Iraq’s Gulf Keystone revenue unchanged as oil prices balance output decline

The Shaikan oilfield in northern Iraq. Photo: Gulf Keystone Petroleum Baghdad (IraqiNews.com) – Gulf Keystone Petroleum, the operator of the Shaikan field, one of the largest developments in Iraqi Kurdistan, reported stable revenue during the first half of 2026. The company’s revenues hit $82.8 million as higher oil prices balanced a 67 percent decline in output due to instability in the region. The company’s shares rose by 9.6 percent following increased revenues and reduced operating costs. The company’s revenues are nearly unchanged compared to $83.1 million in the first half of 2025. Adjusted financial operating profitability increased by 26 percent to $51.7 million, driven by cost reduction and robust pricing. The firm plans to increase output safely and begin a water handling project in the first quarter of 2027. The Shaikan field is one of the largest oil fields discovered in the Kurdistan region of Iraq and serves as Gulf Keystone Petroleum’s principal asset. The field covers around 280 square kilometers and is located about 60 kilometers northwest of Erbil, Iraqi Kurdistan’s capital. The oilfield has an estimated 416 million barrels of proven reserves. It has been in commercial production since 2013.