Gulf Keystone Petroleum Share Discussion Threads

[pensioner2] 05/11/2021 08:13

Maybe our rns will contain more than just payment news?

[highlander7] 05/11/2021 08:00

P the issue as I see it is this Virtue signalling by large US INOC's. Encouraged by the Democrats. Whether they all think like this is another issue. At the end of the day its always profit and dividend. So we will see.

Plenty others in the frame , Saudi's / Russians / S Koreans.

IMO

[pensioner2] 05/11/2021 07:52

Interesting article, h7. Thanks. With the domination of the South by China I can't see Baghdad wanting the whole country run by the Chinese and with all the major US investment in the North it seems likely to me that it will be a party other than China which develops the lead on Shaikan.

[habshan] 05/11/2021 07:41

Genel paid, should get ours later.

5 November 2021

Receipt of payments for KRI oil sales

Genel Energy plc ('Genel' or 'the Company') announces that payments have been received from the Kurdistan Regional Government ('KRG') relating to oil sales during August 2021.

[highlander7] 05/11/2021 06:37

Chinese move into Iraq.( CNPC)

===============================================================================

How The U.S. Lost Control Of This Giant Iraqi Oilfield
By Simon Watkins - Nov 04, 2021, 7:00 PM CDT

Just ahead of the August 2020 visit to Washington of Iraq Prime Minister, Mustafa al- Kadhimi, promised then-U.S. President, Donald Trump, that he would allow a raft of in-principle agreed contracts with U.S. companies to finally go ahead, with a substantial presence of U.S. ‘security personnel’ on the ground to safeguard these interests. The express intention of this initiative by the U.S. was to draw a line in relentless advance of China and Russia into what had been its heartlands of influence in the central Middle East. For Iraq, the promise was made simply to expedite its waiver from the U.S. to continue to import gas and power from Iran and to avoid Washington cutting off financial assistance to it and introducing threatened sanctions against Baghdad. The ratification last week of a US$480 million deal for U.S. oilfield services giant, Schlumberger, to drill 96 horizontal and diagonal oil wells at the supergiant West Qurna 1 field fits precisely into this mould of perennial game-playing by Iraq with the U.S. and China, as does the news that the U.S.’s Halliburton is in talks over bidding for ExxonMobil’s long-troublesome stake in the field.

Located around 65 kilometres from southern Iraq’s principal oil and export hub of Basra, West Qurna 1 has a considerable portion of the estimated 43 billion barrels of recoverable reserves held in the entire supergiant West Qurna field. Originally West Qurna 1 was thought to have around 9 billion barrels of these reserves, but earlier this year Iraq’s Oil Ministry said it has plans to boost the field’s crude oil production capacity to more than 700,000 barrels per day (bpd) over the next five years on the basis that it has recoverable reserves of more than 20 billion barrels. Although the field is currently producing only around 380,000 bpd, the Oil Ministry says it current capacity is at least 500,000 bpd, and the new wells to be drilled by Schlumberger are intended to add around 200,000 bpd to this. This said, although West Qurna 1 – like many of Iraq’s oil fields - benefits from the lowest lifting costs in the world, around US$1-2 per barrel (pb) operating cost (excluding capital expenditure), on a par with the best fields in Saudi Arabia and Iran, it still suffers from a lack of sufficient water-injection to boost reservoir pressure. Moves to redress the falling pressure in the reservoir with the implementation of the Common Seawater Supply Project (CSSP) have so far come to naught, with arguably the only company in the world capable of properly completing it – ExxonMobil – apparently no longer interested in doing so, nor indeed continuing with its 32.7 per cent stake in West Qurna 1 either.

Following ExxonMobil’s withdrawal from the CSSP, CNPC was the only player left. The Iraqi Oil Ministry knew perfectly well that it did not have the required technology, expertise, or engineering capabilities required at that time to complete the project to the top specifications. However, it was assured by Beijing that CNPC was in the process of ‘acquiring and updating’ all of the additional elements that it was lacking to complete the CSSP to the required standard ‘over time’, a senior oil and gas industry source who works closely with the Ministry told OilPrice.com. “What the Chinese wanted to do – and what they have now achieved with Exxon’s effective withdrawal from West Qurna [1] and the CSSP – was to gain first refusal on all other major oil and gas fields in Iraq, which was the agreement at the time that the CSSP contract was announced,” he said.

This is precisely what has happened, with the same sort of ‘contract-only’ award (‘drilling-only contract’ in this case) for Iraq’s supergiant Majnoon oil field to another hitherto unheard-of Chinese firm. The Hilong Oil Service & Engineering Company was engaged to drill 80 wells at a cost of US$54 million, while another contract at the same time was awarded to the Iraq Drilling Company to drill 43 wells at a cost of US$255 million. In reality, said the Iraq source, it is China that is in charge of both, having given the funds required to the Iraq Drilling Company as a ‘fee’ for its own participation. Also located very close to Basra – around 60 kilometres to the north-east - the supergiant Majnoon oilfield is one of the world’s largest, holding an estimated 38 billion barrels of oil in place. It is currently producing around 240,000 bpd. Longer term, though, the original production tar­get figures for then-Shell-led consortium still stand: the first production target of 175,000 bpd (already reached), and the plateau production for the site of 1.8 million bpd at some point in the 2030s.

