Gulf Keystone may delay increase of production in Kurdish Sheikhan field to 2015

due to the lack of international staff after being evacuated from the country because of the escalating violence.

Gulf Keystone , one of the major oil producing companies operating in Kurdistan region which is rich with resources said that the return of about 44 employees who were evacuated to meet the goal at the end of the year to increase production in Sheikhan to 40 thousand barrels of oil equivalent per day, up from 20 thousand -25 thousand barrels currently.

The company said in a statement of its financial results for the first half of the year that, "some of the implications of the security situation witnessed in recent times, including the limited current number are available with international contractors in the short term may cause delay to the first quarter of 2015."

This news led to a decline in Gulf Keystone shares in the London Stock Exchange to eight percent.

The company's CEO , John Jerstnlor said in a statement to Reuters, seen by "Shafaq News" that “ allowing the return of international staff needs to the British government to cancel warning of travel to ​​Erbil and the resumption of flights.

Production has not been affected in Sheikhan with security tensions in the region, with the exception of a slight decline record in production for one day in early August.

Gulf Keystone announced high losses after tax to $ 29.8 million in the first half of the year, compared with a loss of $ 26.4 million dollars in 2013.

The company said that its outstanding debts for crude sales worth 35 million dollars, adding that one of its priorities are putting a system of regular pay for the production of oil in Kurdistan.

Jerstnlor said that the ongoing discussions with Kurdistan Regional Government on this issue are making good progress.