September 10, 2018 / 6:21 AM / 16 days ago

Oil producer Gulf Keystone's profit soars on higher crude prices

Sept 10 (Reuters) - Oil and gas producer Gulf Keystone Petroleum Ltd on Monday reported a four-fold increase in first-half profit, led by higher output from the Shaikan oilfield in Kurdistan and an uptick in crude prices.

The company had earlier targeted production of 55,000 barrels of oil per day from Shaikan in the near-term, and said on Monday it would require between $200 million and $230 million of investment to reach that target.

Its profit from operations was $26.6 million in the six months ended June 30, compared with $6.3 million a year earlier. (Reporting by Muvija M in Bengaluru; Editing by Sai Sachin Ravikumar)

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