GPK Makes 'Considerable Progress' in Unlocking Shewashan Potential
Gas Plus Khalakan has made “considerable progress” in unlocking the potential of the Shewashan oil field, located in the Kurdistan Region of Iraq, according to a company statement.
Since 2014, GPK has completed three wells (Shewashan -1, -2, and -3) and spudded the dual purpose Shewashan -4 well, which targets the productive Cretaceous reservoirs and the unexplored Jurassic reservoirs. GPK has also started the construction of a 10,000 barrel per day oil production facility, under Phase 1 of the field development plan (FDP), which is expected to be commissioned in April 2017.
During 2016 the Shewashan field produced 877,000 barrels of oil which was sold into the Kurdistan domestic market and transported by road tanker to a nearby refinery by the buyer.
Capital and operating expenditures for 2017 are estimated at $46.65 million. This budgeted amount is expected to fund the completion of the Shewashan -4 well, ongoing production operating expenses and should be sufficient to complete the Phase 1 FDP, according to GPK.
“I am extremely pleased with the progress that GPK has made in unlocking the potential of the Shewashan oil field over the past few years,” Steve Lowden, CEO of New Age, said.
“As conditions continue to improve in Kurdistan, and with ongoing support from the KRG, we look forward to continuing this success in 2017,” he added.
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