Gulf Keystone aims to create value for all stakeholders through a phased increase in production at Shaikan, whilst maintaining strict financial discipline and ensuring safe operations.
Safe and reliable operations
The Company strives to be at the forefront of HSSE best practice in the Kurdistan Region of Iraq, is proud of its safety track record and is committed to a continuous improvement culture.
Optimise longer-term development of Shaikan
GKP is actively working with MOL and the MNR on a revised Field Development Plan which will be submitted in due course.
Deliver value to stakeholders
The Company is focused on conducting operations for the benefit of all stakeholders. Investing in the field and increasing production, whilst returning value to shareholders, as appropriate, remains a core focus.
Commitment to ESG
Since the start of operations in the region in 2007, Gulf Keystone has delivered – and continues to focus on – initiatives that now fall under the sustainability or ESG banner.
Sustainable production growth
Utilising the Company’s extensive knowledge of the underlying reservoir supports Gulf Keystone’s ability to invest in further production growth at the Shaikan Field. The phased and risk‑managed approach is expected to increase production first to 55,000 bopd and then over time to 110,000 bopd. Expansion activity at Shaikan is expected to resume once macro‑economic conditions improve.
Deliver long-term value in a safe, sustainable and cost-effective manner, while maintaining a conservative financial profile.
Gulf Keystone’s strategic priorities
Conservative financial position
Maintain a sharp focus on capital allocation, cost reductions and the pace of investment to ensure adequate liquidity to fund the development over time.
Safety and sustainability
The Company is committed to high ESG standards with a focus on safety, the environment, the development of its people and working closely with local communities where we operate to secure mutual benefit from the project.
Value creation by means of project delivery, production growth and shareholder distributions, once macro-economic conditions improve.
Capital discipline and cost focus
Prudent, disciplined and proactive management of capital expenditures and underlying cost base.