British oil and gas producer Gulf Keystone Petroleum, which operates in Iraq’s Kurdistan Region, announced on Thursday that it had received notification of the allocation of its first oil cargo by Iraq’s state-owned oil marketer SOMO. The allocation falls under arrangements to reconcile export sales for the fourth quarter of 2025 based on international oil prices.
The company said in an official statement that the development marks an initial move toward recovering its outstanding financial dues. It is expected to improve cash flow and working capital while strengthening the financial and contractual stability of its operations.
Gulf Keystone noted that the move follows continued coordination with relevant federal authorities and officials in the Kurdistan Region to organize oil export procedures and support the implementation of its development plans for the Shaikan oil field.
In late August, the company released its financial and operational results for the first half of 2026, confirming that operations had resumed after a temporary suspension in July. It also announced a $10 million dividend payment to shareholders.
