Gulf Keystone Reports First Oil Cargo Allocation to Settle Kurdistan Export Receivables

British oil and gas company Gulf Keystone Petroleum, which operates in the Kurdistan Region of Iraq, announced on Thursday that it had been notified of the allocation of its first oil cargo by Iraq’s state-owned oil marketing company SOMO. The shipment forms part of the mechanism to reconcile and balance export sales for the fourth quarter of 2025 in line with international market prices.

In an official statement, the company said the development represents an initial step toward settling and collecting its outstanding financial receivables. The move is expected to strengthen cash flow, improve working capital and support greater financial and contractual stability.

Gulf Keystone added that the development follows ongoing coordination with relevant federal authorities and the Kurdistan Regional Government to regulate oil export arrangements and advance development plans for the Shaikan oil field.

In late August, Gulf Keystone Petroleum, the operator of the Shaikan field in the Kurdistan Region, released its financial and operational results for the first half of 2026. The company confirmed that operations had resumed following a temporary suspension in July and announced a $10 million dividend distribution to shareholders.