Keystone Says KRG Investment Awaits Payment

Gulf Keystone has official plans to raise output from its Shaikan field in Iraqi Kurdistan to 100,000 b/d by 2018. But a severe payments backlog, and the lack of a clear schedule to rectify this, have left the firm short of cash and unwilling and/or unable to advance expansion plans.

The only significant assets of London-listed independent Gulf Keystone (GKP) are in Iraqi Kurdistan, with sole production coming from the Shaikan field, which...