Gulf Keystone (LON:GKP) has revealed that its 20% owned Akri-Bijeel asset is being given up.
The oil company had expected to pocket ‘hundreds of millions’ from the sale of stake in the Kurdistan based project when it put it up for sale back in September 2011.
A little over four years - and no deals - later the project’s operator MOL Hungarian Oil and Gas has decided to relinquish the project
Gulf Keystone highlighted that the decision was “based on comprehensive assessment of the block potential”.
It now continues to focus its attentions and capital on the producing Shaikan block.
Jón Ferrier, Gulf Keystone chief executive, told investors that the company continues to exercise the highest financial discipline.
He added: "As the operator of the Shaikan Block, we continue to focus on this flagship producing asset in cooperation with our partners in the Kurdistan Region.
“We ended the year with stable average daily production rates of above 36,000 barrels of oil per day in December and we started 2016 with receipt of the fourth consecutive monthly payment for December Shaikan crude oil export sales."