Extending the export agreement for the Kurdistan Region until 2027 will restore production at the “Sheikan” field to 40,000 barrels per day.
Extending the export agreement for the Kurdistan Region until 2027 will restore production at the “Sheikan” field to 40,000 barrels per day.
2026-08-25
Shafaq News – Follow-up
Gulf Keystone Petroleum, the British company operating in the Kurdistan Region, announced on Tuesday its financial and operational reports for the first half of 2026, confirming the resumption of its operations after their temporary suspension last July, and the distribution of profits worth $10 million to its shareholders.
The company stated in its report that the temporary tripartite agreement between foreign companies, the federal government and the regional government will be extended for another six months until the end of January 2027, in preparation for reaching a long-term agreement based on global prices, noting the resumption of field operations in the “Sheikhan” oil field in Duhok Governorate.
The company’s CEO, John Harris, said that “operational and financial performance has shown great resilience in the face of the turmoil in the region,” explaining that “thanks to the extension of the export agreement, production and exports have resumed and are gradually increasing to reach previous levels.”
According to the report, the company’s average daily production in the first half of this year was about 14,600 barrels, down from 44,100 barrels for the same period last year, due to the precautionary suspension of operations between February 28 and June 23 of last year because of the security situation, before production resumed on August 16 of this year, and its rates are currently approaching 40,000 barrels per day.
shafaq.com
