulf Keystone Petroleum Ltd made payments worth $112.5 million to the Ministry of Natural Resources of the Kurdistan Regional Government in the year ended December 31, 2015.

DNO Launching Aggressive Drilling Campaign at Tawke Field
Thursday, August 18, 2016 DNO ASA is launching an "aggressive" drilling campaign at the company's flagship Tawke field in the Kurdistan region of Iraq.

Gulf Keystone Rejects DNO Offer
Monday, August 01, 2016 The board of Gulf Keystone has rejected DNO ASA's proposal to acquire the total share capital of the company, which it received by letter on July 28.

DNO Makes Offer for Gulf Keystone Petroleum
Friday, July 29, 2016 Norwegian oil and gas operator DNO ASA has unveiled a proposal to acquire all of the enlarged share capital in Gulf Keystone Petroleum for $300 million.

Gulf Keystone Creditors to Take Control Following Oil Slump
Thursday, July 14, 2016 Gulf Keystone Petroleum creditors will take control of the oil producer after low crude prices and erratic export payments left the company unable to service debts.

Gulf Keystone Extends Standstill Agreement to July 1
Tuesday, June 14, 2016 Gulf Keystone extends standstill agreement with the majority of its note and bondholders until July 1.

Genel, DNO, Gulf Keystone Receive KRG Payments
Tuesday, April 12, 2016 Genel Energy plc, DNO ASA and Gulf Keystone Petroleum Ltd receive payments from the Kurdistan Regional Government for crude oil exports in March from the Kurdistan Region of Iraq.

DNO, Genel Energy, Gulf Keystone Confirm KRG Payments
Tuesday, March 22, 2016 DNO ASA, Genel Energy and Gulf Keystone Petroleum all confirm payments from the Kurdistan Regional Government for oil exported from the Kurdistan Region of Iraq.

Gulf Keystone Actively Reviewing Options to Remain a Going Concern
Thursday, March 17, 2016 Gulf Keystone reveals in its 2015 results statement that it is actively reviewing options to secure new funding and restructure its balance sheet in order "to ensure it is able to continue as a going concern".

Gulf Keystone Confirms KRG Payment
Tuesday, March 08, 2016 Gulf Keystone Petroleum confirms receipt of a gross payment of $15 million from the Kurdistan Regional Government on March 4.

Genel Energy Sees $1B in Impairments, Suffers $1.1B Loss
Thursday, March 03, 2016 Genel Energy posts impairment costs of $1.03 billion in relation to the Taq Taq PSC in 2015, following revised assumptions on recoverable reserves at the field in the Kurdistan Region of Iraq.

Gulf Keystone Says Iraqi Kurdistan Authorises Oil Export Payment
Friday, February 19, 2016 Kurdistan Regional Government authorises a net payment of $12 million to Gulf Keystone Petroleum for crude exports.

MOL, Gulf Keystone Hand Back Akri-Bijeel Stake to KRG
Monday, January 11, 2016 MOL Group and Gulf Keystone Petroleum decide to relinquish their interests in the Akri-Bijeel Block in the Kurdistan Region of Iraq.

IOCs Confirm KRG Oil Export Payments
Wednesday, January 06, 2016 Gulf Keystone Petroleum, DNO ASA and Genel Energy all confirm receipt of payment from the Kurdistan Regional Government for oil exported from the Kurdistan Region of Iraq.

DNO Receives Partial Payment from KRG for Oil Exports
Thursday, December 03, 2015 DNO ASA confirms receipt of $30 million by the Kurdistan Regional Government as a partial payment towards oil exported from the Tawke field.

Gulf Keystone Receives Monthly Oil Payment from Iraqi Kurdistan
Wednesday, December 02, 2015 Gulf Keystone Petroleum receives a gross payment of $15 million from the Kurdistan Regional Government for oil exports, marking the third consecutive month of regular payments.

IOCs Cut Kurdistan CAPEX due to Payment Trouble
Tuesday, December 01, 2015 DNO, Genel and Gulf Keystone's combined CAPEX in Kurdistan has fallen considerably as a result of the Kurdistan Regional Government's lack of payment to producing international oil companies.

Gulf Keystone Receives another Payment for Kurdistan Crude Exports
Thursday, October 15, 2015 Gulf Keystone Petroleum receives a payment of $15 million for crude oil exports from its Shaikan field in Kurdistan following a similar payment by the KRG in September.

Gulf Keystone Says Reserves More Than Double at Shaikan Oilfield
Thursday, October 01, 2015 Gulf Keystone says an independent report found that the reserves at a key oilfield in Iraqi Kurdistan were more than double the previous estimate.

MOL Scales Back Investment in Kurdistan Region of Iraq
Tuesday, September 08, 2015 MOL scales back investment in the Akri-Bijeel Block, located in the Kurdistan Region of Iraq, due to payment issues associated with the block and the area's geological complexity.

Genel Energy Receives $16.5M from KRG
Tuesday, September 08, 2015 Genel Energy receives $16.5 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline.

Oil Industry Needs to Find Half a Trillion Dollars to Survive
Thursday, August 27, 2015 At a time when the oil price is languishing at its lowest level in six years, producers need to find half a trillion dollars to repay debt. Some might not make it.

KRG Allocates $75-$100M as Payment for IOCs
Thursday, August 27, 2015 The Kurdistan Regional Council for Oil & Gas Affairs approves the allocation of $75-$100 million of the revenue from the KRG's direct crude oil sales as payment for exporting international oil companies.

