Gulf Keystone Reboot: Shaikan Oil Production Nears 40,000 Barrels Per Day

Gulf Keystone Petroleum has resumed production and exports from its Shaikan oil field in Kurdistan. The company's output is nearing 40,000 barrels per day after earlier shutdowns due to security issues.

Despite a significant drop in average production in the first half of the year, Gulf Keystone's adjusted EBITDA rose 26% to $51.7 million thanks to higher export prices and lower operating costs.

The company declared a $10 million interim dividend, payable on September 28, and reported a strong cash position of $63.5 million with no debt.