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Gulf Keystone Highlights Ceyhan Shutdown Issues

OIL

Iraqi Kurdistan-focused operator Gulf Keystone said today that "while no official timeline has been announced, we continue to believe that the suspension of exports will be temporary and that the KRG will resume oil sales payments in due course.”

  • The comments highlight the uncertainty still involved in re-opening northern Iraq’s flows via Turkeys Ceyhan terminal.
  • The company said that the situation was forcing it to cut 55% of expatriate jobs to try and keep on top of company running costs against the suspension of Kurdistan crude exports.
  • Turkish and Iraqi officials met as recently as last week but no further outcome has been communicated.
  • The company however said it has "reasonable expectation" that the group has enough resources to operate for the next 12 months.
Energy BulletsCommodities
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