Gulf Keystone, a leading international oil producer in the Kurdistan Region of Iraq, announced on Tuesday that it is expecting a “significant potential upside from the restart of Kurdistan crude exports via the Iraq-Turkey Pipeline (ITP).”

Gulf Keystone is the operator of the Shaikan Field, one of the largest developments in the Kurdistan Region of Iraq.

Read More: KRG Council of Ministers Urges Swift Resumption of Oil Exports

On March 25, 2023, Kurdish crude oil exports through Turkey were stopped after an international arbitration court ruled in favor of Baghdad against Ankara, halting 450,000 barrels per day of crude oil exports to international markets.

While oil exports have not yet resumed, in July, the Kurdistan Regional Government (KRG) and the federal government of Iraq reached a deal for the KRG to deliver 230,000 barrels of oil per day and 120 billion Iraqi dinars monthly from non-oil revenues to the Iraqi government in exchange for the payment of the salaries of government employees. 

On August 11, the KRG Ministry of Natural Resources also reached a deal with the Iraqi Ministry of Oil on a new mechanism for oil exports from the Kurdistan Region of Iraq.

Last week, a KRG delegation traveled to Baghdad to find a solution to the stop in oil exports.

“Our delegations are engaged in continuous negotiations with the federal government’s delegations. Regarding non-oil revenues, we are at the final stages of reaching an understanding,” Prime Minister Masrour Barzani told reporters at the Sixth Real Estate Invest Expo in Erbil on Tuesday, reported The New Region.

On Tuesday, Gulf Keystone announced it is pursuing a potential dual listing of its shares on Euronext Growth Oslo, a growth exchange operated by the Oslo Stock Exchange.

“Oslo’s capital markets have long been supportive of Gulf Keystone, primarily through the historic provision of competitive debt financing, and have a deep understanding of the Company, the Shaikan Field, and the broader Kurdistan oil and gas industry,” the company said.

“The Company is in a strong position, with a world-class asset, material free cash flow generated from local sales, a robust balance sheet, a proven commitment to balancing disciplined investment with shareholder returns, and significant potential upside from the restart of Kurdistan crude exports via the ITP.”