Kurdistan Iraq paid $ 12 million for Gulf Keystone petroleum

October 15, 2015 at 2:30 pm

Received company Gulf Keystone petroleum $ 12 million of the money owed to the Government of Iraqi Kurdistan in sheikhan, field comes after Gulf Keystone has received a similar amount in September and is in line with remarks by the Kurdistan Regional Government in August and September.
Cash flow amounted to Gulf Keystone after receiving the final $ 76.2 million in receivables.
The oil field discovered shaikhan 2009 reserves of 12.5 to 13 billion barrels and can produce 100,000 barrels of oil, the company is among a handful of foreign oil producers in the semi-autonomous Kurdish region in Iraq.
Earlier this month, Gulf Keystone said that an independent report concluded that reserves in the field greater than optimal sheikhan previous estimate which may help the company producing oil field development costs less.
Gulf Keystone said then that the updated report showed reserves and weighted in the field of oil increased to sheikhan 639 million barrels from 299 million barrels.