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RIYADH: Gulf Keystone, a London-listed independent oil company in the Kurdistan Region of Iraq announced the resumption of its 55,000 barrels of oil per day (bpd) expansion program.
The production ramp-up is expected to occur in the second quarter of this year, the company said. Earlier guidance for average gross production will remain unchanged.
The required remaining capital expenditure is estimated to be between  $40 million and $45 million, Gulf Keystone said. That will result in total capital expenditure of as much as $65 million this year.
“Workstreams have already begun, and we are targeting to restart the drilling of SH-13 in the third quarter of 2021, subject to managing the continuing impact of COVID-19 on the movement of people, services and equipment," said CEO Jon Harris.
Gulf Keystone has restarted its expansion activity with the support from its partner Kalegran B.V., a unit of MOL Hungarian Oil & Gas.
Gulf Keystone is the operator of the Shaikhan Field, one of the largest developments in the Kurdistan region of Iraq.