• Reservoir evaluators say proven reserves stand at 306 million barrels
  • This is 55 per cent more than previous estimate, which was published in March 2014
  • New estimate for proven and probable reserves is more than double the previous estimate

Auditors have upgraded the estimated size of oil reserves at the Shaikan oil field in the Kurdish region of northern Iraq, which is operated by London-listed Gulf Keystone Petroleum.

A report prepared by UK-based reservoir evaluation company ERC Equipoise found that proven reserves stand at 306 million barrels. This is 55 per cent more than the previous estimate, which was published in March 2014.

The new estimate for proven and probable reserves is 639 million barrels, more than double the estimate of 299 million barrels that was previously published.

In a statement released on 1 October, Gulf Keystone Petroleum CEO Jon Ferrier welcomed the ERC Equipoise report.

Earlier this month, Gulf Keystone Petroleum reported that its daily average production from its Shaikan oil field in the Kurdish region of northern Iraq is in excess of 40,000 barrels a day (b/d), up from an average of 38,000 b/d over May and June.

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