hxxps://de.marketscreener.com/kurs/index/S-P-GSCI-PETROLEUM-INDEX-46869201/news/Exklusiv-BP-Irak-Kirkuk-Abkommen-muss-Kurdistan-einbeziehen-sagt-der-Premierminister-der-Region-48850335/ |
https://x.com/john78846295/status/1882424315498655767?s=46KEG reject amendment to the amendment |
"Revisions to budget amendment being discussed.... expect it to come back for a vote soon...."
It will need to be soon.
"The agreement commits both parties to sign a contract in the first week of February," he said. |
John@john78846295:. 2h
Revisions to budget amendment being discussed.... expect it to come back for a vote soon.... |
Ah old Pinocchio Ghani again eh? |
"Iraq's Oil Minister Hayan Abdel Ghani told AFP News that the project would increase the four oil fields' production to up to 500,000 barrels per day."
Last week - "The minister also noted that under the BP deal, oil production would be raised by up to 100,000 barrels per day (bpd), noting that the oil would flow to refineries in the north".
Kurdistan currently produces around 300kbpd, some goes to local refineries but most of it goes to Turkey and Iran and then to the UAE and world markets.
But 500kbpd from Kirkuk is supposedly going to be absorbed by local refineries around Kirkuk.
Methinks not.
But exporting through their section of the ITP that was newly refurbished for the purpose is no longer part of the plan.
"The agreement commits both parties to sign a contract in the first week of February," he said.
I suspect that BP's pen will be hovvering for a while longer. |
Let them huff and puff . Trump wont see it as meddling because its his way or no way , as they are just about to find out. The hard way by the sounds of it. |
#gkp #gkptakeover
8 October 2024, the Company’s current share buyback programme of up to $10 million remains ongoing, running to the earlier of its completion or the 2024 Full Year Results on 20 March 2025
😊🤣 |
 My first message. I've been following the board for months without registering with ADFVN. Thank you for all your helpful contributions. What I found:
hxxps://www.france24.com/en/live-news/20250115-bp-nears-deals-for-oil-fields-curbs-on-gas-flaring-in-iraq
"The objective is to enhance production and achieve optimal targeted rates of oil and gas output," Sudani's office said in a statement.
Iraq's Oil Minister Hayan Abdel Ghani told AFP after the new accord was signed that the project would increase the four oil fields' production to up to 500,000 barrels per day from about 350,000 bpd.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"The agreement commits both parties to sign a contract in the first week of February," he said.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Ghani noted the project will also target gas flaring.
-> What does this mean for the vote on the budget law: Do you have to have clarified the payments with the KRG by then? |
From Lsere oil and gas
RE: The Update My ResponseToday 11:49
The Iraqi government has rejected amendments proposed by the parliamentary finance committee to the budget law concerning KRG oil production costs and introduce a clause requiring all KRG oil and gas revenues—whether from domestic or international sales—to be transferred to the Iraqi treasury.
In an official communication to parliament, Ahmed Abdulzahra Fatlawi, the government's parliamentary liaison, stated: "The federal government opposes the proposed amendment as it would effectively reduce federal treasury revenues compared to the existing framework, contradicts standard practices implemented across Iraq under the current Financial Management Law, and conflicts with SOMO's established oil marketing and revenue collection protocols, which mandate direct transfer of all proceeds to the Ministry of Finance's oil and gas account."
The core dispute centers on two distinct approaches to handling oil revenues: The federal government's position mandates that all oil revenues be transferred in full to the federal treasury through SOMO's established mechanisms, with production costs to be reimbursed through separate administrative channels. In contrast, the parliamentary committee's proposal would allow production costs to be deducted at source before revenue transfer - a mechanism the government considers problematic as it could circumvent SOMO's oversight and potentially enable unauthorized deductions.
To resolve this impasse, the government has proposed alternative language: "All revenues generated from oil, its derivatives, and gas sales, whether domestic or international, must be remitted in full to the federal treasury as final revenue without any pre-transfer deductions, in accordance with the standardized procedures applied across Iraq and as stipulated in the amended Financial Management Law No. (6) of 2019, with fair cost assessments to be calculated separately."
