Business
Restart of Kurdistan crude exports via the Ir...
Gulf Keystone Petroleum has signed agreements with the Kurdistan Regional Government and the Federal Government of Iraq to restart international crude exports from Kurdistan via the Iraq-Türkiye Pipeline, expected to commence in the coming days. These agreements comply with Iraq’s 2023-2025 Budget Law, maintaining Kurdistan’s Production Sharing Contracts. During an interim period of approximately three months, the company anticipates improved realised prices above $30 per barrel, compared to $27-28 per barrel from local sales, to cover production and transportation costs. Following this, a reconciliation to full PSC entitlement at international prices is expected after a review of invoices and contractual costs. The Iraqi State Organization for Marketing of Oil will transport the crude, and payments to Gulf Keystone will be made from sales proceeds deposited into an escrow account. 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\nRestart of Kurdistan crude exports via the Iraq-Türkiye Pipeline 26-Sep-2025 / 07:00 GMT/BST\n\n\n26 September 2025 \n\n \n\n \n\n \n\nGulf Keystone Petroleum Ltd. (LSE: GKP) \n\n(“Gulf Keystone”, “GKP” or “the Company”)\n\n \n\nRestart of Kurdistan crude exports via the Iraq-Türkiye Pipeline\n\n \n\n \n\nGulf Keystone is pleased to announce that the Company, along with several other International Oil Companies (“IOCs”) operating in the Kurdistan Region of Iraq (“Kurdistan”), has signed agreements with the Kurdistan Regional Government (“KRG”) and the Federal Government of Iraq (“FGI”) to enable the restart of international crude exports from Kurdistan. \n\n \n\nPipeline exports from the Shaikan Field are expected to restart in the coming days. \n\n \n\nThe agreements to restart Kurdistan crude exports are in full compliance with Iraq’s 2023-2025 Budget Law while maintaining the sanctity of Kurdistan’s Production Sharing Contracts (“PSCs”). The Budget Law provides for an interim period, currently anticipated to be around three months, during which IOCs will be compensated for exported production to cover the costs of production and transportation. As a result, the Company expects an improvement in Shaikan Field realised prices to above $30/bbl in this interim period compared to $27-28/bbl in local sales. Subsequently, a reconciliation to full PSC entitlement at international prices (adjusted for crude quality and transportation costs) is expected following a review of IOC invoices and contractual costs conducted during the interim period by an international independent consultant. \n\n \n\nThe Iraqi State Organization for Marketing of Oil (“SOMO”) will transport the crude from Fishkhabour in Kurdistan to Ceyhan in Türkiye while the KRG and the IOCs will market Kurdistan crude at the Kirkuk blend official selling price. The Company and other IOCs will be paid from the sale of their allocation at Ceyhan via a nominated trader who will deposit the sales proceeds into an escrow account at an international bank before the funds are disbursed to the IOCs. During the interim period, the Company will continue to engage with the KRG regarding a payment mechanism for the outstanding ...