UK-listed oil and gas company Gulf Keystone Petroleum on Thursday said a final evaluation of Iraq’s Shaikan Block, which it shares with Hungarian peer MOL, showed more oil than earlier thought.
The report raised the range of oil in-place for the block to gross 1.9bn-7.4bn barrels, with a mean of 4.2bn barrels. The previous range was 1.0bn-5.0bn. Gulf Keystone Petroleum added there was an upside potential of up to 13bn barrels.
MOL holds a 20pc stake in the Shaikan Block.
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