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Gulf Keystone Petroleum Ltd on Wednesday said it remains on track to meet its 2025 production targets and confirmed it will issue full 2026 guidance in January, after a year marked by the restart of pipeline exports from the Shaikan field in the Kurdistan Region of Iraq. The Bermuda-registered oil producer focused on the Kurdistan region of Iraq said gross average output so far this year to December 8 was 41,400 barrels of oil per day, in line with its tightened annual guidance of 40,000 to 42,000 bopd. Early December production has averaged around 44,000 bopd. Chief Executive Jon Harris said 2025 had been a ‘milestone year’, with exports via the IraqTurkey pipeline resuming in September following a halt of more than two and a half years. Liftings allocated to Gulf Keystone and other international oil companies began in November, and the firm has now received its first export payment. ‘The process as outlined in the interim exports agreements is working and we look forward to a return to full PSC entitlement at international prices following the international independent consultant’s review,’ Harris said. Gulf Keystone said the interim export agreements are expected to roll into next year while the consultant continues reviewing IOC invoices and contractual costs. A reconciliation to full production-sharing contract entitlement at international prices is anticipated once the review concludes. Financially, the company said average realised prices for cash received under the interim export arrangements amount to around $30 per barrel. The company returned $50 million to shareholders through dividends in 2025 and reported a cash balance of $75 million as of December 9. Looking ahead, Gulf Keystone reiterated its 2025 guidance for net capital expenditure of $30 million to $35 million, operating costs of $50 million to $55 million, and other G&A expenses below $10 million. Gulf Keystone added it continues discussions with the Kurdistan Regional Government on ‘historical’ commercial matters, including past oil sales arrears, and is evaluating a potential listing on Euronext Growth Oslo subject to market conditions. Shares in Gulf Keystone were down 1.5% at 175.60 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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