Gulf Keystone Petroleum Share Discussion Threads

[thebabe] 30/6/2022 07:51

HTTPS://twitter.com/111notout1/status/1542396183867531267?t=nyzNjgXMdQL9FO1Ht1y7jg&s=19We all need a Bermuda resident company combination expert NED when we about effect sale via amalgamation.

[habshan] 30/6/2022 07:40

SS - "My interpretation is that they are saying to the ICG - if the IOCs pull out we will go it alone so don’t think we will be beholden to you in any way."

An interesting angle SS, good point, you may well be right.

[0ili0] 30/6/2022 07:36

Bermuda rules 🇧🇲

[highlander7] 30/6/2022 07:25

SS

That has always been the issue with the KRG. They want too much and they are always divided among themselves. They need to collectively agree what they want , what the ICG may accept - then negotiate , rather than issuing idle threats that no one takes seriously. In other words take a long term view and be realistic.

Western INOC's are waiting for certainty before they move. Most of them are extremely risk averse. XOM in particular. Yes the Kurds can go for China , but they know what that means long term.

H7

[releasethekraken] 30/6/2022 07:12

New NED Bermuda based has previous in being appointed to the board of companies combining by Bermuda amalgamation......https://www.businesswire.com/news/home/20200224005584/en/IGI-Names-New-Majority-Independent-Board-of-Directors-in-Connection-with-its-Previously-Announced-Business-Combination-with-Tiberius-Acquisition-Corp-Wanda-Mwaura-To-Be-Newly-Appointed-as-Independent-Director

[shortsqueezer] 30/6/2022 07:12

My interpretation is that they are saying to the ICG - if the IOCs pull out we will go it alone so don't think we will be beholden to you in any way.

[highlander7] 30/6/2022 06:37

Thinking about it is one thing. Making it happen another. They do not have the resources to even start. i.e. Skillsets/ People/ experience / cash and political agreement from the ICG. That effectively would mean a change in the Constitution THEY signed up to.

Its more realistic to compromise and get a negotiated settlement with the ICG. Hopefully with some head banging from the International Community.

H7

[shortsqueezer] 30/6/2022 05:13

Kurdistan Parliament amends oil and gas lawUnder this new amendment, three members of the Oil and Gas Supreme Council will be from the Kurdistan Democratic Party (KDP), two from the Patriotic Union of Kurdistan (PUK), and one from the Movement for Change (Gorran). author_image Dler S. Mohammed 12 Hours Kurdistan Parliament members voting on amending the oil and gas law, Erbil, Kurdistan Region, June 29, 2022. (Photo: Kurdistan Parliament)Kurdistan Parliament members voting on amending the oil and gas law, Erbil, Kurdistan Region, June 29, 2022. (Photo: Kurdistan Parliament)Kurdistan KRG oil and gas law Kurdistan Parl Kurdistan Region energy sector Kurdistan Oil and Gas LawERBIL (Kurdistan 24) – The Kurdistan Parliament approved amendments to the Kurdistan Region's oil and gas law in its Wednesday session.According to Kurdistan 24's correspondent, most parliament members voted for the amendments to the law."Seventy-nine parliament members out of the 111 members voted for amending Article 4 of the oil and gas law, which is related to the structure of the Kurdistan Region's Oil and Gas Supreme Council," Golizar Rasheed, the deputy head of parliament's Energy and Natural Resources Committee, told Kurdistan 24. Thirty-two parliament members did not vote for the law's amendments. "The amendment added one additional member to the Kurdistan Region's Oil and Gas Supreme Council," Ali Hama-Salih, the Energy and Natural Resources Committee head, told Kurdistan 24. "However, we had concerns about implementing the oil and gas law, particularly regarding the establishment of a company for drilling, transporting, and marketing the oil." The additional member of the five-member Oil and Gas Supreme Council is the Chief of Staff of the Kurdistan Regional Government (KRG) Council of Ministers. Under this new amendment, three members of the Oil and Gas Supreme Council will be from the Kurdistan Democratic Party (KDP), two from the Patriotic Union of Kurdistan (PUK), and one from the Movement for Change (Gorran). A few months ago, the Iraqi Federal Supreme Court ruled that the KRG oil and gas law is unconstitutional. The decision was firmly rejected by Kurdistan Region's parliament, government, presidency, and Supreme Judiciary. Read More: KRG and Kurdistan Parliament condemn Federal Court's ruling on region's oil and gas sectorThe Iraqi Ministry of Oil also threatened international oil companies with contracts with the KRG, telling them to stop operating in the Kurdistan Region or face legal action.Following these developments, the KRG started to think about establishing its own oil and gas company that would handle the drilling, production, transportation, and marketing of the Kurdistan Region's oil and gas, so it's not dependent upon working with international oil companies. The amendments made Wednesday in the Kurdistan Parliament are part of the KRG's efforts to achieve self-dependency in its energy sector.

