Gulf Keystone wants a new pipeline in Iraq

Sept. 15, 2011 at 8:53 AM

LONDON, Sept. 15 (UPI) -- A new pipeline in Iraq might be needed if production goals there are to be realized, the chief executive of Gulf Keystone Petroleum said.

Gulf Keystone said it might need another pipeline to get oil from its Shaikan field. The company aims to produce 15,000 barrels per day by the end of the year, which is currently transported by road.

Gulf Keystone Chief Executive Officer Todd Kozel said in a statement that a pipeline might be needed if his company is to reach its production goals.

Kozel, in a half-year report, acknowledged that a route was already selected to connect the Shaikan field to the existing Kirkuk-Ceyhan oil export pipeline.

"In parallel with the growth of our production capabilities, we will build a dedicated pipeline connecting the Shaikan field with the existing Kirkuk-Ceyhan export pipeline from Iraq to the world markets," he said. "A feasibility study for such a pipeline has already been completed and we are in the process of submitting it for all necessary approvals."

Kozel added that Gulf Keystone during the first half of 2011 has seen significant progress in its exploration activity in the Kurdish regions of Iraq. Oil exports are moving ahead, he said, and his company is set to grow considerably.

"In the longer term, our aim is to develop the Shaikan processing facilities to achieve plateau production of at least 300,000 bpd with a potential of achieving 500,000 bpd," he added.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Shoot-from-the-hip, around corner sighting capability unveiled
Airbus Helicopters announces factory acceptance of training aircraft
Bleak outlook for oil has Russian investors pulling back
ESPN cuts ties with Cowherd over remarks about Dominican players
Britain extends Lockheed Martin military inventory contract