Baghdad (IraqiNews.com) – CEO of Gulf Keystone Petroleum Jon Harris said on Wednesday that the firm believes that Iraq’s Hamrin oilfield has seven billion barrels of oil, of which 0.5 billion to one billion barrels are recoverable.
Harris told Reuters that the oilfield currently produces 20,000 barrels per day, and by the end of 2028, output is expected to reach 60,000 barrels per day.
This week, Gulf Keystone Petroleum and ShaMaran Petroleum have reached a merger agreement, becoming one of the top private oil producers in Iraqi Kurdistan.
According to a statement from the corporation, the all-share acquisition is worth $601 million.
As of October 19, shareholders of ShaMaran, who are listed on Euronext, will receive 0.075 shares of Gulf Keystone for each share of ShaMaran they own, reflecting a premium of 23 percent.
The agreement integrates operations in the four Iraqi fields of Hamrin, Sarsang, Atrush, and Shaikan.
If drilling begins next year, the Shaikan oilfield in Iraqi Kurdistan is likely to increase its gross output from around 45,000 bpd to over 90,000 bpd by 2030, according to Harris.
Harris anticipates that the corporation will take advantage of other possibilities in Iraq, such as stake sales on US assets in the country.
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