Gulf Keystone Petroleum
Gulf Keystone Petroleum is an independent upstream oil operator running the Shaikan Field in Kurdistan Region of Iraq under an 80%-held Production Sharing Contract, selling crude locally and via the Iraq-Türkiye Pipeline to Ceyhan. It serves the KRG and Federal Government of Iraq and is dual-listed on the LSE and Euronext Growth Oslo.
- Company typePublic
- Founded2007
- HeadquartersLondon, United Kingdom
- Headcount251–500
- GTM typeB2B
- OfferingServices
What Gulf Keystone Petroleum does
Gulf Keystone Petroleum is an independent upstream oil company incorporated in Bermuda and headquartered in London, with operational headquarters in Erbil, Kurdistan Region of Iraq. The company is the operator of the Shaikan Field under a Production Sharing Contract awarded in November 2007, holding an 80% working interest with MOL Group holding the remaining 20%. Gulf Keystone is dual-listed on the London Stock Exchange Main Market (LSE: GKP) and Euronext Growth Oslo (OSE: GKP) following a February 2026 secondary listing.
The Shaikan Field, located approximately 60 km north-west of Erbil, is one of the largest oil developments in Kurdistan, with gross 2P reserves of 416 MMstb and more than 150 MMstb of cumulative production from the Jurassic reservoir to date. Production is processed through two facilities (PF-1 and PF-2) with combined capacity of approximately 60,000 bopd; FY 2025 gross average production was 41,560 bopd at a low gross operating cost of $4.3/bbl. An investment decision was taken in August 2025 on PF-2 water handling facilities expected to add 4,000-8,000 bopd incremental gross production when commissioned in early 2027.
Gulf Keystone generates revenue from crude oil sales through two channels: local Kurdistan market sales (historically realising approximately $27-28/bbl) and international exports via the Iraq-Türkiye Pipeline to Ceyhan, Turkey (above $30/bbl under the interim agreements signed September 2025). FY 2025 revenue was $193.1 million with Adjusted EBITDA of $111.4 million, and the company ended the year with a $78.2 million debt-free cash balance. Its primary counterparties are the Kurdistan Regional Government and the Federal Government of Iraq under the PSC framework, with SOMO acting as state transporter and marketer for export barrels. The Shaikan Field was shut in as a precautionary measure from late February 2026 amid Middle East security developments.
Gulf Keystone Petroleum firmographics
Firmographics- Name
- Gulf Keystone Petroleum
- Legal name
- Gulf Keystone Petroleum Ltd.
- Website
- https://gulfkeystone.com
- Company type
- Public
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Gulf Keystone Petroleum is an independent upstream oil operator running the Shaikan Field in Kurdistan Region of Iraq under an 80%-held Production Sharing Contract, selling crude locally and via the Iraq-Türkiye Pipeline to Ceyhan. It serves the KRG and Federal Government of Iraq and is dual-listed on the LSE and Euronext Growth Oslo.
- Ownership category
- akta.pro rank
Gulf Keystone Petroleum industry classification
Industry- Product category
- Upstream Oil Production
- NAICS
- Crude Petroleum Extraction (211120), Pipeline Transportation of Refined Petroleum Products (486910)
- SIC
- Crude Petroleum & Natural Gas (1311), Pipe Lines (No Natural Gas) (4610)
- akta.pro primary industry
- Crude Oil Pipeline Transportation (EUALADAA)
- akta.pro secondary industries
- Refined Products Pipeline Transportation (Gasoline/Diesel/Jet) (EUALADAD), Crude Oil & Petroleum Products Tanker Transport (TLADALAA)
Keywords
Where Gulf Keystone Petroleum is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Gulf Keystone Petroleum business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Technology or R&D, Others
Revenue model
- Crude Oil Production and Sales: Revenue generated from production and sale of crude oil through two channels: (1) local Kurdistan market sales at discounted prices (approximately $27-28/bbl), and (2) international export sales via Iraq-Türkiye Pipeline to Ceyhan, Turkey at improved prices (approximately $30+/bbl under interim agreements). FY 2025 revenue of $193.1 million reflecting full value of local and export sales entitlement invoices.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Crude oil sales under Production Sharing Contract |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Gulf Keystone Petroleum product offering
Product offeringCore offering
Gulf Keystone Petroleum is an independent oil producer that operates the Shaikan Field in the Kurdistan Region of Iraq under a Production Sharing Contract in which it holds an 80% working interest. It extracts and sells crude oil from the field, primarily exporting via the Iraq-Türkiye Pipeline to Ceyhan and, when the pipeline is closed, selling crude locally within Kurdistan.
Product overview
Gulf Keystone Petroleum is an independent oil company operating as the operator of the Shaikan Field, one of the largest oil developments in the Kurdistan Region of Iraq. The company holds an 80% working interest in the Shaikan Production Sharing Contract with the Kurdistan Regional Government. Core operations include crude oil production via two production facilities (PF-1 and PF-2) with combined capacity of approximately 60,000 bopd, and crude oil export services via the Iraq-Türkiye Pipeline to Ceyhan, Turkey. Supporting services include local crude sales, environmental management, and social responsibility programs. The company is dual-listed on the London Stock Exchange and Euronext Growth Oslo with ticker code GKP.
