Gulf Keystone Petroleum Ltd., a London-listed oil and natural gas explorer, said that the transfer of the company’s interest in the Hassi Ba Hamou permit in Algeria has advanced.
All required documentation has been executed and all government approvals obtained for the transfer of the right, title and interest for no consideration, Gulf Keystone said in a statement. The company is giving the interest to the BG Group Plc, the operator, and Sonatrach Group, Algeria’s state-run energy company.
Gulf Keystone is pulling out of the north African nation to focus on the Kurdistan region of Iraq, home to about 40 percent of the country’s 115 billion barrels of reserves. Gulf Keystone has announced the discovery of as much as 10 billion barrels of oil in the Shaikan field.
“We are pleased that with the HBH transfer we have made good progress towards achieving our goal of a gradual strategic exit from Algeria,” Gulf Keystone chief executive officer Todd Kozel said in the statement. “ We are firmly focused on our operations spanning four exploration blocks in the Kurdistan region of Iraq.”