Kurdistan government pays $ 12 million for "Gulf Keystone Petroleum" company

this comes after Gulf Keystone received a similar amount in September, which is in line with the statements of KRG in August and September.

The total volume of cash at Gulf Keystone after receiving the last dues was $ 76.2 million.

Sheikhan oil field was discovered in 2009 with reserves of 12.5 to 13 billion barrels and can produce 100 thousand barrels per day of oil, the company is among a small number of foreign working oil producers in the region.

Earlier this month, Gulf Keystone said that an independent report concluded that the reserves in Sheikhan field are more than double the previous estimate, which may help the company to produce oil and may help to develop the field with lower costs.

Gulf Keystone said at the time that the updated report showed that proven and expected reserves in Sheikhan oil field have increased to 639 million barrels from 299 million barrels.