Differentiator
Problem solved
Functional benefit
Products and services
- Shaikan Field Crude Oil Production Production of crude oil from the Shaikan Field in the Kurdistan Region of Iraq under a Production Sharing Contract, with Gulf Keystone holding an 80% working interest alongside MOL's 20%. Production is processed through PF-1 and PF-2 with a combined capacity of 60,000 bopd and the company's self-reported 2P reserves stand at 457 MMstb.
- Crude Oil Export Sales via Iraq-Türkiye Pipeline Sale of Shaikan crude oil to international buyers via the Iraq-Türkiye Pipeline to the Ceyhan terminal in Türkiye, providing international market access and Brent-linked pricing. This channel was disrupted in March 2023 and exports were restarted in September 2025 following the resumption of pipeline flows.
- Local Kurdistan Crude Sales Direct sales of Shaikan crude oil to local buyers within the Kurdistan Region of Iraq, activated when international export via the Iraq-Türkiye Pipeline is disrupted. This provides continued revenue generation during pipeline suspensions at pricing referenced to international benchmarks adjusted for local market conditions.
Quantifiable outcome
- 27 years of reserves life based on 2P reserves of 416 MMstb and 2025 production rate of 41,560 bopd
- +2 more outcomes
Companies that use Gulf Keystone Petroleum
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles1 record
Gulf Keystone Petroleum technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Gulf Keystone Petroleum partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- Kurdistan Regional Government (KRG)coreProduction Sharing Contract partner and primary government stakeholder. GKP operates the Shaikan Field under PSC with the KRG Ministry of Natural Resources. Recent agreements signed to restart international crude exports in compliance with Iraq's 2023-2025 Budget Law.
- Federal Government of IraqcoreFederal government partner for Iraq-Türkiye Pipeline export agreements. Involvement necessary for restart of international crude exports and compliance with Iraq's Budget Law framework.
- MOL Group (MOL)coreMOL holds a 20% working interest in the Shaikan Production Sharing Contract. Gulf Keystone operates the field with the remaining 80% interest. The partnership has been in place since the PSC was awarded in November 2007, with MOL participating in exploration, development, and production activities.
- SOMO (Iraq State Organization for Marketing of Oil)coreSOMO transports crude from Fishkhabour in Kurdistan to Ceyhan in Türkiye as part of the export restart agreement. Acts as the state marketing entity for Iraqi crude oil exports.
- DNB Carnegie / SB1 MarketscoreJoint bookrunners for Euronext Growth Oslo listing and retail offering. Appointed as managers for the private placement and Euronext Growth advisors for the dual listing on Oslo Stock Exchange.
- Other International Oil Companies (IOCs)coreEight IOCs including DNO, Dana Gas, HKN Energy, and others operating in Kurdistan participated in restart of exports via Iraq-Türkiye Pipeline. Joint export arrangements through Ceyhan terminal with shared payment mechanisms.
Scale indicators11 records
Recent moves7 records
Expansion highlights4 records
Gulf Keystone Petroleum competitors and assessment
Company assessmentMarket position
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Gulf Keystone Petroleum social profiles
Digital presenceGulf Keystone Petroleum financial estimates
Financial estimateRevenue estimate
Valuation estimate
Gulf Keystone Petroleum leadership team
Management profileNumber of profiles
Profiles6 records
Gulf Keystone Petroleum subsidiaries and ownership
Company hierarchySubsidiaries2 records
Gulf Keystone Petroleum funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Gulf Keystone Petroleum M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Gulf Keystone Petroleum
What does Gulf Keystone Petroleum do?
Gulf Keystone Petroleum is an independent oil producer that operates the Shaikan Field in the Kurdistan Region of Iraq under a Production Sharing Contract in which it holds an 80% working interest. It extracts and sells crude oil from the field, primarily exporting via the Iraq-Türkiye Pipeline to Ceyhan and, when the pipeline is closed, selling crude locally within Kurdistan.
Is Gulf Keystone Petroleum a public or private company?
Gulf Keystone Petroleum is a public company. It is classified as public and is currently operating.
When was Gulf Keystone Petroleum founded?
Gulf Keystone Petroleum was founded in 2007. It employs 251 to 500 people.
Where is Gulf Keystone Petroleum based?
Gulf Keystone Petroleum is headquartered in London, United Kingdom, in the Europe region.
How does Gulf Keystone Petroleum make money?
One revenue line is on record: crude Oil Production and Sales.
Does Gulf Keystone Petroleum have an API?
No public API is recorded for Gulf Keystone Petroleum.
What industry is Gulf Keystone Petroleum in?
Gulf Keystone Petroleum's product category is Upstream Oil Production. Its primary akta.pro industry code is EUALADAA, Crude Oil Pipeline Transportation, with a secondary code of EUALADAD, Refined Products Pipeline Transportation (Gasoline/Diesel/Jet). Its NAICS code is 211120 and its SIC code is 1311.