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Gulf Keystone ups Iraqi oil estimates

Independent oil and gas explorer Gulf Keystone Petroleum revised the reserve estimate at its Shaikan oil discovery in Iraq upward to 10.5 billion barrels.

"This upgrade of the Shaikan mean oil resources from 7.5 (billion) to 10.5 billion of barrels of gross oil-in-place is a result of the increase in the lowest known oil areas for each reservoir," the company said in a statement.

The estimated was calculated by Houston exploration consultant Dynamic Global Advisers and marks the third upgrade since the Shaikan discovery was announced in 2009.