Gulf Keystone Petroleum (LSE:GKP) has increased production at its Shaikan oil field in the Kurdistan Region of Iraq following the resumption of operations, with output now exceeding 43,000 barrels of oil per day.
The company is continuing to restore production capacity while advancing plans to secure long-term export arrangements aimed at strengthening future revenues.
Production Continues to Build Following Restart
Since restarting production and export operations on 24 June 2026, Gulf Keystone has steadily increased gross output from the Shaikan field to more than 43,000 barrels per day.
Management said additional well activities are scheduled over the coming weeks as the company works to optimise production levels.
The operator also confirmed it continues to monitor the security situation closely in both the Kurdistan Region and the surrounding area as operations progress.
Focus on Long-Term Sales and Field Development
Alongside increasing production, Gulf Keystone is pursuing long-term export contracts that would allow its crude to be sold at international market prices.
The company believes securing sustainable export agreements will improve revenue stability and strengthen access to global markets.
At the same time, management is maintaining a disciplined approach to operating costs while continuing discussions with the Kurdistan Ministry of Natural Resources regarding a revised development plan for the Shaikan field.
The updated field development strategy is expected to help shape the long-term growth and value of the company’s flagship asset.
Strong Balance Sheet Supports Outlook
Gulf Keystone’s financial position continues to benefit from a strong balance sheet and relatively low debt levels, providing resilience against fluctuations in oil markets.
However, the investment case remains tempered by weaker technical indicators, with the shares trading below key short-term moving averages and broader momentum remaining negative.
The company’s valuation also reflects a relatively high price-to-earnings ratio, while variability in cash generation, including weaker free cash flow during 2025, remains an area for investors to monitor.
About Gulf Keystone Petroleum
Gulf Keystone Petroleum Ltd. is an independent oil and gas producer focused on the Kurdistan Region of Iraq.
Listed on both the London and Oslo stock exchanges under the ticker GKP, the company operates the Shaikan oil field, one of the region’s largest onshore producing assets and the cornerstone of its production and development strategy.
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