{"id":"gulf-keystone-shaikan-half-year-water-handling-2026","canonicalSlug":"gulf-keystone-shaikan-half-year-water-handling-2026","url":"https://wellficent.com/en/news/gulf-keystone-shaikan-half-year-water-handling-2026","language":"en","title":"Gulf Keystone outlines Shaikan recovery and water-handling investment","summary":"Half-year results show security-related production disruption and a planned PF-2 capacity addition for 2027.","body":["Gulf Keystone Petroleum published its first-half 2026 results on 25 August, reporting average gross Shaikan production of 14,600 barrels per day, compared with 44,100 a year earlier. The Iraqi Kurdistan field was shut as a precaution from 28 February to 23 June. Production resumed on 24 June above 45,000 barrels per day before another shutdown from 19 July to 15 August; the subsequent restart began on 16 August.","The company reported EBITDA of USD 51.7 million, against USD 41.1 million in the previous first half, and a free-cash outflow of USD 2 million. Its stated USD 82.8 million revenue figure is based on entitlement invoices and is not an IFRS revenue measure. The reported realized price of USD 83.5 per barrel also differs from cash received of about USD 30 per barrel under interim export arrangements. The difference should not be treated as cash already collected.","Net capital expenditure was USD 18.3 million. Work included well interventions, safety upgrades and the PF-2 water-handling project. Additional water-handling capacity was expected in the first quarter of 2027, so it was not already operating when the results were announced. The investment concerns managing produced water, rather than drilling new potable-water wells.","For well-industry analysis, the disclosure links operational interruptions, payment mechanics and maintenance requirements. New drilling in 2027 was conditional on receiving full contractual entitlement at international prices. Discussions over a revised development plan do not establish an approved new-well campaign. Later production, payment and project updates will be needed to assess recovery, while the half-year average remains a historical measure affected by the shutdowns."],"keyPoints":[],"sections":[],"text":"Gulf Keystone outlines Shaikan recovery and water-handling investment\n\nHalf-year results show security-related production disruption and a planned PF-2 capacity addition for 2027.\n\nGulf Keystone Petroleum published its first-half 2026 results on 25 August, reporting average gross Shaikan production of 14,600 barrels per day, compared with 44,100 a year earlier. The Iraqi Kurdistan field was shut as a precaution from 28 February to 23 June. Production resumed on 24 June above 45,000 barrels per day before another shutdown from 19 July to 15 August; the subsequent restart began on 16 August.\n\nThe company reported EBITDA of USD 51.7 million, against USD 41.1 million in the previous first half, and a free-cash outflow of USD 2 million. Its stated USD 82.8 million revenue figure is based on entitlement invoices and is not an IFRS revenue measure. The reported realized price of USD 83.5 per barrel also differs from cash received of about USD 30 per barrel under interim export arrangements. The difference should not be treated as cash already collected.\n\nNet capital expenditure was USD 18.3 million. Work included well interventions, safety upgrades and the PF-2 water-handling project. Additional water-handling capacity was expected in the first quarter of 2027, so it was not already operating when the results were announced. The investment concerns managing produced water, rather than drilling new potable-water wells.\n\nFor well-industry analysis, the disclosure links operational interruptions, payment mechanics and maintenance requirements. New drilling in 2027 was conditional on receiving full contractual entitlement at international prices. Discussions over a revised development plan do not establish an approved new-well campaign. Later production, payment and project updates will be needed to assess recovery, while the half-year average remains a historical measure affected by the shutdowns.","category":"finance","region":"world","topics":[],"eventDate":"2026-08-25","eventDateBasis":"source-event-or-period","publishedAt":"2026-10-03T15:15:00+03:00","modifiedAt":"2026-10-03T15:15:00+03:00","publicationBasis":"first-publication","preparedAt":null,"sourcePublishedAt":"2026-08-25","translatedAt":null,"sources":[{"name":"Gulf Keystone Petroleum","url":"https://www.gulfkeystone.com/2026-half-year-results-announcement/","checkedAt":"2026-10-03","publishedAt":"2026-08-25"}],"translations":{"en":"https://wellficent.com/en/news/gulf-keystone-shaikan-half-year-water-handling-2026","tr":"https://wellficent.com/tr/news/gulf-keystone-shaikan-half-year-water-handling-2026","ar":"https://wellficent.com/ar/news/gulf-keystone-shaikan-half-year-water-handling-2026","fr":"https://wellficent.com/fr/news/gulf-keystone-shaikan-half-year-water-handling-2026","es":"https://wellficent.com/es/news/gulf-keystone-shaikan-half-year-water-handling-2026","ru":"https://wellficent.com/ru/news/gulf-keystone-shaikan-half-year-water-handling-2026","pt":"https://wellficent.com/pt/news/gulf-keystone-shaikan-half-year-water-handling-2026"},"corrections":[],"locations":[{"id":"country-iq","type":"country","countryCode":"IQ","name":{"en":"Iraq","tr":"Irak","ar":"العراق","fr":"Irak","es":"Irak","ru":"Ирак","pt":"Iraque"},"context":{"en":"Country context of the report, not an exact well location. The cited source supplies no verified well coordinates.","tr":"Haberin ülke bağlamıdır; kesin kuyu konumu değildir. Kaynak doğrulanmış kuyu koordinatı sağlamıyor.","ar":"سياق البلد للخبر، لا موقع بئر دقيق. لا يقدم المصدر إحداثيات آبار موثقة.","fr":"Contexte national du reportage, pas emplacement exact d’un puits. La source ne fournit pas de coordonnées vérifiées.","es":"Contexto nacional del informe, no ubicación exacta de un pozo. La fuente no proporciona coordenadas verificadas.","ru":"Страна указана для контекста материала, а не как точное местоположение скважины. Цитируемый источник не предоставляет проверенных координат скважин.","pt":"A localização indica o país referido no artigo, não a posição exata de um poço. A fonte citada não fornece coordenadas verificadas dos poços."},"source":{"name":"Gulf Keystone Petroleum","url":"https://www.gulfkeystone.com/2026-half-year-results-announcement/","checkedAt":"2026-10-03"}}],"wellIndustry":{"sector":"oil-gas","signal":"operational-result","activities":["completion","production"],"metrics":[],"source":{"name":"Gulf Keystone Petroleum","url":"https://www.gulfkeystone.com/2026-half-year-results-announcement/","checkedAt":"2026-10-03"},"reviewedAt":"2026-10-03T12:03:26+00:00"}}