Gulf Keystone lifts oil estimate

Gulf Keystone yesterday upgraded its oil estimates for the for the Shaikan field in the Kurdistan Region of Iraq to a mean value of 13.7bn barrels. The field has between a probable value of 12.4bn barrels to a proven value of 15bn barrels of oil-in-place, giving an average of 13.7bn, compared to the previously announced range of 8.0 to 13.4bn barrels with a mean value of 10.5bn barrels. The upgrade is based on data acquired since the last resource evaluation in November 2011 and is the fourth successive upward revision since the Shaikan discovery was announced in August 2009.