Gulf Keystone and Shamaran Plan to Form Oil Giant in the Kurdistan Region
ARK News.. British oil company Gulf Keystone Petroleum, listed on the London Stock Exchange, announced on Tuesday, October 20, 2026, that it had signed a landmark agreement to merge fully with Norwegian company Shamaran Petroleum through a 100% share-exchange transaction. The deal paves the way for the creation of one of the largest oil companies operating in the Kurdistan Region.
According to Kurdistan24, the transaction is valued at approximately $601 million. Upon completion, it will create one of the region’s largest oil production and development companies, with shareholders of both companies expected to hold roughly equal stakes of 50% each in the new entity.
Gulf Keystone said it plans to transfer its primary share listing to the main market of the Oslo Stock Exchange (Oslo Bors) in Norway. It also intends to delist from the London Stock Exchange at a later stage, which would bring an end to trading in its shares on the British market.
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