News is flowing11 Apr 2018 10:08
In the first quarter of 2018, meanwhile, the field yielded gross production of 31,588 bopd and the guidance for the full year sees 27,000 to 32,000 bopd flowing from the field.
�We are confident that once we are able to restart investment into Shaikan we will be able to lift production towards our near-term target of 55,000 bopd, a step towards the full field development,� said J�n Ferrier, GKP chief executive.
In terms of the financial results, GKP highlighted that the cash component of reported revenue had increased by 28%, amounting to US$157mln in 2017 and it said positive cash flow was driven by steady operating activities and payments from the Kurdistan Regional Government (KRG).
Eleven payments were made by the KRG during 2017, totalling some US$132mln and the company ended December with a cash balance of US$160mln. In the first quarter it received a further US$75mln from the KRG and, by April 1, it had US$203mln of cash and US$100mln of debt