Gulf Keystone begins receiving accumulated receivables in the Kurdistan Region
International oil company Gulf Keystone announced that, under a temporary tripartite agreement, the first oil shipment has been made through SOMO and receivables are being paid.
Gulf Keystone Petroleum announced that, in line with a temporary tripartite agreement between the Kurdistan Regional Government, the Iraqi Federal Government, and international oil companies, the first oil shipment has been allocated to compensate for price differences and the repayment of accumulated receivables has begun.
Temporary Tripartite Agreement and First Shipment
Action was taken within the framework of the temporary tripartite agreement between Gulf Keystone Petroleum, the Kurdistan Regional Government, the Iraqi Federal Government, and international oil companies. The first oil shipment was allocated through the Iraqi Oil Marketing Company (SOMO) to compensate for price differences.
It was stated that the main objective of this step is to align the oil sales exported in the fourth quarter of 2025 with international prices and to initiate the process for the repayment of the company's accumulated receivables.
Alignment with International Prices
In the statement made by the company, it was shared that the first cargo was recently loaded following the additional barrels allocated by SOMO. These top-up barrels align the export sales of the final quarter of 2025 with international prices.
With these developments, the repayment process for the company's overdue top-up receivables has officially begun.
Evaluations by Executives
Gulf Keystone Chief Executive Officer Jon Harris stated that the commencement of top-up payments is a very positive and significant milestone for the company and the Kurdistan oil industry.
Harris emphasized that collecting all entitlements for export sales under the Production Sharing Contract based on international prices is in full compliance with the budget law and contracts.
Future Expectations and Investments
It was stated that this step taken by the Kurdistan Regional Government and the Iraqi Government strengthens the region's position as attractive hubs for international petroleum industry investments.
Stating that a precedent has been set for payment, officials noted that they will continue to monitor the process of recovering the remaining balance of top-up receivables and that this situation will increase the momentum towards the development of the Shaikan Field.