- First top-up barrels reconciling Q4 2025 export sales to international prices
Gulf Keystone understands that a first cargo was recently lifted following the allocation of additional barrels by Iraq’s State Oil Marketing Organisation ('SOMO') to compensate the Company and other IOCs party to the tripartite interim export agreements. The top-up barrels reconcile export sales during Q4 2025 to international prices and begin to repay the Company’s outstanding top-up receivables.
Jon Harris, Gulf Keystone’s Chief Executive Officer, said:
'The commencement of the top-up payments is a significant positive milestone for the Company and the Kurdistan oil industry. The receipt of full PSC entitlement at international prices for our export sales is aligned with the amended budget law and our contracts. We welcome the commitment shown by the Kurdistan Regional Government and the Government of Iraq in taking this important step, which reinforces Kurdistan and Iraq as attractive destinations for international oil industry investment.
As the precedent for payment has now been established, we will continue to pursue recovery of the remaining balance of our top-up receivables. This maiden top-up payment will boost GKP’s momentum towards development of the Shaikan Field’s large, low-cost reserves and resources base.'
Source: Gulf Keystone Petroleum
