Iraqi Kurdistan-focused oil producer Gulf Keystone Petroleum has reported a $248.2 million loss after tax for 2014 as the company said it was still owed around $100 million for crude oil it has sold.

The company, which is continuing discussions with undisclosed parties to sell certain assets or the entire firm, increased oil production significantly last year to an annual gross output of 6.48 million barrels of oil.

Its flagship Shaikan oil field in Iraqi Kurdistan is currently producing more than 37,000 barrels of oil per day to deliver crude to an unnamed partner who has pre-paid $26 million for the supply.

Gulf Keystone has been hit hard by the consequences of a dispute between Iraq's central government and the Kuridstan Regional Government about oil exports from the resource-rich autonomous region.

Reporting by Karolin Schaps