Gulf Keystone Petroleum Share Discussion Threads

[bigdog5] 12/5/2024 21:04

But "we must first adhere to the constitution and government instructions," Asim Jihad added, reminding that the contracts of companies operating in the Kurdistan Region are "partnership contracts that differ from the contracts concluded by the Ministry of Oil, which are service contracts, and this is a dilemma."

He continued, "The search for solutions that do not violate laws and instructions is ongoing with the Kurdistan Region and with companies," but "the issue has not been resolved yet and requires further research."


As I said recently, they are no closer to solving the problem than they were over 12 months ago.

Always good to have my views proved correct yet again:-)

[worldquant] 12/5/2024 21:00

#gkp #gkptakeover @Gulf_Keystone huge con OUT of PI as they will discover T/O RNS lands shortly.$2.9bn to now produce 55k bopd mcap $350m ?FDP 55-85 (+30k) costs $1bn +Why do that when current 55k bopd only worth $350m??Investment banks have flattened this pre T/Ohttps://x.com/111notout1/status/1789621224806482395?s=61&t=EEAJRmerpfLiAmForyb8Dw

[worldquant] 12/5/2024 21:00

Its wakey wakey on the East Coast across the pond , and for the 30,300th time BIG CONDOG posts AND ONLY EVER ON THIS STOCK ( barely credible - LOL ) the paid American sentiment basher clocks in for work.If CARLSBERG did BUY signals.FILL YER BOOTSTAKEOVER RNS INCOMINGTHIS MONTH.HTTPS://x.com/ChicagoJack5/status/1787790142574325840

[bigdog5] 12/5/2024 21:00

"The KRG have got round this by refusing to acknowledge the rulings of the Supreme Court, saying that they they themselves are invalid.

HOWEVER
Just recently Barzani applied to that same court, arguing that the election needs to be postponed. This effectively legitimises the court in the eyes of the KRG, and in doing so potentially their decisions about the oil contracts".

Absolutely and exactly. Mr B trying to have it both ways?

[worldquant] 12/5/2024 18:57

#gkp #gkptakeover @Gulf_Keystone huge con OUT of PI as they will discover T/O RNS lands shortly.$2.9bn to now produce 55k bopd mcap $350m ?FDP 55-85 (+30k) costs $1bn +Why do that when current 55k bopd only worth $350m??Investment banks have flattened this pre T/Ohttps://x.com/111notout1/status/1789621224806482395?s=61&t=EEAJRmerpfLiAmForyb8Dw

[confused _gerbill] 12/5/2024 18:56

bobgray51 that report / reports was originally made by a commentator who constantly talks down the KRG and reaffirms Iraq's sovereignty so don't believe everything you read, Bazani has no other avenue to postpone the elections, but in no way does it legitimise all the other decrees that were made. The Iraqi Court still can't void an agreement made under the prior constitution and subject to international law, which is why they're suing and counter suing each other outside of Iraq over various matters and Iraq hasn't just taken over the IOC's contract.

[worldquant] 12/5/2024 18:44

Chinese firms dominate second day of 5-plus/6th bid roundTen of the 12 projects awarded so far in Iraq's latest oil and gas contracting process have gone to Chinese companies, with one more day of bidding expected Monday.Bids are submitted on the second day of the fifth-plus and sixth licensing round for oil and gas projects, on May 12, 2024, at the Oil Ministry headquarters in Baghdad. (Photo credit: Oil Ministry)LIZZIE PORTER, ALI AL-AQILY AND STAFF OF IRAQ OIL REPORTSUNDAY, MAY 12TH, 2024 Iraq's Oil Ministry awarded five oil and gas development projects, all to Chinese companies, on the second day of a three-day bidding process for the fifth-plus and sixth licensing rounds.Of the 13 projects offered on Sunday, seven others received no bids and one received a bid but was not awarded.

[worldquant] 12/5/2024 18:10

#gkp #gkptakeover @Gulf_Keystone huge con OUT of PI as they will discover T/O RNS lands shortly.$2.9bn to now produce 55k bopd mcap $350m ?FDP 55-85 (+30k) costs $1bn +Why do that when current 55k bopd only worth $350m??Investment banks have flattened this pre T/Ohttps://x.com/111notout1/status/1789621224806482395?s=61&t=EEAJRmerpfLiAmForyb8Dw

