Gulf Keystone Petroleum Limited Overview
Pro stress-test →Gulf Keystone Petroleum engages in exploration, evaluation, and production of oil and gas properties in the Kurdistan Region of Iraq, operating the Shaikan field which covers 280 square kilometers northwest of Erbil. The company holds an 80% working interest in the Shaikan license with a Production Sharing Contract with the Kurdistan Regional Government. It operates a large, long-life field with very low operating costs of $4.3 per barrel in 2025.
Strategic Profile
Pro stress-test →Production has been shut-in at Shaikan since February 2026 as a safety precaution following US and Israeli strikes on Iran and regional security deterioration; management states the asset is ready to restart quickly. The company has no debt, held $89 million in cash as of mid-March 2026, and has returned $535 million to shareholders since 2019 while preserving balance sheet strength. Kurdistan pipeline exports restarted in September 2025, representing a significant milestone for the company and broader industry.
Competitive Landscape
Pro stress-test →Gulf Keystone operates the Shaikan Field as a major development in the Kurdistan Region of Iraq. Direct competitors include other independent oil producers operating in Kurdistan (DNO ASA's Tawke field, Genel Energy's operations) and broader regional Middle East oil & gas companies. Market position reflects the scale and low-cost structure of Shaikan against higher-risk/higher-cost competitor assets.
Industry Context
Gulf Keystone Petroleum Limited operates in Upstream oil & gas exploration and production.
Key facts
Headquarters: Hamilton, Bermuda · Revenue: $164.81m · Market cap: £373-378m