Gulf Keystone Appoints New Chief Strategy Officer
Monday, August 24, 2015 Gulf Keystone Petroleum appoints Nadhim Zahawi as its chief strategy officer.

Genel Energy CEO Welcomes Kurdish Commitment to Pay IOCs
Thursday, August 06, 2015 Genel Energy Chief Executive Murat Ozgul welcomes the Kurdistan Regional Government's public commitment to pay producing international oil companies on a monthly basis, from September 2015.

KRG to Pay Producing IOCs from September 2015
Monday, August 03, 2015 The Kurdistan Regional Government's Ministry of Natural Resources announces that the KRG will pay producing international oil companies a portion of the revenue from its direct crude oil sales, on a monthly basis, from September 2015 onwards.

Gulf Keystone Expects Shaikan Production to Hit 36-40K Bopd Until Year End
Thursday, July 09, 2015 Gulf Keystone expects production at the Shaikan field, in the Kurdistan region of Iraq, to remain between 36,000 and 40,000 barrels of oil per day until the year end.

Gulf Keystone Signs Domestic Oil Sales Contract in Iraqi Kurdistan
Monday, June 29, 2015 Gulf Keystone Petroleum signs a six-month contract with a crude oil buyer in Iraqi Kurdistan, boosting its cash flow prospects.

Gulf Keystone Appoints Maersk Executive as CEO
Monday, June 01, 2015 Kurdistan-focused oil producer Gulf Keystone Petroleum appoints former Maersk Oil executive Jon Ferrier as its new CEO.

Gulf Keystone Ramps Up Oil Production at Shaikan Field in Kurdistan
Thursday, March 19, 2015 Gulf Keystone ramps up oil production at Shaikan field in Kurdistan, Iraq.

Gulf Keystone Says In Preliminary Talks Over Potential Sale
Wednesday, February 25, 2015 Gulf Keystone says it was in talks with a number of parties about a possible sale of the company or some asset transactions.

Gulf Keystone Suspends Trucked Oil Exports from Iraqi Kurdistan
Friday, February 06, 2015 Gulf Keystone Petroleum suspends trucked exports of crude in favor of sales to the local market in Kurdistan as it awaits export payments from the Kurdistan Regional Government.

Gulf Keystone Petroleum Appoints Sami Zouari as CFO
Thursday, January 22, 2015 Gulf Keystone Petroleum appoints Sami Zouari as chief financial officer.

MOL Says Shaikan Block Crude Output Reached 40,000 BPD
Monday, January 05, 2015 Hungary's MOL reports that crude production from the Shaikan block in the Kurdish region of Iraq is now over 40,000 barrels per day.

Shaikan Production to Increase to 40,000 Barrels per Day
Tuesday, December 16, 2014 Work is completed on Iraqi Kurdistan's Shaikan field that will see it soon produce 40,000 barrels of oil equivalent per day.

DNO Confirms Payment from Kurdistan for Oil Exports
Wednesday, December 03, 2014 Norway's DNO confirms that it has received a share of $30 million as a first payment for oil exported by the Kurdistan Region Government.

Gulf Keystone says Iraqi Kurdistan Oilfield Output Target on Track
Thursday, November 13, 2014 Gulf Keystone Petroleum says it is on track to meet its full-year production target at its Shaikan oilfield in Iraqi Kurdistan.

MOL Gets Approval for Akri-Bijeel Block Development Plan
Thursday, October 30, 2014 The Kurdistan Regional Government in Iraq approves a major new oilfield development that is majority-owned by Hungary's MOL.

What's Going on in Kurdistan? Q&A with Gulf Keystone CEO
Monday, October 20, 2014 Rigzone catches up with John Gerstenlauer, CEO of Gulf Keystone Petroleum, to find out about the situation for oil companies in Kurdistan.

Gulf Keystone Says Has Returned All Staff to Iraqi Kurdistan
Wednesday, October 01, 2014 Gulf Keystone Petroleum has returned all staff to its operations in Iraqi Kurdistan after evacuating international contractors from the region amid escalating violence in August.

Gulf Keystone Confirms Akri-Bijeel Block Has Been Declared Commercial
Monday, November 04, 2013 Gulf Keystone confirms that the Akri-Bijeel Block in Kurdistan, Iraq has been declared commercial and field development plan for the block is expected to be submitted by end 2014.

Commercial Production at Shaikan Oil Field Recommences
Friday, October 11, 2013 Gulf Keystone reports that commercial production at its Shaikan oil field in Kurdistan, Iraq has recommenced.

Gulf Keystone Starts Commercial Production, Ramp Up On Track
Thursday, September 19, 2013 Kurdistan-focused Gulf Keystone says commercial production has begun and on track to hit 20,000 barrels of oil per day by the end of 2013.

Gulf Keystone Spuds Shaikan-10 Well in Iraq
Thursday, July 11, 2013 Gulf Keystone spuds the Shaikan-10 well as its development drilling campaign at the Shaikan field in Kurdistan, Iraq, gets underway.

Gulf Keystone to Produce 40,000 bopd from Iraq's Shaikan Field
Wednesday, June 26, 2013 Gulf Keystone Petroleum Ltd. plans to start production at the Shaikan oil field in Kurdistan in the coming weeks.

MOL Spuds Gulak-1 Well
Monday, July 23, 2012 MOL Hungarian spuds the Gulak-1 exploration well at the Akri-Bijeel block in Iraq.