[bobgray51] 12/5/2024 17:51

I agree. However the Supreme Court in Iraq ruled that these contracts were issued illegally KRG in and in feb of this year ordered that all revenues had to be hand over to them and oil be distributed via SOMO. "The oil companies have been pushing federal Iraqi authorities to honor the production sharing contracts they had previously signed with the KRG, but Baghdad has said those contracts are invalid and has sought to negotiate new terms under a previous Supreme Court ruling from 2022 that gave federal marketer SOMO control over Kurdish oil production.The new court decision, issued Feb. 21 will in effect give the federal government full control of the KRG's finances, with Baghdad now covering public sector salaries in the region. In a separate ruling, the court also removed 11 minority quota seats from the Kurdistan Parliament, reducing its size to 100 seats." The KRG have got round this by refusing to acknowledge the rulings of the Supreme Court, saying that they they themselves are invalid. HOWEVER Just recently Barzani applied to that same court, arguing that the election needs to be postponed. This effectively legitimises the court in the eyes of the KRG, and in doing so potentially their decisions about the oil contracts. Kurdistan watch "In an interesting twist and in a clear sign recognizing the court's authority, KRG PM Masrour Barzani has personally filed a complaint against the Iraqi Election Commission in the Federal Court, calling for the suspension of the Kurdistan elections. This move is just a couple of weeks after the KRG's oil ministry referred to the court as a mere 'political committee.'"I'm hopeful things will get sorted. But clearly it's a bit of a mess and is going to take time. At present we don't even have official reports that APIKUR have been invited to the party. Or any discussion about what a new oil contract might look like.

[arcadian] 12/5/2024 17:21

Well done that man.

[habshan] 12/5/2024 16:36

"I think the issue has, and always will be, the ICG not liking the production sharing contracts with the IOCs in Kurdistan."

There is NO provision in the Constitution of Iraq that confers ANY power upon the Federal Government to “approve”; or "disapprove" contracts issued by the KRG.

And the Federal Government know that.

Which is why they have never legally challenged them and cannot cancel them.

The ONLY means by which the Federal Government have been able to stop Kurdish exports via the pipeline is the clause that was inserted into the ITP agreement concerning the loading of ships.

And that agreement expires in 16 months.

[worldquant] 12/5/2024 12:43

#gkp #gkptakeover @Gulf_Keystone huge con OUT of PI as they will discover T/O RNS lands shortly.$2.9bn to now produce 55k bopd mcap $350m ?FDP 55-85 (+30k) costs $1bn +Why do that when current 55k bopd only worth $350m??Investment banks have flattened this pre T/Ohttps://x.com/111notout1/status/1789621224806482395?s=61&t=EEAJRmerpfLiAmForyb8Dw

[bobgray51] 12/5/2024 11:13

Probably also worth mentioning that from a US political pressure point of view, the IGC only need to kick this can down the road until about November, when the US elections take place. If Trump gets elected - not an impossibility by any stretch - then who knows what might happen.

[bobgray51] 12/5/2024 10:24

IGC, not ICG sorry

[bobgray51] 12/5/2024 10:20

A lot of it is smoke and mirrors whilst the people in charge get rich off the trucking situation. This is all IMO. Who actually knows if / when / how this will get sorted. But these are what I see as the main issues.

[bobgray51] 12/5/2024 10:18

I think the issue has, and always will be, the ICG not liking the production sharing contracts with the IOCs in Kurdistan. They want everyone on service contracts, which is why they were haggling with the KRG about the lift cost of 6 dollars vs 26 dollars per barrel. Ultimately for all of this to be legitimate in the eyes of the ICG, then it needs to adhere to the Iraqi constitution - which is what they all keep saying. The constitution, as I understand it, doesn't allow a production sharing model - another thing they keep saying. My reading of the last few months is that the KRG and ICG agreed on the 26 dollar price. This now needs legal approval through parliament, which will take some time as they need a speaker and a functional parliament. They also need to get the IOCs in Kurdistan to agree to this contractual change to their business model.

[bobgray51] 12/5/2024 10:10

Kurdistan Watch on XBased on the current daily oil production, sale price, and the KRG's share: the KRG should receive a net revenue of at least $240M per month. However, no portion of oil revenue has been reported in the KRG's Ministry of Finance treasury since March 2023!From this I read that someone - I imagine the Bazarani family - are getting very rich off the current local sale and trucking arrangement, whilst the pipeline is closed. The IOCs continue to produce and sell at vastly reduced prices, but the KRG share is not ending up in the KRG coffers. Perhaps evidence of more incentive to keep the current status quo going for a while longer.

[martyre] 12/5/2024 10:04

So the Iraqi oil Minister Mr Ghani has said oil exports from Kurdistan will resume a number of times without citing any issues.Yet someone who presumably works for him is setting out a totally different scenario with lots of outstanding issues.Hard to understand what is going on.

[highlander7] 12/5/2024 09:14

They are telling OPEC to go and do one. Which clears the way for Kurdistans 500k bbl day.

[nestoframpers] 12/5/2024 09:07

They are playing whack a mole. Yet another Iraqi pops up hat needs 'placating'.

[highlander7] 12/5/2024 05:36

john@john78846295:13h

Quote: First Squawk@FirstSquawk
·
IRAQ WON'T AGREE TO RENEW OIL OUTPUT CUTS IN NEXT OPEC+ MEETING

[adamrugen1066] 11/5/2024 23:16

Bigdump, my average is sitting healthy at 100p thanks to that brief stint in the 80s so I'm laughing. Can you say the same?I'll give you this tip for free: keep dumping your PIP into GKP now and you might make back some of your losses if/when the pipeline reopens.