Single-asset Kurdistan operator producing from the large Shaikan oil field; cash-generative at the field level but realized prices and volumes hinge on the shut Iraq-Turkey export pipeline restart and Kurdistan payment reliability.
Net-cash balance sheet with capacity to resume growth capex and distributions once exports/payments normalize. Flags: single-asset/single-jurisdiction, ITP restart binary, Kurdistan payment arrears, security.
Its EV/EBITDA of 4.0x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 5.6% is lower than the 6.5% median, and at $2.32/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Gulf Keystone Petroleum scores 51/100, strongest on valuation (62/100). Sub-scores: value 62, quality 62, growth 8, risk 60 (higher = riskier).
Gulf Keystone Petroleum holds approximately 0.19 billion boe of proved (1P) reserves with FY2025 production of about 42 thousand boe/d (100% liquids), a reserve life of roughly 12.5 years. Break-even: ~$35 (Brent netback breakeven (local sales)) — Low field opex, but realized prices depend on local trucked-sales discounts pending ITP export restart.
For Gulf Keystone Petroleum, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Iraq (Kurdistan) | 100% | 96 | Pipeline shut since 2023, payment arrears, Baghdad-Erbil-security disputes. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Shaikan field | Iraq | Oil | Core producing asset (~80k bopd capacity) |
| Shaikan expansion (PF-1/PF-2) | Iraq | Oil | Growth once exports restart |
| Local trucked sales | Iraq | Marketing | Interim domestic sales |
| Iraq-Turkey pipeline (ITP) | Iraq/Turkey | Export | Restart catalyst |
| Water injection/EOR | Iraq | Oil | Recovery projects |
| Exploration upside | Iraq | Oil | Deeper Shaikan horizons |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 44 | 45 | 41 | 40 | 42 |
| Proved reserves (bnboe) | 0.50 | 0.50 | 0.50 | 0.50 | 0.19 |
| Revenue ($bn) | 0.3 | 0.4 | 0.2 | 0.2 | 0.2 |
| EBITDA ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 |
| Net income ($bn) | 0.1 | 0.1 | -0.0 | 0.0 | 0.0 |
| Free cash flow ($bn) | 0.1 | 0.1 | -0.1 | 0.0 | 0.0 |
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✓ FY2025 figures verified against primary sources: