TIDMGKP
RNS Number : 9298U
Gulf Keystone Petroleum Ltd.
03 August 2015
Not for release, publication or distribution, directly or
indirectly, in whole or in part in or into the United States or any
jurisdiction other than the United Kingdom and Bermuda where to do
so would constitute a contravention of the relevant laws or
regulations of such jurisdiction. This announcement (and the
information contained herein) does not contain or constitute an
offer to sell or the solicitation of an offer to purchase, nor
shall there be any sale of securities in any jurisdiction where
such offer, solicitation or sale would constitute a contravention
of the relevant laws or regulations of such jurisdiction.
3 August 2015
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone" or "the Company")
Statement by the MNR regarding the producing IOCs in the
Kurdistan Region
Gulf Keystone, the operator of the world class Shaikan field in
the Kurdistan Region of Iraq, welcomes the announcement made by the
Kurdistan Regional Government's Ministry of Natural Resources
("MNR") today regarding the producing International Oil Companies
("IOCs") in the Kurdistan Region.
Commenting on today's announcement, Jón Ferrier, Chief Executive
Officer of Gulf Keystone said:
"Today's statement made by the Kurdistan Regional Government's
Ministry of Natural Resources, our host government and
long-standing partner, represents a further important step towards
the establishment of a regular payment cycle for Shaikan crude oil
sales pursuant to the Shaikan Production Sharing Contract."
The statement can be viewed at:
http://mnr.krg.org/index.php/en/press-releases/470-statement-by-ministry-of-natural-resources-regarding-the-producing-international-oil-companies-iocs-in-the-kurdistan-region.
"From September 2015 onwards, the Kurdistan Regional Government
(KRG) will on a monthly basis allocate a portion of the revenue
from its direct crude oil sales to the producing international oil
companies (IOCs), and as export rises in early 2016, the KRG
envisages making additional revenue available to IOCs.
At the start of 2015, the KRG reached a deal with the federal
government in Baghdad to export crude oil in exchange for regular
payments of the Region's 17% revenue entitlement. The arrangement
was enshrined in the 2015 federal Iraqi budget.
The KRG recognizes the spirit of cooperation in which the budget
deal was struck with the federal government and it remains
determined to build on such progress, and through dialogue and
discussion to reach a lasting agreement with Baghdad on all
outstanding issues relating to oil and gas and revenue sharing.
The KRG has also been pleased with the level of technical
cooperation on the ground from federal government entities such as
the North Oil Company (NOC) and SOMO. The KRG will continue to
facilitate oil export from NOC-operated fields in Kirkuk via the
KRG's pipeline network to Turkey.
However, due to a number of factors, the federal government has
to date been unable to provide the Kurdistan Region with its
monthly budgetary dues. As a result, the KRG has been obliged to
introduce direct crude oil sales from Ceyhan to help pay Kurdistan
Region's governmental salaries, maintain vital government services,
and of course, pay the Peshmerga and other security forces who are
fighting Islamic State terrorists.
Although the revenue gained from direct sales is still below
Kurdistan's 17% share of the federal budget, it is significantly
higher than the amount the federal government was able to allocate
to the KRG on a monthly basis.
In this regard, the KRG acknowledges and appreciates the
economic contribution to the Kurdistan Region made by the producing
IOCs and their success in raising oil export from Kurdistan to
record levels. They have demonstrated their commitment to the
people of Kurdistan at a time when the Region has been fighting
terrorism, enduring a budget shortfall from the federal government
in Baghdad, and shouldering the social, political and economic
burden of an influx of 1.8 million refugees and internally
displaced people.
The KRG also recognizes the patience of the producing IOCs,
which, despite receiving hardly any payments for their crude oil
production since May 2014, have maintained operations and have
continued to invest to support Kurdistan's crude oil export.
Crude oil export is the principal revenue earner for the
Kurdistan Region. But, it is also recognized that it is difficult
for the IOCs to sustain oil export at its current levels, let alone
increase it as planned, without receiving their financial dues.
Therefore, from September 2015 onwards, the KRG will on a
monthly basis allocate a portion of the revenue from its direct
crude oil sales to the producing IOCs, to cover their ongoing
expenses. Furthermore, as export rises in early 2016, the KRG
envisages making additional revenue available to IOCs to enable
them to begin to catch up on the past receivables due under their
production sharing contracts."
Enquiries:
Gulf Keystone Petroleum: +44 (0) 20 7514 1400
Jón Ferrier, CEO
Anastasia Vvedenskaya, Head of Investor
Relations +44 (0) 20 7514 1411
Celicourt Communications: +44 (0) 20 7520 9266
Mark Antelme
Jimmy Lea
or visit: www.gulfkeystone.com
Notes to Editors:
-- Gulf Keystone Petroleum Ltd. (LSE: GKP) is an independent oil
and gas exploration with operations in the Kurdistan Region of
Iraq.
-- Gulf Keystone Petroleum International (GKPI) holds Production
Sharing Contracts for four exploration blocks in Kurdistan, the
Shaikan, Sheikh Adi, Ber Bahr and Akri-Bijeel blocks.
-- GKPI is the operator of the Shaikan Block, which is a major
commercial discovery, with a working interest of 75% and is
partnered with MOL Kalegran Limited (a 100% subsidiary of MOL
Hungarian Oil and Gas plc.) and Texas Keystone Inc., which have
working interests of 20% and 5% respectively.
-- Gulf Keystone plans to move into the large-scale phased
development of the Shaikan field targeting 100,000 bopd of
production capacity during Phase 1 of the Shaikan Field Development
Plan.
Disclaimer
This announcement contains certain forward-looking statements.
These statements are made by the Company's Directors in good faith
based on the information available to them up to the time of their
approval of this announcement but such statements should be treated
with caution due to inherent uncertainties, including both economic
and business factors, underlying such forward-looking information.
This announcement has been prepared solely to provide additional
information to shareholders to assess the Group's strategies and
the potential for those strategies to succeed. This announcement
should not be relied on by any other party or for any other
purpose.
This communication and the information contained herein is not
an offer of securities for sale in the United States. Securities
may not be offered or sold in the United States unless they are
registered or are exempt from registration. Any public offering of
securities to be made in the United States would be made by means
of a prospectus that would contain detailed information about the
company and its management, as well as financial statements. The
company does not intend to register any portion of this offering in
the United States or to conduct a public offering in the United
States or any other jurisdiction. Any public offering of securities
to be made in the United States would be made by means of a
prospectus that would contain detailed information about the
Company and its management, as well as financial statements. Copies
of this communication are not being, and should not be, distributed
in or sent into the United States.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPJMITMBMMBIA
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Nov 2024 to Dec 2024
Gulf Keystone Petroleum (LSE:GKP)
Historical Stock Chart
From Dec 2023 to Dec 2024
