(Alliance News) - Gulf Keystone Petroleum Ltd announced on Monday that it has delayed increasing its gross production to 55,000 barrels of oil per day due to productivity issues with three of its wells.
The Bermuda-based oil and gas company operating in Iraq said, since the beginning of 2022, gross production has peaked at just over 50,000 barrels of oil per day and has averaged 46,800 barrels per day.
This is up 7.7% from its 2021 average of 43,440 barrels of oil per day.
However, the company added that the lower productivity of its recently completed wells, SH-13 and SH-14, alongside the temporarily curtailed production from SH-12, has delayed gross production increasing to 55,000 barrels of oil per day.
For 2022, gross average production is now expected to be between 44,000 to 50,000 barrels per day.
Gulf Keystone said drilling at its SH-15 well is progressing well and is expected to start-up in the second quarter of 2022.
The company added that it had received an additional USD89.0 million this month from the Kurdistan Regional Government for combined September and October 2021 crude oil sales and arrears payments.
Gulf Keystone declared an additional interim dividend of USD23.394.
Shares in Gulf Keystone were down 2.8% at 208.200 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Gulf Keystone Petroleum (GKP)