Gulf Keystone Petroleum has received payment for the sale of Shaikan crude, according to Pipeline Oil and Gas Magazine.

The oil and gas exploration and production (E&P) company operating in the Kurdistan region of Iraq received net payments of around $10.7 million from the Kurdistan Regional Government for crude oil sold during February, Gulf Keystone Petroleum said in a statement.

The Shaikan block, operated by Gulf Keystone, is located in the north-west of Erbil and covers an area of 283 km² with a current production capacity of around 40,000 barrels per day (b/d) of oil with significant untapped development potential.