Gulf Keystone reports first SOMO top-up oil cargo
Shafaq News- London/ Erbil
London-listed Gulf Keystone Petroleum (GKP) said on Thursday that the first cargo of additional oil allocated by Iraq's State Oil Marketing Organization (SOMO) had recently been lifted, beginning the settlement of outstanding price adjustments for Kurdistan Region oil exports in the fourth quarter of 2025.
In a statement, GKP said the allocation would improve cash flow, strengthen working capital, and support the stability of its financial and contractual arrangements. The company would coordinate with authorities in Baghdad and Erbil to organize oil exports and advance development plans for the Shaikan oil field, it added.
In late August, Gulf Keystone announced that production at Shaikan had resumed and was approaching 40,000 barrels per day (bpd). The company also declared an interim dividend of $10 million for shareholders as part of its financial and operational results for the first half of 2026.
Shaikan, one of the Kurdistan Region's largest oil fields, has estimated gross proved and probable reserves of 416 million barrels. Gulf Keystone operates the 280-square-kilometer field with an 80% stake, while Hungary's MOL holds the remaining 20%. Commercial production began in 2013, and cumulative output has since exceeded 155 million barrels.
