https://x.com/pukmedia/status/1884555039529636054 The Iraqi parliament is set to vote on an amendment to the federal budget law, paving the way for stronger cooperation between the federal gov. & KRG on oil management. PUK bloc Leader told #PUKMEDIA that PUK supports the amendment to enhance transparency & boost state revenue. |
 Deputy Minister of Natural Resources: We are ready to export oil if the parties agree
Rudaw - Baghdad
The Iraqi Energy Conference continues in Baghdad with the participation of Rudaw. On Tuesday and Wednesday, 14 panels will discuss issues related to the energy sector, including the issue of non-export of oil from the Kurdistan Region.
"We are technically ready to resume oil exports whenever all parties agree," said Ahmad Mufti, deputy minister of natural resources.
According to the Iraqi Oil Ministry, along with efforts to pass the budget amendment, which is considered a blind spot for the export of Kurdistan oil, the work of the joint committee of the Ministry of Oil and the Ministry of Natural Resources continues.
"There is a committee at the level of agents of both ministries to resolve some of the outstanding issues, the most important of which is to know and convey the technical data that the Kurdistan Region and foreign investment companies have in the Kurdistan Region," he said The federal government and the federal oil ministry, so that I can go into the details and the type of it contracts, to be resolved and adapt these contracts to comply with applicable laws."
The agreement between Erbil and Baghdad and the oil companies led to a budget amendment bill, but it was removed from the agenda in the past two sessions of parliament due to tensions.
Along with domestic and international efforts to re-export Kurdistan oil, Iraq's efforts to increase its own oil exports, for Kurdish politicians is a wind and two winds, that Baghdad is killing time, adding days to the days of preventing Kurdistan oil exports. |
It is quite clear that no formal contract has been signed by BP. There is currently an MOU which will be firmed up by something being signed at the start of February - note no date given.
What this means is that until the problems between Iraq and the KRG are sorted BP won't be signing anything. This is why there seems to be some urgency from various parties to get the pipeline issue sorted before the end of this month. |
#gkp #gkptakeover
What's buyback program real purpose?
1. Allow
@PeelHunt
sit on book + put floor under share price deterring bad actors?
2. To kick in once some condns met - drive share price north nearer T/O price £ 20+ minm
3. Other?
Sure hasn't been to reduce capital ...so far 😉 |
The 50,000 bought at 154.50 may be for CEOHe needs about 70/75 k more to fulfil the share element of the stay bonus |
The 50,000 bought at 154.50 may be for CEOHe needs about 70/75 k more to fulfil the share element of the stay bonus |
Hence the knickers down prior |
#GKP #gkptakeoverPremium at sale huge so CEO incentive to stay 150 k shares = millions £Conversely at bottom of pile the Kurd workforce, are being prevented from receiving an Instant windfall, though AGM resn to defer and split their reward over 3 years in arrears. |
#gkp #gkptakeoverCEO stay bonus was prerequisite for buyers 'comfort'Fact it now actioned = DEAL is inked.Whenever you ready @HSFlegal, ?? |
IF they have signed a formal Contract with BP then they have agreed to open the pipeline.
IMO |
#GKP #gkptakeover @Gulf_Keystone CEO balance "stay award" RNS this week .Another 75,000 shares or so.Deal is clearly done.RNS within days ?or will buyback actually start ? Narrowing huge gap between current mcap and takeover consideration?Whatever it's now 100% SOLD TBA |
 Bp beginning of first week
(BP) signs early February contract to increase production at 4 northern fields
Economy 23-01-2025, 19:22
+A -A
Baghdad - INA
Deputy Prime Minister and Minister of Oil Hayan Abdul Ghani confirmed today, Thursday, the intention to sign a contract with British Petroleum (BP) to invest in 4 northern fields to increase production and benefit from associated gas, while specifying the extent of the contract's impact on production plans.
Abdul Ghani said in a statement to the Iraqi News Agency (INA): "In the British capital, London, an initial agreement was reached between the North Oil Company and British Petroleum to sign a contract to develop the four fields affiliated with the company," noting that "these fields now produce more than 300,000 barrels per day."
He added that "the agreement with British Petroleum stipulates increasing production to more than 500,000 barrels per day and benefiting from associated gas and investing in it and converting it into dry gas for use in operating power plants."
He explained that "the signing will be at the beginning of the first week of February."
Abdul Ghani explained that "Iraq needs quantities of gas to equip the stations, and the Ministry of Oil is serious about that through many projects that it signed with specialized companies such as the French company Total to invest 600 million cubic feet of gas from 5 oil fields, in addition to the Akkas field and the Mansouriya field, and the fifth licensing round, in addition to what the Basra Gas Company is doing, which is a joint venture between the South Gas Company and Shell and Mitsubishi companies to develop and invest gas from three main fields: Rumaila, Zubair, and West Qurna |
Iraqi Parliament studies proposal to obtain Iraqi Kurdistan’s oil
IRAQ Amr Salem January 28, 2025 484 4 min
Iraqi Parliament studies proposal to obtain Iraqi Kurdistan’s oil
Workers at Tawke oil field in Iraqi Kurdistan. Photo: AFP/Getty Images
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, revealed on Monday that draft legislation on the delivery of oil produced in Iraq’s Kurdistan region and the advance payment of $16 per barrel has been submitted to the Iraqi Parliament.
In a statement to the Iraqi News Agency (INA), Abdul-Ghani explained that until the actual costs of gas development activities from oilfields in the Kurdistan region of Iraq are reexamined, Iraqi Kurdistan will deliver at least 250,000 to 300,000 barrels of oil per day to be exported through the State Organization for Marketing of Oil (SOMO).