[beernut] 30/6/2022 04:40

Oil Likely To Hit $200: SEB Group

By Julianne Geiger - Jun 29, 2022, 2:00 PM CDT

Oil prices are likely to soar past $200 per barrel if G7 manages to cap the price of Russian crude oil, according to chief commodities analyst at Swedish bank SEB Group.

Bjarne Schieldrop, SEB analyst, said on Wednesday in no uncertain terms that the G7’s price capping proposal was a “recipe for disaster” given the current stress that the oil market is under.

The G7 leaders agreed on Tuesday to study ways to cap the price of Russian oil sold internationally and are seeking support among "like-minded" nations. It was one of the critical items to be discussed at this week’s G7 meeting as the group tries to find creative ways to lower energy prices for themselves and maintain adequate crude supplies from Russia—while simultaneously punishing Russia in what many see as an impossible task.


U.S. Treasury Secretary Janet Yellen continued to put pressure on European countries to support a price cap.

According to Schieldrop, the plan seems “neat on paper, but it sounds like a recipe for disaster right now,” given the strong demand for crude oil and low supplies that so far given Russia the upper hand in the market. Russia could, the analyst argued, choose not to sell the oil at a capped price—a decision that could lead to Russia’s production falling by as much as 2 million barrels per day.

Russia’s crude and condensate production rose in June by 5% to 10.7 million bpd, according to Kommersant sources—a figure that includes between 800,000 and 900,000 bpd of condensate, which is not included in the OPEC+ agreement. But Russia’s oil exports have slipped 3.3% in June with the rise of domestic refining demand.


Russian Deputy Prime Minister Alexander Novak said that Russia would raise its production again in July.

By Julianne Geiger for Oilprice.com

[steephill cove] 30/6/2022 01:17

You didnt. Unlucky chap! 😩

Don’t forget to shut the gate behind you after the 🐴 has bolted.

👋

[steephill cove] 30/6/2022 01:11

I tell you what is strange, you negatively posting 28000 times.

Had you spent some of that wasted effort, purchasing GKP shares when they were priced at 50p just over two years ago, you would have had a 5+ bagger & multiple sets of GKP dividend payouts; dividend reinvestments & further capital appreciation.

I did. Yum Yum 😋

[bigdog5] 29/6/2022 23:21

Get Harriet Hills to post up the Samimack report, its filled to spill with larfs.

Have you noticed how similar the excuses that sarahgibbs the cross dresser/Harriet HabSHAM's trots out to those of a departed guru's were? Now isn't that odd:-)

[bigdog5] 29/6/2022 23:11

Its rather odd isn't it that no one has been able to find any of the hosts 45b "reserves".

In the thirteen years that GKP have been drilling there, several companies have gone bust, several have departed, including Majors, many have had to reduce their original Reserves massively and some have had to pay to hand back licences to the hosts. And in those thirteen years no one has come up with a decent find. Was the Genel bloke having a laugh when he said it was the "last great frontier"?

Isn't it all BS and a means when trying to negotiate with Baghdad?

The biggest CON since Enners?

[sbb1x] 29/6/2022 23:05

America spr at lowest level since 1986 Boom boom boom

[nestoframpers] 29/6/2022 22:49

Very true Howards , we use to discus on here about Gharwar getting low, someone on here said Saudi oil was $2.80 to produce that is rubbish , they get it out with sea water , very pricey about £20 from memory.

[howard smith] 29/6/2022 22:21

I've just been working in Saudi and Kuwait for a number of years, it is true saudisation 2030 is not going to happen. The Saudis Middle East depend on overseas hire, however, the main thing I gleaned from my time there is that oil is running low ( they opec that is, can not or will not get to the production increases they offer, why? ) Because oil is running out, why else would amaco ipo when they have sh1t loads of reserves, answer, they don't have, it's running low, sh1t, sell the company and spend that cash on making holiday destinations like uae did as their oil/gas is running out, only thing Saudi need now is an alcohol allowed law and then we know the Middle East is out of oil, that is when oil will become expensive. How many years can we produce for 20 plus, happy days

[nestoframpers] 29/6/2022 21:52

The point I was making was that even after 100 years Saudi cant get the people they need from their own race. The Kurds just starting out ....

[broadford bay] 29/6/2022 20:26

Re the postings about Article #4 of the KRG O&G Law 2007 being modified (no of members of Regional Council increased from 5 to 6), there are other ongoing discussions which are even more important, namely:
Article #10 (establishment of KEPCO,
Article #11 (establishment of KNOC),
Article #12 (establishment of KOMO),
Article #13 (establishment of KODO).

