Gulf Keystone today confirmed that a first lifting of Kurdistan crude allocated to the Company and other International Oil Companies (“IOCs”) for pipeline exports during September and October 2025 has been completed by the nominated trader at the Ceyhan oil terminal in Türkiye.

Payment for the Company’s share of the first lifting is expected to be received within the next 30 days, in line with the interim exports agreements that were previously announced by the Company on 26 September 2025. A second lifting for IOC allocation of Kurdistan crude exported in October 2025 is planned for the end of November 2025, with subsequent liftings and payments anticipated thereafter.

Gulf Keystone in Iraq

Gulf Keystone is the operator of the Shaikan licence, holding an 80% working interest, with MOL holding the remaining 20%. The field is located roughly 60 km northwest of Erbil, in the north-west Zagros fold belt.

Shaikan is a long-life field. As of August 2025, Gulf Keystone reported cumulative production of over 145 million stock-tank barrels (MMstb). Their internally estimated gross 2P reserves stood at around 443 MMstb as of end-2024, giving a reserves life of around 30 years, based on their 2024 production rate (~ 40,689 barrels of oil per day gross).

Gulf Keystone operate two production facilities with a combined processing capacity of approximately 60,000 barrels per day (bopd), with both pipeline and truck routes for export. In the first half of 2025, their operating costs were very low: Gulf Keystone reported gross operating costs of US$ 4.2 per barrel.

There have been some operational challenges. For example, production was temporarily shut down in mid-2023 after the Iraq–Türkiye Pipeline (ITP) was closed, halting their ability to export internationally. This led Gulf Keystone to pause drilling, well workovers, and expansion projects. They maintained readiness to resume production when conditions allowed.

In September 2025, Gulf Keystone signed agreements with the Kurdistan Regional Government (KRG) and the Federal Government of Iraq, enabling the restart of exports from Shaikan via the Iraq–Türkiye Pipeline. Under an interim phase (about three months), they expect to receive improved realised prices (above $30 per barrel), compared to lower local-market sales. The deal maintains their existing Production Sharing Contract (PSC).

Following a security review (after a series of drone attacks), Gulf Keystone resumed production at Shaikan in mid-2025. They have since loaded their first export cargo to Turkey’s Ceyhan terminal, marking a significant operational milestone.

They have also carried out technical work to maintain and improve production — for instance, completing a workover on the SH-12 well, bringing it back online from a perforated interval, with the submersible pump restored.

KeyFacts Energy: Gulf Keystone Iraq country profile