ERBIL, Iraq, May 23 (UPI) -- Gulf Keystone said Monday it was preparing to export up to 5,000 barrels of crude oil from the Kurdish provinces of Iraq.
Oil exports from the Kurdish provinces in Iraq resumed in February after a lengthy political spat with the central government in Baghdad. The Kurdistan Regional Government announced recently that it received revenues from Baghdad derived from the export of 5 million barrels of oil earlier this year. Both sides have bickered over oil rights.
John Gerstenlauer, Gulf Keystone's chief operating officer, said in a statement the announcement was good for potential oil exports from the region.
"This is especially good news for Gulf Keystone since we are preparing to meet the KRG's request to begin oil export at an initial volume of up to 5,000 barrels per day of crude," he said.
The company said it was planning more exploration or appraisal wells in the Kurdish provinces.
The company said its main wells in the region have reached "a cumulative test rate of over 20,000 bpd from various geological horizons."
Iraq plans to boost production to as much as 12 million bpd by 2017.
