Gulf Keystone Petroleum Limited (LSE:GKP) has reported gross average production of c.44,900 barrels of oil per (bopd) in 2025 to date.
The oil producer in Northern Iraq continues to await a reopening of export routes, through the Iraq-Türkiye pipeline, and it said it continues to engage with government stakeholders.
In the meantime, it is selling crude into the ‘robust local market’ with realised prices remaining around $27–$29 per barrel.
GKP, in Friday’s trading update ahead of its AGM, said it had $100 million of cash as of 19 June, having paid $25 million of dividends in April.
Looking ahead, the firm said production guidance remains unchanged at 40,000 to 45,000 bopd.
Meanwhile, chief executive Jon Harris noted that operations in Iraq have not to date been affected by the military conflict nearby in the region.
“While we have seen no material impact on Shaikan Field operations to date, we are closely monitoring the developing conflict between Israel and Iran,” Harris said.
“We are also continuing to engage with government stakeholders regarding an export restart solution. While there remains no timeline, we are hopeful of ultimately reaching an agreement.”