Gulf Keystone Petroleum (LON:GKP) is to hire Jón Ferrier as the company’s new chief executive.
The appointment comes at a critical time for both GKP and the broader sector in the Kurdistan region of Northern Iraq where oil companies are owed significant sums for production.
Uncertainties over ongoing payments for oil remain against a backdrop of complex regional politics, a squeeze on state finances and armed conflicts with ISIS.
GKP has in recent months agreed pre-payment for certain oil sales, though last month’s financial results revealed that at the end of 2014 some US$100mln was owed for oil sales.
The oil company reported a US$248mln loss for 2014, and has in recent months conducted a review of the business which considered the possible sale of the company or its assets. It also held talks with its lenders.
New boss Ferrier, formerly senior vice president at Maersk Oil, is taking over from John Gerstenlauer who will retire from the company. GKP highlights that Ferrier has considerable international experience, including in the Kurdistan Region of Iraq.
Ferrier has successfully led the delivery of complex projects on time and within budget in the Middle East, it added.
Andrew Simon, GKP’s interim chairman, in a statement said: "Jón Ferrier will bring considerable experience to the head of the Gulf Keystone executive team, and to the board.
“We are confident that a combination of his international operational expertise and strategic track record, will serve the company well."
Simon also highlighted that under Gerstenlauer GKP had successfully achieved its operational target of 40,000 barrels per day production, at the end of 2014.