While the federal government has provisionally agreed to increase the KRG's per-barrel production cost allowance in the budget amendment bill from $6 to $16 for a 60-day period - pending an independent assessment by an international auditor - the bill has stalled in Parliament due to ongoing disagreements over technical and procedural details. |
The collective west must immediately stop all foreign aid payments to Baghdad. Hundreds of millions of dollars being wasted - until they agree to reopen the ITP. |
Could the last minute intervention have come from the U.S? The agreed amendment required KRG to export 400k barrels a day where would any over production go? There's no financial incentive for KRG to export more! U.S clamping down on smuggling to Iran? |
Slumping.Wanting control and taking control are two different realities as you will shortly find out. |
Why did Baghdad wait until the ultimate hour to drop their inclusive bombzhell, I would conclude that they never had any intention of concluding a deal that recognised the legal approved rights of Kurdistan’s and basra's Communities.
As Such Baghdad is not capable of rationality and are an unworkable entity |
Fat dog = Simon Watkins
Plugging his 💩 books as usual |
Here we go again....
The Iraqi government has rejected amendments proposed by the parliamentary finance committee to the budget law concerning KRG oil production costs and introduce a clause requiring all KRG oil and gas revenues—whether from domestic or international sales—to be transferred to the Iraqi treasury.
In an official communication to parliament, Ahmed Abdulzahra Fatlawi, the government's parliamentary liaison, stated: "The federal government opposes the proposed amendment as it would effectively reduce federal treasury revenues compared to the existing framework, contradicts standard practices implemented across Iraq under the current Financial Management Law, and conflicts with SOMO's established oil marketing and revenue collection protocols, which mandate direct transfer of all proceeds to the Ministry of Finance's oil and gas account."
The core dispute centers on two distinct approaches to handling oil revenues: The federal government's position mandates that all oil revenues be transferred in full to the federal treasury through SOMO's established mechanisms, with production costs to be reimbursed through separate administrative channels. In contrast, the parliamentary committee's proposal would allow production costs to be deducted at source before revenue transfer - a mechanism the government considers problematic as it could circumvent SOMO's oversight and potentially enable unauthorized deductions.
To resolve this impasse, the government has proposed alternative language: "All revenues generated from oil, its derivatives, and gas sales, whether domestic or international, must be remitted in full to the federal treasury as final revenue without any pre-transfer deductions, in accordance with the standardized procedures applied across Iraq and as stipulated in the amended Financial Management Law No. (6) of 2019, with fair cost assessments to be calculated separately."
While the federal government has provisionally agreed to increase the KRG's per-barrel production cost allowance in the budget amendment bill from $6 to $16 for a 60-day period - pending an independent assessment by an international auditor - the bill has stalled in Parliament due to ongoing disagreements over technical and procedural details. |
Good morning gullible fantasists, pipe open is it? Going to be opened any time soon? Budget agreement close is it? Company going to pay monthly divis are they? Oil law imminent? Producing 55k a day yet? Epicur controlling all are they? Company sold is it?
None of the above that you clueless fantasists have been banging on about for absolute ages has occurred.
In addition there's even more signs that Baghdad seek to control all as a few of us mentioned ages ago!!
You really ought to stop conning yourselves!! |
Gulf Keystone Petroleum Ltd (GKP) Operational & Corporate Update 23-Jan-2025 / 07:00 GMT/BST 23 January 2025 Gulf Keystone Petroleum Ltd. (LSE: GKP)("Gulf Keystone", "GKP", "the Group" or "the Company") Operational & Corporate Update Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan"), today provides an operational and corporate update. The information contained in this announcement has not been audited and may be subject to further review. Jon Harris, Gulf Keystone's Chief Executive Officer, said:"Local sales have remained strong since our previous market update in December 2024, with 2025 year to date gross average production of c.47,900 bopd. If current demand persists in the local market, our disciplined and flexible work programme, combined with our stable low costs, should enable us to deliver gross average production in the range of 40,000 to 45,000 bopd in 2025 and generate material free cash flow, underpinning our ongoing commitment to return excess cash to shareholders. At the same time, we continue to proactively engage with government stakeholders to unlock an exports restart solution." OperationalZero Lost Time Incidents ("LTIs") for over two years, with more than 3.4 million working hours since the last LTI, underlining the Company's continued commitment to high standards of safety 2024 gross average production of 40,689 bopd, an 86% increase versus the prior year (2023: 21,891 bopd) Reflects a full year of local sales in 2024 following the impact of the suspension of pipeline exports in 2023 Despite temporary disruptions to truck availability during regional holidays and elections and the impact of the planned PF-1 shutdown in November, strong underlying local market demand from Q2 2024 onwards enabled the return to production at full well capacity in several months Average realised price for 2024 sales of c.