September 19, 2017 / 6:23 AM / in a year

Gulf Keystone Petroleum posts first-half pretax profit on stable output

(Reuters) - Iraq-based oil producer Gulf Keystone Petroleum Ltd (GKP.L) on Tuesday reported a pretax profit of $619 million, boosted by stable production and cash receipts from the Kurdistan Regional Government.

Revenue for the period fell 23.3 percent to $78.3 million for the first half ended June 30. Production averaged 36,664 barrels of oil per day during the period.

The company that produces oil from the Shaikan oilfield in Iraq’s Kurdistan region said it remained on track to meet production forecast for the year of 32,000 to 38,000 barrels of oil per day.

Reporting by Radhika Rukmangadhan and Sanjeeban Sarkar in Bengaluru

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