Business
Operational & Corporate Update
Gulf Keystone Petroleum reported strong 2025 performance with gross average production of 41,560 bopd, towards the upper end of guidance, and generated material free cash flow underpinning $50 million in dividend payments. Pipeline exports resumed in September 2025, with regular payments continuing into 2026. The company collected $122 million for 2025 crude sales, with net capex at $34 million and operating costs at $53 million. For 2026, production is guided between 37,000 to 41,000 bopd, with net capex projected at $40-$50 million, and net operating costs between $55-$60 million. Drilling is expected to restart later in 2026, and the company is considering a potential listing on Euronext Growth Oslo. Disclaimer*
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nGulf Keystone Petroleum Ltd (GKP)\n\n\n\n\n\n\nOperational & Corporate Update 22-Jan-2026 / 07:00 GMT/BST\n\n\n \n\n \n\n22 January 2026\n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP) \n\n(“Gulf Keystone”, “GKP”, “the Group” or “the Company”)\n\n \n\nOperational & Corporate Update\n\n \n\n \n\nGulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq (“Kurdistan”), today provides an operational and corporate update. The information contained in this announcement has not been audited and may be subject to further review. \n\n \n\nJon Harris, Gulf Keystone’s Chief Executive Officer, said:\n\n“2025 was a strong year for GKP, with production towards the top end of our tightened guidance range. Capex and cost discipline helped deliver material free cash flow generation underpinning $50 million of dividend payments. Kurdistan pipeline exports restarted in September 2025 after over two and half years and regular exports liftings and associated payments, which commenced in Q4 2025, have continued into 2026 following a smooth extension of the interim agreements. \n\nLooking ahead, we expect 2026 to be a pivotal year. Assuming continued consistent exports payments and a return to international prices, we intend to swiftly resume drilling later in the year. This will position us to organically grow production in 2027 as additional volumes from the installation of water handling are also expected to come on stream. We will remain disciplined, coupling incremental capital investments with shareholder distributions to continue delivering value for all stakeholders.”\n\nOperational\n\n2025 gross average production of 41,560 bopd, towards upper end of tightened annual guidance range of 40,000 – 42,000 bopd and a 2% increase versus the prior year (2024: 40,689 bopd)\n\n Resilient performance despite trucking and security related interruptions from June to August accounting for losses of c.1.3 million barrels, or c.3,500 bopd annualised\n Successful transition from trucking sales to pipeline exports via the Iraq-Türkiye Pipeline (“ITP”) on 27 September 2025, with volumes quickly ramped up towards full well capacity\n \n 2026 year to 20 January gross average production of c.40,600 bopd\n Production expected to ramp up towar...