“In order to supply the required financial resources for the nation’s budget, we expect that oil prices, which now range between $70-80 per barrel, will either stay within these ranges or slightly rise, Abdul-Ghani added.
Last November, the Parliamentary Finance Committee and Abdul-Ghani discussed the latest agreements to resolve a dispute related to oil exports between the federal government in Baghdad and the Kurdistan Regional Government (KRG) as well as the main technical challenges to resume oil exports from Iraqi Kurdistan.
The meeting aimed to settle the conflict between Baghdad and Erbil, address unresolved issues in line with the Iraqi constitution, and advance a final agreement to resume oil exports from Iraqi Kurdistan via the Turkish port of Ceyhan.
The Iraqi cabinet decided earlier in November to immediately start delivering oil produced in the Kurdistan region of Iraq to SOMO or to the Oil Ministry in Baghdad.
The Iraqi Ministry of Finance will compensate the KRG for the production and transportation costs of the oil produced in northern Iraq and delivered to SOMO, or the Oil Ministry.
Before a final settlement takes place, the federal government’s finance ministry will pay $16 per barrel until a specialized technical consulting committee has finished calculating fair expenses.
The acting minister of natural resources in the KRG, Kamal Mohammed, said in July that Iraqi Kurdistan is waiting for Baghdad to agree with international oil firms to resume its oil exports.
Mohammed explained that the resumption of oil exports is related to the expense of oil production in the Kurdistan region of Iraq, Rudaw News reported.
Oil companies operating in the oil sector in Iraqi Kurdistan rejected Baghdad’s allocation of 8,960 dinars (about $6.9).
Talks to resume oil shipments have stumbled, and since March 2023, crude oil flows along the Iraq-Turkey oil pipeline, which formerly handled around 0.5 percent of the world’s oil supply, have been suspended due to legal and financial uncertainty.
One of the main sources of conflict between the federal government in Baghdad and the KRG is the distribution of oil revenues.
After the International Chamber of Commerce (ICC) in Paris decided in March 2023 that Ankara had broken a 1973 treaty by enabling oil exports without the federal government’s approval, flows via the Iraq-Turkey oil pipeline stopped. |
"That's not how I see it with the information we have so far"
So how DO you see it.
What information do we have that leads you to believe that after the expiry of the current pipeline agreement Iraq will be able to dictate to Turkey how they use it. |
"It's VERY clear, in September the Turkish section becomes Turkish property, they paid for it and after September Iraq will have no say in how they can use it."
That's not how I see it with the information we have so far but I can see you're getting agitated so will leave it at that as don't intend having a long drawn out convoluted discussion on a simple matter. Others can make up their own minds on the subject. |
It is probable that shutting the pipeline is termination without notice. Given over a year has passed then it can be argued that the one year notice period has been served and therefore the agreement will lapse in September. |
"Think the key point here is whether Turkey are free to do as they wish with their section of ITP pipeline after Sept and so far it's not clear either way."
It's VERY clear, in September the Turkish section becomes Turkish property, they paid for it and after September Iraq will have no say in how they can use it.
BOTAS, which is state owned, spent a great deal of money building that pipeline, loading terminal at Ceyhan, pumping stations and other associated infrastructure. And as is normal for such huge projects BOTAS will have borrowed the money from banks and so on.
The contract was structured so that the investment would be recovered under the contract by Iraq contracting to supply a minimum volume of oil per day for which Turkey would charge so much per barrel in transit fees.
Turkey would then be able to see exactly how long it would take to recover the investment how long it would take to start making a profit on that investment and how much profit they could expect to make.
So at the end of the contract BOTAS would have recovered their money the banks would have been repaid and the pipeline system would be theirs.
It didn't happen of course because Baghdad couldn't care less about Turkish investors, they didn't even care about recovering their own investment, all they cared about was stopping the Kurdish exports, and it was those Kurdish exports that kept the whole thing going because Kirkuk was only able to contribute 75k bpd which would barely cover the bottom of the pipe, and without Kurdish exports Iraq couldn't hope to even come close to meeting their contractual obligation of supplying minimum throughputs.
But by the time the contract expired the two sides should have recovered their investment. BOTAS would have bought and paid for the pipe and it would be theirs, and that's where we are.
After September there will be NO contract with Iraq, and the Turkish section which they have bought and paid for will belong to Turkey and as the CEO of DNO says, "they can do what they like with it", it's Turkish property.
DNO CEO March 24 - "We do know that the pipeline will open within the next two years sometime, because the contract between Turkey and Iraq for the use of that pipeline ends at that point, Turkey can then do with the pipeline what it wants without any further exposure to the legal side, that may be a factor in their thinking. So it won't be shut in forever. Once the existing arrangements end they will end and the pipeline will reopen. Two years may sound like a long time but it really will come pretty quickly." |
https://x.com/john78846295/status/1884349682530619828 Deputy Minister of Natural Resources: We are ready to export oil if the parties agree. |
Confused Gerbill - thanks for that and as you say it's all very vague.
Think the key point here is whether Turkey are free to do as they wish with their section of ITP pipeline after Sept and so far it's not clear either way. |
Hangthedj = troll |
C_G - "I ask at every GKP investors presentation about it, but haven't had a clear answer."
There's no reason why GKP would know the answer C_G, Paul Weir the CEO of Genel was asked the same question at an investor's presentation and he didn't know the answer either.
Negotiation of a new pipeline agreement is not something that the IOCs would be involved in, and if someone in the KRG had said something about it in private then an IOC certainly wouldn't be relaying it in public. Negotiations of contracts are not something you want in the public domain. If an IOC did talk about it or repeat something said in confidence they would be in trouble and that's something they're at pains to avoid.
So best to just plead ignorance. |
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