(Alliance News) - Gulf Keystone Petroleum Ltd said on Friday it is now targeting increasing its
output towards 55,000 barrels of oil per day in January, following a strong performance.
The Bermuda-based oil and gas exploration and production company said its production performance has been in line with expectations. It also noted a record monthly average high in October.
Gulf Keystone said it was on track to meet its 2021 gross average production guidance of 42,000 to 44,000 barrels of oil per day.
Gross average production in 2021 was 43,300 barrels of oil per day. Gulf Keystone said it saw a record gross average production of 45,654 barrels of oil per day in October.
Gross production of 55,000 barrels of oils per day is now expected in January, the company said.
The company added that it has submitted a field development plan to the Ministry of Natural Resources which includes the continued ramp-up of Jurassic oil production, an appraisal of the Triassic reservoir and a gas management plan to more than halve carbon dioxide per barrel.
Gulf Keystone said the company had a cash balance of GBP176 million and that USD100 million in dividend had been distributed in 2021.
Shares in Gulf Keystone were down 3.5% at 172.96 pence on Friday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Gulf Keystone Petroleum (GKP)