Iraq-focused Gulf Keystone suspends 2026 forecasts due to war

Thu, 19th Mar 2026 09:06

* Suspends 2026 financial guidance

* Shares up over 3% in ⁠early trade

* Shaikan field operations remain suspended (Rewrites with details and background on outlook, adds context and share moves)

March 19 (Reuters) - Iraqi Kurdistan-focused Gulf Keystone ‌Petroleum suspended its 2026 financial forecasts on Thursday as the oil and gas producer ⁠weighs the impact of the ongoing Iran war.

The ⁠Iran conflict adds to the challenges facing Gulf Keystone, whose operations at its Shaikan field were closed after the February 28 U.S.-Israeli strikes on Iran.

Keystone said in a statement it will put ‌its average production guidance of 37,000 to 41,000 barrels of oil per day (bopd) under review until the Shaikan operations resumed. It said its average production had risen to almost 44,000 bopd towards the end of February, up from 41,560 bopd in 2025.

The London-listed company, which has navigated years of operation ‌halts and suspension of Kurdish oil exports due to an arbitration involving Turkey and Iraq, also said it ‌was suspending its 2026 net capital expenditure, operating costs and its general and administrative expenses outlook.

Keystone had previously guided to a net capex of between $40 million and $50 million, with operating costs of $55 to $60 million for 2026.

Its competitor Genel Energy reiterated its ‌annual forecast on Wednesday, as Iraq resumed some oil exports through Turkey.

Keystone reported a 46% jump in its 2025 adjusted core earnings, helped by better prices on ⁠export sales, ⁠and its shares were up 3.3% as of 0808 ‌GMT, with oil prices trading higher after strikes on Iran's South Pars gas field.

The company, which is pursuing a dual listing on the Oslo bourse, had been ‌selling to domestic buyers for about two and a half years, until exports from the Kurdish region were reopened in September 2025. (Reporting by Prerna Bedi in Bengaluru; Editing by Mrigank Dhaniwala and Alexander Smith)