Gulf Keystone Petroleum Share Discussion Threads

[highlander7] 13/12/2021 08:24

Well that knocks GENEL out of the M&A Market. No one will buy oil assets that are in a legal dispute with the Kurdish Government. Especially one that the KRG thinks it can win.

H7

[beernut] 13/12/2021 08:15

kRG rejects Genel's compensation claim
Economy
Kurdistan
2021-12-13 06:11
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Shafaq News / The Kurdistan Regional Government rejected on Dec. 12 Genel Energy's claim for compensation for the termination of production sharing contracts at the Bina Bawi and Miran oil and gas fields and vowed to defend itself against the UK-based company's arbitration case.

The KRG's statement follows a Dec. 10 announcement from Genel that it intends to claim "substantial' compensation from the KRG in a London-seated international arbitration "to be commenced in accordance with the disputes process set out" in the production sharing contracts. Genel was not immediately available for comment.

"The government strongly denies that Genel is entitled to any compensation," the KRG said in a Dec. 12 statement.

"The government will vigorously defend any claim that is brought by Genel, and intends to pursue its own counterclaims for damages resulting from Genel's renunciation of the PSCs."

The dispute between Genel and KRG revolves around the delayed development of the Bina Bawi and Miran oil and gas fields, which has been in the works since at least 2014 with several amendments to the original agreement.

Genel said Aug. 20 it planned to take steps to protect its rights after the KRG terminated its contracts for the Bina Bawi and Miran oil and gas fields. It said it found it difficult to engage with the KRG on the contracts and was unable to obtain the necessary approvals to proceed with development of the assets.

"The government regrets that Genel has failed to offer any credible proposals to develop the Bina Bawi and Miran oil and gas fields, and notes that this failure has significantly delayed the ability of the government to develop those fields on a timely basis," the KRG said in the statement.

Genel, whose main operations are in Kurdistan, signed in 2017 production sharing contracts with the KRG for the development of the two fields following amendments to the initial agreement.

"Since entering into the PSCs in February 2017, Genel has made every effort to engage with the KRG on the development of the Bina Bawi and Miran fields and has submitted numerous development proposals to the KRG for its approval," Genel said on Dec. 10. "However, the KRG has for some time made clear its intention not to permit the development of the fields in accordance with the terms of the PSCs."

Genel is active in Iraq's semi-autonmous Kurdish region, with stakes in the Peshkabir, Qara Dagh, Sarta and Tawke fields.

Source: S&P Platts

[banggone] 13/12/2021 06:50

HTTPS://twitter.com/GoodnightCharl1/status/1470075584437014528?t=UJcP__QwDgBxdJymQ67Kbw&s=19

[banggone] 13/12/2021 06:49

HTTPS://twitter.com/Paul47293202/status/1469629720757260288?t=Gc2d3AWPdwmG0K5lmqrHdA&s=19

[beernut] 12/12/2021 18:48

The Biggest Threats To Oil Have Already Been Priced In

By City A.M - Dec 11, 2021, 10:00 AM CST
Oil prices have continued on to recover from last month’s steep dive amid easing concerns over the Omicron variant.

Both major benchmarks are on course for their biggest weekly gains in over three months, with market sentiment less gloomy about the effect of Covid-19 on global growth and fuel demand.


The latest reports from medical authorities and countries facing the variant suggest it is largely mild and can be mitigated with booster shots of the vaccine.

Prices fell sharply in late November when the new variant first emerged – with both Brent and WTI crude plummeting over 10 percent, declining further into the mid-sixties doldrums at the start of the month.

This was a sharp contrast to the three-year highs of $86 per barrel only a month before, but the commodity has since regained about half its losses.

Brent is now trading at $75.14 per barrel – up 0.72 percent on the day – while WTI is selling at $71.68, a near-identical increase of 0.74 percent.

Nevertheless, headwinds remain which will keep a lid on prices and could even cause further shocks to the market.

Macro factors such as rising US inflation and flatlining air travel demand in China due to travel restrictions and weaker consumer confidence have already been priced in.

Newer developments could also cause issues for both benchmark, such as the UK introducing ‘Plan B’ restrictions this week including advice to work from home.

[banggone] 12/12/2021 18:12

HTTPS://twitter.com/Paul47293202/status/1469629720757260288?t=Gc2d3AWPdwmG0K5lmqrHdA&s=19

[banggone] 12/12/2021 16:59

HTTPS://twitter.com/GoodnightCharl1/status/1470075584437014528?t=UJcP__QwDgBxdJymQ67Kbw&s=19

[banggone] 12/12/2021 16:50

SOLD BEFORE CHRISTMASBANG GONE A decade or so ago, in the biggest commercial legal case of the year , over which legal costs were over £ 50m, EXPERTS on either side, in a court room , placed a value of £2-4bn on the company - when there was no production infrastructure , no production and no revenue. Huge revenues now , a doubling of reserves since then , and the market cap is less than £ 1/2 a billion. The buyer(s) investment bankers have certainly done a job on suppressing the market share price pre trade sale.Bang Gone IMO. Hi

[nestoframpers] 12/12/2021 10:23

OT Klaus Schwab

[banggone] 12/12/2021 09:12

HTTPS://twitter.com/GoodnightCharl1/status/1469287557246734338?t=ee-6QdM-SLE9LOgKkKoB8w&s=19

[bigdog5] 11/12/2021 21:38

Its obvious you clowns don't have a clue about your predicament.

I have zero need to or interest in meeting any of you. When one knows and understands far more than anyone here there is nothing you could say that would either educate or interest me. I come here merely to mock your stupidity and ludicrous fantasies.

Laters suckers.

[goatcam] 11/12/2021 21:03

Why don’t you meet me and find out Mr Doggy ?? Or have your owners removed your balls ??

[bigdog5] 11/12/2021 20:54

Who else has goatSHAM been posting as previous to rocking up only a couple of weeks ago?

highlander7, it would take me days to post up all your wrong predictions so all anyone has to do is check all of the posts you've written in the past 10 years. Then of course there are the hundreds that you've had to delete as they're even more embarrassing than the ones that still remain.

Constable, the hosts got far better deals out of the CC so their actions achieved what suited them. As for your second excuse you thinking that my comment is ridiculous just proves you really have no idea what you're talking about.

[banggone] 11/12/2021 19:17

HTTPS://twitter.com/GoodnightCharl1/status/1469287557246734338?t=ee-6QdM-SLE9LOgKkKoB8w&s=19

[officerdigby] 11/12/2021 18:21

Bigdog511 Dec '21 - 14:51 - 646295 of 646301
0 1 0

What is clear is that the hosts make the rules on everything and they are always in their favour. Are we witnessing a re run?
I have said before the hosts can at anytime change the rules/PSC's which would result in more "negotiations", which will obviously be in their favour.

(O/T GENL) On this note NB Dana got a big pay out from KRG. And the negotiations resulted in moving forward with some PSCs. In GENL's case anything happening on the PSCs would be progress.

The company notwithstanding all the excuses from you clowns haven't progressed anywhere near all their plans and predictions over the past 12 years. I would suggest that the hosts believe mid forties production in that time from all those wells is far from impressive. They won't have been pleased with the wipeout in 2016 and the fact that the Insti's took the company. I hope for your sakes the hosts aren't having a mull and perhaps looking for extra troughing.

MNR not pleased with the wipeout of 2016... LOL. They were the only ones who could have stopped it. Like how about actually paying for the oil 2013-14. What a ridiculous thing to say.

[goatcam] 11/12/2021 17:58

Habsham comes across as a mature and intelligent person and absolutely wipes the floor with you and bigdog.

You are both little boys compared to him.

“Sucker”... who says that word apart from 5 year old children. LOL what an idiot you really are.