Gulf Keystone Petroleum Reports 2025 Achievements and 2026 Outlook

Gulf Keystone Petroleum Ltd, an independent operator in Kurdistan, announced a robust 2025 performance with production near the upper range of guidance. The company generated significant free cash flow, supporting $50 million in dividends. Pipeline exports resumed in September 2025, with stable export liftings and payments noted well into 2026. CEO Jon Harris highlighted plans to resume drilling in 2026, aiming to boost production by 2027.

Operationally, 2025 saw an average production of 41,560 bopd despite disruptions, with 2026’s early figures slightly lower. Financially, 2025 crude sales totaled $122 million with a year-end cash balance of $78 million. No Lost Time Incidents were reported for over three years.

Looking ahead, 2026 guidance estimates production between 37,000 to 41,000 bopd. Capex is projected at $40-$50 million with plans to maintain production, upgrade facilities, and install water handling. Gulf Keystone also considers a potential listing on Euronext Growth Oslo, pending market conditions.