The aims and purposes of all of the above were widely drawn - for example, Article #10 Kepco, Fifth, states "The Council of Ministers may, with the consent of an absolute majority of the Parliament, convert KEPCO ownership and offer its shares to Iraqi citizens

Articles #18 and #19 seem particularly relevant at this time:
Article #18
The Regional Government, consistent with the conditions stated in Article 19 of this Law, shall:
FIRST: agree with the Federal Government in the joint management of oil and gas extracted from Current Fields in the Region;
SECOND: cooperate with the Federal Government in formulating strategic policies to develop the Petroleum resources of the Region in a balanced manner compared with the other Petroleum activities throughout the country, and in a way that achieves the highest benefit to the Iraqi people using the most advanced techniques of market principles and encouraging investment, consistent with the provisions of Article 112 of the Federal Constitution;
THIRD: cooperate with an intergovernmental federal oil and gas council (“the Federal Oil and Gas Council”), the composition of which is to be agreed with the Regional Government, to establish the standards, model contracts, and commercial terms for negotiations and contract award procedures in Iraq; and
FOURTH: agree that all the Revenues obtained by the Region from Petroleum Operations be deposited to a general petroleum revenue fund for Iraq.

[habshan] 29/6/2022 19:57

"Aramco has lots of westerners on their BODs"

The Saudis could do it Nest because Aramco was and is the wealthiest company in the world and they could afford to do whatever they wanted and pay the billions in compensation that was needed..

The Saudis had so much money that they didn't need to care about what other foreign investors thought as they had so much money that they didn't even need to think about diversifying their economy into other sectors as the oil paid for everything, it's only now that the world has started to lean towards renewables that the Saudis have started to think about diversifying.

Whereas the Kurds can't even pay their civil servants and still owe tens of billions to oil traders that they borrowed from a few years ago so they're desperate to maintain a favourable investment climate, so some sort of nationalisation of their energy industry is not going to happen.

The idea of the Kurds going it alone is a non starter imo, and as I say why would Baghdad be interested as it gives them nothing of what they want.

[nestoframpers] 29/6/2022 19:35

Aramco has lots of westerners on their BODs ( still ) , how long have they been at it now ? 100 years ?

[habshan] 29/6/2022 19:17

"the KRG started to think about establishing its own oil and gas company that would handle the drilling, production, transportation, and marketing of the Kurdistan Region’s oil and gas, so it’s not dependent upon working with international oil companies."

The reason the Kurds "started to think" about this hairbrained idea was because of the pressure that they were being put under by the ICG who for their own political reasons want to implement the so called "Supreme Court" ruling which is this:-

"That sales of oil and gas by Kurdistan, independent of the central government in Baghdad, are unconstitutional and that the Kurdistan Regional Government must hand over all oil production to the Federal Government of Iraq."

Establishing their own companies to handle everything doesn't address that problem and is irrelevant because it still leaves the Kurds in control of their own oil and gas industry which is the whole point of the dispute with the ICG.

Establishing the two proposed companies won't gain traction in Baghdad because in the context of the control that Baghdad wants it doesn't change anything.

The Kurds will NEVER cede control to the Arabs in Baghdad.

The ICG talking about the legality or otherwise of the PSCs is simply a red herring and the ICG trying to make things as difficult as possible for the Kurds and is nothing more than a negotiating ploy.

It's ALL about control and the Kurds will NEVER give that up.

I don't believe it's a serious proposal anyway, how could the Kurds just take over from all the oil and gas companies that are operating there and just do it themselves, the magnitude complexity and legalistic nightmare that would ensue would be just mind boggling and how would they pay the billions in compensation.

Where would they get all the qualified people with the necessary skills from, the MNR can't even process a FDP in any sort of a sensible timeframe because they're already understaffed:-

Esa Ikaheimonen the Chief Financial Officer of Genel in Oslo :-

"The other thing I should mention is to do with the really busy environment in Kurdistan. It's to do with the MNR lacking resources, so the time it takes to do sensible business development, the time it takes to get from an idea to execution is a frustration. It doesn't keep me awake at night but it is a frustration.

It'll be dropped.

[habshan] 29/6/2022 18:03

Bigdog - "Or could it be they've "given up" on the "last great frontier"?"

No Sarah, wrong again.

Dr Adel Chaouch, President and CEO Shamaran last year:-

"We've seen a similar rush in California at the turn of the last century then West Africa and now Kurdistan in the last 10 years that has brought in numerous companies small and large all trying to help the regional government unlock what we think is 45 billion barrels of reserves and resources in the region. So that gives you a bit of the flavour of the context of the resources."