Gulf Keystone Resumes Production at Shaikan Oil Field

Gulf Keystone Petroleum has resumed production at its Shaikan oil field in the Kurdistan Region after a precautionary shutdown due to regional security concerns. The company reported that gross production averaged 14,600 barrels per day (bpd) in the first half of 2026, down from 44,100 bpd a year earlier.

The Shaikan field restarted on August 16 and output is now approaching 40,000 bpd. Gulf Keystone operates the 280-square-kilometre field with an 80% stake, alongside Hungary's MOL with 20%. The company also declared a $10 million interim dividend to be paid on September 28.

The extension of interim export agreements between international oil companies, Iraq's federal government and the Kurdistan Regional Government has allowed negotiations to continue on longer-term agreements based on international prices. The agreement was extended for six months through January 2027.