By Simon Watkins for Oilprice.com

[nestoframpers] 04/11/2021 19:59

Good observation AttyG .

OT
If your kids or grand kids are worried about the climate this will sort them out. From, 29 mins in particular but it is all spot on.



Might get them expelled though, which is a bonus these days.

[attyg] 04/11/2021 19:36

Something I found interesting in the Genel trading statement is their position on dividends.

Genel outlook for production in the year to be slightly below the 2020 average
of 31,980 bopd.

2021 capital expenditure expected to be c.$165 million (some planned activity moving to Q1 2022)

Net cash of $8 million at 30 September 2021 (net debt of $2 million at 30 June 2021)

Yet the interim dividend increased by 20% -

partly thanks to

"..confidence in predictable payments going forward,allows us to further invest
in our growth assets with sufficient surplus to support our competitive and progressive dividend, "

Compare the above extracts to the position we have at GKP.

I remain confident GKP dividends will not be less than $100m next calendar year.



Another interesting comment is:

"At a Brent oil price of $85/bbl, our barrels generate $28/bbl of cash flow, sufficient to deliver a material surplus after funding growth expenditure, corporate costs, and interest.."

[nestoframpers] 04/11/2021 18:15

Bob was I recall was negative about AV in the end .

Saudi's evaluation of Aramco was way over the top imo , Ghawar is nearly empty they need reserves.

[shortsqueezer] 04/11/2021 18:03

Cracking cv that

[habshan] 04/11/2021 18:00

highlander - "She who described OM63 ..as "dangerous delusional fantasist "

Anastasia Vvedenskaya.

Special expertise in M&A.......

And in dangerous delusional fantasists.

Corporate Communications Consultant ARAMCO Mar 2021 - Present 9 months.

Corporate Communications Consultant FERREXPO PLC Feb 2020 - Jul 2020 6 months.

Corporate Affairs Consultant Philia SA 2018 - 2020 2 years.

Head of Communications and Investor Relations Gulf Keystone Petroleum
2011 - 2017 6 years.

[goatcam] 04/11/2021 17:55

Bigdog’s such a Ramper !

[habshan] 04/11/2021 17:36

BangGone - "Personally I think £ 14 very very cautious"

Damn right it's very very cautious, our no. 1 ramper Bigdog who is always right used his vast knowledge experience and qualifications to analyse the data and determined that Kozel's "26 billion oip is conservative" and that it's worth "north of $5 a barrel", so he thinks it's worth a minimum of £106 a share.

Or at least 8 times BangGone's £14.

I'm with Bigdog on this one.

[highlander7] 04/11/2021 17:11

Ex GKP HR. - Vvedenskaya

[pensioner2] 04/11/2021 17:08

Is h7 right, eddie47?

[highlander7] 04/11/2021 17:03

So a Chinese University sent its students over to Kurdistan to Study Shaikan while Kurdistan was still a war zone ?

FGS !!!!

[highlander7] 04/11/2021 17:00

She who described OM63 ..as "dangerous delusional fantasist "

[eddie47] 04/11/2021 16:58

And who is currently working for Aramco?

[goatcam] 04/11/2021 16:40

Bigdog Agrees Takeover Incoming. As bigdog stated, new CEO is preparing for the sale of the company

[highlander7] 04/11/2021 16:37

Malcy....

Oil price

Opec+ must have thought that their many prayers had been answered when yesterday the EIA put out a bearish set of inventory stats, more than likely to be a one-off, that will in hindsight have given a green light for the oil cartel’s ongoing strategy.

With a crude build of 3.3m roughly in line with the API, the refinery runs of 86.3% were up 1.2% and saw a 1.5m draw in gasoline stocks itself a surprise but it was the distillate build of 2.2m barrels that surprised for this time of year.

This gives Opec+ the chance to nod through the monthly +400/- b/d and hope that the inventory situation sees demand pick up and rally the oil price again. With BP saying yesterday that they see demand back over 100m b/d I think that The White House may be grumbling about the gasoline price again before the next monthly Opec+ get together.

[highlander7] 04/11/2021 16:36

3rd November 2021 in Iraq Oil & Gas News
By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for October of 96,708,660 barrels, giving an average for the month of 3.120 million barrels per day (bpd), up slightly from the 3.081 million bpd exported in September.

The exports from the oilfields in central and southern Iraq amounted to approximately 93,386,975 barrels, while exports from Kirkuk amounted to 3,011,917 barrels. Exports to Jordan by truck totalled 309,768 barrels.

Revenues for the month were $7.680 billion at an average price of $79.376 per barrel.

[pensioner2] 04/11/2021 16:32

Stock low again. :-) Zero trades going through again at the end there.

[goatcam] 04/11/2021 16:23

hxxps://www.iraqoilreport.com/news/u-s-uk-firms-join-halliburton-bid-for-exxons-stake-in-west-qurna-1-44206/?utm_source=IOR+Newsletter&utm_campaign=bffa0815ef-Email_Update&utm_medium=email&;utm_term=0_f9870911e6-bffa0815ef-192797901