Gulf Keystone Petroleum Ltd. Reports on 2023 Government Payments

Gulf Keystone Petroleum Ltd., under Disclosure and Transparency Rule 4.3A and the UK Reports on Payments to Governments Regulations, detailed its payments made to governments for 2023. The company, active in the extractive industry in the UK, exclusively reported payments associated with the Shaikan Production Sharing Contract in Iraq's Kurdistan. Payments included production entitlements, royalties, and capacity building fees.

Total payments made to the Kurdistan Regional Government’s Ministry of Natural Resources summed up to $143,087,000 for the year 2023. These payments covered production entitlements valued at $109,345,000 and royalties amounting to $26,221,000. Another $7,522,000 was accounted for under license fees and capacity-building payments. The company noted that the payments calculation basis was in-kind, derived from estimated market value rather than direct financial transactions.