Gulf Keystone Petroleum (GKP) confirmed that it is still producing in excess of 40,000 barrels of oil per day (BOPD) following completion of remedial work at its Shaikan site in the Kurdistan Region of Iraq.
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And there was better news on the marketing front. Following further talks with the Kurdistan Regional Government (KRG), GKP has adopted a new flexible marketing strategy, which will split oil sales between an updated domestic sales contract and export markets and, hopefully, improve cash flows. The new domestic contract will take between 12,000 and 40,000 bopd per day. Crucially, GKP revealed that it has also received payments totalling $9.8m (£6.3m) for domestic oil deliveries, half of which relates to 2014 sales.
