To boost oil production in Kurdistan, Gulf Keystone and Shamaran merge in a $600 million deal.
To boost oil production in Kurdistan, Gulf Keystone and Shamaran merge in a $600 million deal.
2026-10-20
Shafaq News – Follow-up
Gulf Keystone Petroleum, listed on the London Stock Exchange, announced on Tuesday that it has agreed to merge with Norway’s Shamaran Petroleum in a $601 million share swap deal, to create one of the largest oil producers in Iraq’s Kurdistan region.
Under the agreement, Shamaran shareholders will receive 0.07533958 Gulf Keystone shares for each share they own in the Norwegian company, with shareholders of both companies, after the deal is completed, owning approximately 50% each of the resulting merger company.
Gulf Keystone said it plans to move its primary listing to the main list of Euronext Oslo, before eventually ending its listing on the London Stock Exchange, according to Reuters.
The merger comes at a time when deals are accelerating between oil companies that focus their activities on the Middle East, amid rising oil prices linked to the war in the region.
In a related context, Genel Energy, which is also listed on the London Stock Exchange and operates in the Kurdistan Region, is competing with the Norwegian company DNO to acquire Capricorn Energy.
Gulf Keystone, Genel Energy, DNO and Shamaran operate in the oil-rich Kurdistan region of Iraq.
shafaq.com
