Gulf Keystone Starts Commercial Production, Ramp Up On Track


LONDON, Sept 19 (Reuters) – Oil firm Gulf Keystone, fresh from winning a court battle over its ownership of oil assets in Kurdistan, said commercial production started and was on track to rise to 20,000 barrels of oil per day (bopd) by the end of 2013.

The company said on Thursday that oil output from its Shaikan field, its prize asset from which it aims to produce as much as 150,000 bopd in the next three years, reached 12,400 bopd in early September and would continue to ramp up to 20,000 bopd by the end of the year.

Posting a loss of $26.4 million in the half-year period, Gulf Keystone said the ramp up in production would help it generate steady revenues.

The company said it was working hard on its goal to move from the London Stock Exchange's Alternative Investment Market (AIM) to the main market, which it is also targeting by the end of 2013.

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