Upbeat Gulf Keystone's high hopes of Shaikan

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The Independent Online

Gulf Keystone Petroleum has offered upbeat news on its latest scheme, the development of the Shaikan oilfield in Iraqi Kurdistan. It reckons that the field could be pumping 150,000 barrels of oil by 2015 if all goes well.

In its half-year results statement yesterday, the company said that production will grow up to 30,000 to 40,000 barrels a day by mid-2013.

That helped distract attention from a tripling in first-half losses to $31.4m (£19.4m). Those came despite a surge in revenues to $15.5m from $1.6m and reflect a rise in costs and tax payments.