Gulf Keystone increases Shaikan oil reserves estimates

Gulf Keystone Petroleum has upgraded the oil-in-place volumes of the Shaikan discovery in the Kurdistan Region of Iraq.

According to the calculations of the Dynamic Global Advisors (DGA), the revised volumes have a P90 value of eight billion barrels to a P10 value of 13.4 billion barrels of oil-in-place, with a mean value of 10.5 billion barrels.

This is the second upgrade estimate of Shaikan’s 2011 resources and revises the previously announced range of 4.9 billion-10.8 billion barrels of gross oil-in-place with a mean value of 7.5 billion barrels.

The upgrade is based on the data acquired since DGA’s last resource evaluation of the Shaikan discovery in April.

Gulf Keystone’s COO John Gerstenlauer said that the Shaikan appraisal programme is being completed in parallel with the ongoing work on the Shaikan field development plan.