Gulf Keystone Petroleum Ltd. expects to start production from the Shaikan oil field in the semiautonomous region of Kurdistan in northern Iraq at 40,000 barrels a day after the completion of a production facility in the field, the Kurdistan Regional Government, or KRG, said in a statement Wednesday.
The KRG's ministry of natural resources has approved the field development plan for Shaikan, operated by Gulf Keystone, the ministry said in a statement emailed to Dow Jones Newswires.
According to the plan, production from Shaikan is expected to increase gradually to reach 150,000 barrels a day within three years and to 250,000 barrels a day by 2018.
Having discovered several billion barrels of oil in the Shaikan field, the company has now completed work on its first production facility and work is progressing on its second facility which is scheduled to be ready by the end of 2013.
Each facility will have an initial capacity to produce 20,000 barrels a day. The 40,000 barrels a day would be reached on the completion of the second facility, Gulf Keystone said in a statement.
Since 2011, a total of 1.14 million barrels have been produced from Shaikan through extended well tests.
Copyright (c) 2012 Dow Jones & Company, Inc.
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