On Tuesday, oil and gas firm Gulf Keystone announced that it had restarted production and exports following the extension of the tripartite interim export agreements between Iraq, the Kurdistan Regional Government, and international oil companies, with volumes continuing to ramp up to levels achieved prior to the regional war that started in late February.

The company said that gross average production was 14,600 barrels of oil per day (bopd) in the first half of 2026, down from 44,100 bopd in the first half of 2025, reflecting a precautionary shut-in from February 28 to June 23 due to regional security concerns. 

Production restarted on June 24 and ramped up to more than 45,000 bopd before a second precautionary shut-in from July 19 to August 15. Shaikan Field production resumed on August 16, with gross volumes now approaching 40,000 bopd.

Oil companies in the Kurdistan Region halted production during the intermittent conflict that began on February 28, when Israel and the United States launched airstrikes on Iran, prompting Iran and Iran-backed factions to retaliate with drone and missile attacks. 

On August 1, Iraq and Türkiye signed a one-year short-term oil agreement to continue exports through the Iraq-Türkiye Pipeline.

“We are pleased to have recently restarted production and exports following the extension of the tripartite interim export agreements, with volumes continuing to ramp up to prior levels,” Gulf Keystone CEO Jon Harris said.

“Despite the security issues in 2026 impacting production, the interim export agreements have worked effectively, with improved remuneration relative to local sales and consistent payments without delay following crude liftings.”