Gulf Keystone is on track with its production goals

In line with its ambitions, Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, has managed to record a gross average production of around 41,400 bopd in 2025

The company's approach involved transitioning from trucking sales to pipeline exports via the Iraq-Türkiye Pipeline so that volumes can be quickly ramped up to attain full well capacity. 

Well workover is currently underway to bring back two wells online, which in turn, will result in increased production rates by early 2026. A three-week shutdown is also in plans next year to ensure safety upgrades at PF-2, with equipment tie-ins to be conducted as well. Engineering design work is on track for the installation of PF-2 water handling in 2027. 

Jon Harris, Gulf Keystone’s chief executive officer, said, "2025 has been a milestone year for the Company after pipeline exports from the Shaikan Field were successfully restarted in September following a hiatus of over two and a half years. Liftings allocated to Gulf Keystone and other IOCs commenced in November and we are pleased to have recently received our first payment. The process as outlined in the interim exports agreements is working and we look forward to a return to full PSC entitlement at international prices following the international independent consultant’s review.

"We are on track to meet our production, capital and cost guidance for 2025. Strong operational and financial performance in the year has enabled us to safely advance key projects while distributing US$50mn of dividends to shareholders. Cumulative production from the Shaikan Field recently surpassed 150 million barrels, underlining the scale and quality of the asset. Looking ahead to 2026, we are expecting a base work programme focused on the progression of current projects. We are also embedding optionality to restart drilling and review disciplined field development, contingent on consistent exports payments at international prices. We are excited about a potentially transformational year for the company and remain focused on executing for our shareholders."