On Monday, UK-based oil producer Gulf Keystone announced that it had restarted oil production and export operations on June 24, ramping up oil volumes to over 43,000 barrels of oil per day.

“Well activities are underway to bring incremental production online in the coming weeks,” the company said about its field in Shaikan. “The Company continues to closely monitor the security environment in Kurdistan and the broader region.”

“The Company is progressing towards achieving sustainable exports sales at international prices, with constructive engagement to implement long-term exports agreements. The Company remains focused on strict cost control while continuing its discussions with Kurdistan’s Ministry of Natural Resources on a revised Shaikan Field Development Plan.”

In March, the company announced it temporarily halted production during the 40-day war between the United States, Israel, and Iran. During the war, a number of oil fields were hit by drone strikes. As a result, most companies halted operations on February 28 due to security reasons.

Last month, Kurdistan Regional Government spokesperson Peshawa Hawramani announced that most companies had resumed their production, including HKN, Gulf Keystone, DNO, and Hunt Oil.

The resumption came after the United States and Iran reached a memorandum of understanding on June 27 to stop the war.

Nevertheless, clashes have continued near the Strait of Hormuz.