$27/bbl, with prices stabilising in a range of c.$27-$28/bbl in H2 2024 2025 year to 21 January gross average production of c.47,900 bopd: Continued strong local market demand and robust prices since the beginning of the year Financial 2024 revenue of $151 million, 22% higher relative to the prior year (2023: $124 million) Rigorous focus on capital and cost discipline in 2024 while maintaining and enhancing production capacity: 2024 net capex of $18 million (2023: $58 million) in line with guidance, primarily reflecting safety critical upgrades at PF-1, maintenance and production optimisation expenditures 2024 operating costs of $52 million (2023: $36 million), with gross Opex per barrel reducing to $4.4/bbl (2023: $5.6/bbl), reflecting higher production 2024 other G&A of $11 million (2023: $11 million) 2024 monthly average capex and costs, including net capital expenditure, operating costs and other G&A, below $7 million, in line with guidance Free cash flow enabled the Company to restart shareholder distributions while maintaining a robust balance sheet: $45 million of shareholder distributions in 2024 consisting of $35 million of dividends and $10 million of share purchases completed under the buyback programme launched in May 2024 2024 year-end cash balance of $102 million (31 December 2023: $82 million) and no debt Outlook The near-term local sales outlook is strong, although visibility remains limited beyond the Company's monthly contract renewals with buyers Should local market demand persist at current levels, 2025 gross average production is expected to be in the range of 40,000 to 45,000 bopd Reflects the Company's assumptions around plant downtime associated with the planned PF-2 shutdown, the estimated impact of regional holidays on truck availability and field declines of 6-10% per year Should there be any significant unforeseen disruptions to local market demand or the restart of pipeline exports, the Company will update its production expectations as necessary Estimated 2025 net capex of $25-$30 million, reflecting disciplined and flexible work programme focused on safety, reliability and maintaining the capacity of existing wells: c.$20 million: Safety upgrades at PF-2 and maintenance, scheduled for Q4 2025 and expected to require the shut-in of the facility for c.3 weeks, similar to PF-1 in 2024 $5-$10 million: Production optimisation programme consisting of low cost, quick payback well interventions Exploring a range of additional plant initiatives to enhance production, including water handling, with planned reviews later in 2025 based on the Company's liquidity position and operating environment Stable low costs, with expected operating costs of $50-$55 million and other G&A below $10 million in 2025 The Company remains committed to returning excess cash to shareholders via dividends and / or share buybacks, subject to the liquidity needs of the business and the operating environment Following launch on 8 October 2024, the Company's current share buyback programme of up to $10 million remains ongoing, running to the earlier of its completion or the 2024 Full Year Results on 20 March 2025 As announced previously, the Board plans to review the Company's capacity to declare an interim dividend on a semi-annual basis around its Full Year and Half Year Results, with the next review taking place in March 2025 Gulf Keystone continues to proactively engage with government stakeholders regarding a solution to enable the restart of Kurdistan crude exports through the Iraq-Turkey Pipeline Monitoring the progress of a potential amendment to the Iraqi 2023-2025 Budget Law regarding compensation for Kurdistan's oil production and transportation costs While Iraqi Parliament approval of the amendment could be an important step towards the resumption of exports, a number of key details remain outstanding regarding payment surety for future oil exports, the repayment of outstanding receivables and the preservation of current contract economics Gulf Keystone remains ready to engage with the Government of Iraq and Kurdistan Regional Government to clarify key terms and finalise written agreements prior to resuming oil exports Investor presentation Jon Harris, CEO, is presenting today at Pareto Securities' 20th annual E&P Independents Conference. The presentation slides will be made available on the Company's website: https://www.gulfkeystone.com/investors/presentations/ Enquiries: Gulf Keystone:+44 (0) 20 7514 1400 |
Good move.... No volume on this drop so the weak leaving for the sensible to join.Hold wait collect divi.... Ignore the idiots. |
Ooofff. 4 million barrels a day from Basra. Puts kurdistans 500,000 barrels into perspective. ICG will be doing anything to stop them going solo. |
In other news child marriage is now legal in Iraq from age 9 after the passage of a new law, what was all that war and bloodshed for ? Why don't the kurds just declare themselves independent.... |
It will be sold before you see a dividend.....They have done nothing operational t o GROW the business, understandably of course.Hence the BOD has taken the only other option, sell the development.Takeover will be north of 25 quid |
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
Hot Features
Premium
