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Gulf Keystone Petroleum, Thursday, raised doubts about the continuity of its activity after it announced that it had cut expatriate jobs by 55 percent to cut costs in light of the suspension of crude oil exports from Iraqi Kurdistan.
The company, which is listed on the London Stock Exchange and focuses its operations in Iraqi Kurdistan, said it is studying the possibility of writing off more jobs after the blow to its business following the stoppage of pumping through the Iraq-Turkey oil pipeline in March.
"Although no official time frame has been announced, we still believe that the suspension of exports will be temporary and that the KRG will resume payments for oil sales in a timely manner," John Harris, the company's chief executive, said in a statement.
Last week, the Turkish foreign and energy ministers met the head of the Iraqi Kurdistan government for talks on issues including oil exports, but none of the officials announced an agreement to resume pumping exports through Turkey.
Türkiye stopped oil flows in March after losing an arbitration case brought by Iraq. Baghdad considers oil exports from Kurdistan through the Turkish port of Ceyhan illegal.
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Gulf Keystone Petroleum, Thursday, raised doubts about the continuity of its activity after it announced that it had cut expatriate jobs by 55 percent to cut costs in light of the suspension of crude oil exports from Iraqi Kurdistan.
The company, which is listed on the London Stock Exchange and focuses its operations in Iraqi Kurdistan, said it is studying the possibility of writing off more jobs after the blow to its business following the stoppage of pumping through the Iraq-Turkey oil pipeline in March.
"Although no official time frame has been announced, we still believe that the suspension of exports will be temporary and that the KRG will resume payments for oil sales in a timely manner," John Harris, the company's chief executive, said in a statement.
Last week, the Turkish foreign and energy ministers met the head of the Iraqi Kurdistan government for talks on issues including oil exports, but none of the officials announced an agreement to resume pumping exports through Turkey.
Türkiye stopped oil flows in March after losing an arbitration case brought by Iraq. Baghdad considers oil exports from Kurdistan through the Turkish port of Ceyhan illegal.
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