Another oil strike for Keystone in Kurdistan

Britain’s Gulf Keystone Petroleum has found more oil in Iraqi Kurdistan, while Norway’s DNO International is restarting its oil operations after settling a dispute with the Kurdish government.

Gulf Keystone, a minor oil explorer, said high quality light crude oil flowed from its Shaikan-1 well at rates as high as 2,000 barrels per day during tests, along with up to 2 million cubic feet per day of gas.

Todd Kozel, its chairman and chief executive, said the company’s latest discovery was “very significant in its own right” and would “prove very beneficial” to the future development of large reserves of heavier oil it had previously found in deeper rock formations.