In a historic and positive development that breathes new life into the Kurdistan Region's oil sector, Gulf Keystone Petroleum (GKP) revealed that it has received its first compensation oil cargo at international prices through Iraq's State Organization for Marketing of Oil (SOMO).

On Thursday, October 15, 2026, GKP stated in an official release that these "top-up barrels" were allocated to reconcile exported oil sales for the fourth quarter of 2025. This allocation comes within the framework of a temporary trilateral agreement between the international oil companies, the Kurdistan Regional Government (KRG), and the Iraqi Federal Government, marking a crucial starting point for settling the company's accumulated debts and financial dues.

Commenting on the milestone, Jon Harris, CEO of Gulf Keystone, expressed his optimism, stating: "The initiation of the compensation payment process is a positive and significant turning point for the company and the advancement of the Kurdistan oil industry."

The CEO emphasized that receiving the full financial entitlements under the Production Sharing Contracts (PSC) at global prices is completely aligned with the amended Iraqi budget law and their contractual agreements. He added: "We welcome the commitment of the KRG and the Iraqi Federal Government in implementing this step, which will undoubtedly strengthen the position of Iraq and the Kurdistan Region as an attractive destination for international oil investment."

Finally, GKP reiterated that by establishing this payment principle, the company will continue to pursue the recovery of all its outstanding debts and dues. This initial payment will serve as a strong catalyst to expand the company's operations and further develop the large, low-cost reserves of the Shaikan oil field.