Gulf Keystone Confirms KRG Payment

Gulf Keystone Petroleum confirmed Tuesday that it received a gross payment of $15 million from the Kurdistan Regional Government on March 4 as part of a monthly contractual revenue entitlement under the Shaikan Production Sharing Contract.

Following the payment, which includes $9.2 million gross to cover arrears, the company's current cash position is $56 million. Gulf announced that the payment had been authorized by the KRG on February 19. With the establishment of a regular payment cycle for oil sales and arrears, Gulf Keystone plans to move into a large-scale phased development of the Shaikan field targeting 110,000 barrels of oil per day.

Gulf Keystone is the operator of the Shaikan block, with a working interest of 75 percent. MOL Kalegran Limited, which is a wholly owned subsidiary of MOL Hungarian Oil and Gas plc, has a 20 percent interest and Texas Keystone Inc holds the remaining 5 percent interest.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Petrofac Suspends Group Chief Operatin... (May 25)
 -  EnQuest On Track For Kraken First Oil ... (May 25)
 -  Energean Signs Lease Agreement for Exp... (May 25)
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
 
Automation Systems Analyst II
Expertise: Business Development
Location: Houston, TX
 
Automation Engineering Manager
Expertise: Electrical Engineering|Engineering Manager
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours