UK's Gulf Keystone reports new oil discovery in Northern Iraq 

(MENAFN) British oil firm Gulf Keystone disclosed new oil findings in Akri-Bijeel block in Iraq's Kurdistan region, with an initial output of 2,616 barrels per day (bpd), Reuters reported.

It has also announced another oil discovery in Bakram exploration well in the same block by its Hungarian partner MOL.

Gulf Keystone said also it will begin oil production from its huge Shaikan field in March as its first facility nears completion.

Another facility will be completed by the middle of the year, said the company, which will bring output capability to 40,000 bpd when both facilities are up and running.

Gulf Keystone, which owns a 20 percent stake in the Akri-Bijeel block, said last year it was trying to sell its stake and believed the sale could fetch up to USD500 million.