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(Alliance News) - Gulf Keystone Petroleum Ltd on Thursday confirmed it has received USD12.6 million for oil sold from the Shaikan field in Iraqi Kurdistan.
The payment, totalling USD16.0 million when including Gulf Keystone's partners' shares, was made by the regional government.
Gulf Keystone owns 80% of the field, which is located around 60 kilometres north-west of Erbil. It has been producing since July 2013.
Shares were 8.6% higher on Thursday morning in London at 71.66 pence each.
Fellow Kurdistan producer Genel Energy PLC on Wednesday said it had received its payment for October's crude oil. Genel has been experiencing delays in getting paid by the Kurdistan government.
Late in March, Gulf Keystone halted construction work part of an expansion at Shaikan due to Covid-19. Production was continuing as normal, the firm said, at 38,000 barrels of oil per day. Gulf Keystone was looking to increase output to 55,000 barrels a day by the third quarter of 2020.
However, it removed this guidance and also withdrew guidance of overall 2020 average production of between 43,000 barrels and 48,000 barrels a day.
By George Collard; georgecollard@alliancenews.com
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