"How much $ extra for profit?"
We don't know any details as yet.
At the moment we get 36% of $28 or around $10 per barrel.
The new deal is $16 which will then be adjusted (presumably up), but the IOCs do not have to accept anything less than they are paid under their current PSCs.
And we can now ramp production back up to 55k bpd. |
$16 lifting cost. How much $ extra for profit? |
How's the sludge monster and Mr putsitive over on Lse going to respond to this news I wonder. |
 Shafaq News/ On Sunday, the Iraqi Parliament passed the first amendment to the Federal Budget Law for 2023-2025, despite a boycott by around 50 lawmakers from the Central and Southern Front bloc and legal disputes over the session’s legitimacy.
The session, chaired by First Deputy Speaker Mohsen Al-Mandalawi, was attended by 176 MPs, though opposition lawmakers argue that “quorum was not met,” casting doubts on the vote’s constitutionality.
Boycotts and Disputes
Independent MP Ahmed Majid told Shafaq News that MPs from the Central and Southern Front boycotted the session, describing the vote as a “violation of parliamentary regulations.”
“The number of MPs present did not exceed 140, meaning the quorum was not met,” Majid claimed, adding that opposition lawmakers intend to challenge the decision before the Federal Supreme Court.
MP Raed Al-Maliki reiterated concerns over the budget amendments during a press conference, saying, “We demand a joint financial management framework with the Kurdistan Regional Government (KRG), full transparency in oil contracts, and a review of key budget provisions, including Article 14 and the budget deficit.” |
https://shafaq.com/en/Iraq/Iraqi-Parliament-approves-budget-amendment-amid-boycott-legal-disputes Shafaq News/ On Sunday, the Iraqi Parliament passed the first amendment to the Federal Budget Law for 2023-2025, despite a boycott by around 50 lawmakers from the Central and Southern Front bloc and legal disputes over the session's legitimacy.The session, chaired by First Deputy Speaker Mohsen Al-Mandalawi, was attended by 176 MPs, though opposition lawmakers argue that "quorum was not met," casting doubts on the vote's constitutionality.Boycotts and DisputesIndependent MP Ahmed Majid told Shafaq News that MPs from the Central and Southern Front boycotted the session, describing the vote as a "violation of parliamentary regulations.""The number of MPs present did not exceed 140, meaning the quorum was not met," Majid claimed, adding that opposition lawmakers intend to challenge the decision before the Federal Supreme Court.MP Raed Al-Maliki reiterated concerns over the budget amendments during a press conference, saying, "We demand a joint financial management framework with the Kurdistan Regional Government (KRG), full transparency in oil contracts, and a review of key budget provisions, including Article 14 and the budget deficit."He emphasized that the bloc is concerned on "ensuring equitable financial allocations to the central and southern provinces and securing government funding for contracted companies working with local administrations."Agreement to Pass the AmendmentsDespite opposition from the Central and Southern Front, the Shiite Coordination Framework (CF) confirmed that political factions had agreed to approve the amendments.MP Mohammed Radi, a Coordination Framework member, told Shafaq News, "There is a clear parliamentary will to support the government's efforts in resolving disputes with the Kurdistan Region," adding that passing the amendment is "crucial to expediting the 2025 budget process, ensuring that reconstruction efforts and major projects remain on track."Key AmendmentsThe budget amendment changes policies on splitting oil revenues between Baghdad and Erbil, stipulating that the production and transportation costs of oil in the Kurdistan Region will be determined based on verified expenses by an advisory body, and if the federal and regional governments fail to reach an agreement on these costs, the Iraqi Ministry of Oil will appoint an independent party to determine them.Previously, the Iraqi government had set oil extraction costs at $6 per barrel, a figure that KDP MP Jiay Timor criticized as "unrealistically low," arguing that foreign companies operating in Kurdistan incur costs as high as $26 per barrel. Following negotiations, the amendment raised the costs to $16 per barrel.Political and Legal ImplicationsBefore departing for an official visit to Tehran, Parliament Speaker Mahmoud Al-Mashhadani announced that the budget amendments would be passed, even as tensions persist between Baghdad and Erbil, who are negotiating on resource management and fiscal policy.Despite the boycott and planned legal challenges, parliamentary sources suggest that the vote will stand, and the government will continue its push to finalize budget allocations and advance economic planning for 2025. |
16x40k x 350 (giving 15 days for no production at all) = $224m per year...lovely |
https://www.basnews.com/en/babat/874044 ERBIL - The Iraqi Parliament has approved the federal budget law with 176 members in attendance, paving the way for the long-awaited resumption of oil exports from the Kurdistan Region.During the session, lawmakers voted to raise the production cost of Kurdistan Region's oil to $16 per barrel, a decision that was met with mixed reactions. Deputy Speaker of Parliament Shakhawan Abdullah stated that with the approval of the budget law, there is no longer any excuse to delay the export of oil from the Kurdistan Region.Merywan Qarani, Deputy Head of the Kurdistan Democratic Party (KDP) bloc in Parliament, confirmed that after extensive discussions, the budget law submitted by the federal government has been enacted. He explained that the new amendment sets the production cost per barrel at $16, with the amount allocated from Iraq's sovereign budget. He further noted that within 60 days, an international technical team appointed by the Iraqi Ministry of Oil will determine the actual production costs. If no agreement is reached within this period, Iraq's Council of Ministers will make the final decision.Meanwhile, Amanj Rahim, Secretary of the Kurdistan Region's Council of Ministers, stated that Parliament has approved Article 12 of the budget law, which ensures that the Kurdistan Regional Government (KRG) recovers sovereign expenses for oil production and transportation. He added that the Iraqi Oil Ministry will oversee oil marketing through SOMO in accordance with the new amendments. The article also mandates the establishment of a specialized international technical advisory body to assess production costs within 60 days, with input from both the federal and regional governments.Rahim emphasized that the Kurdistan Region must immediately begin delivering oil to SOMO, with production and transportation costs temporarily set at $16 per barrel until the advisory body completes its calculations. The approval of this amendment is a significant step toward resolving the long-standing dispute over oil exports between the Kurdistan Region and the Iraqi federal government. |
https://www.kurdistan24.net/en/story/822750 ERBIL (Kurdistan24) - Shakhawan Abdullah, the Deputy Speaker of the Iraqi Parliament, assured the public during a press conference on Sunday that there are currently no obstacles to oil exports from the Kurdistan Region.Abdullah emphasized that there was broad consensus on the necessity of amending the budget law to address outstanding issues. Still, he clarified that no existing problems are hindering the region's oil exports.Looking ahead, Abdullah expressed that the main goal for the future of oil exports is to resolve ongoing salary payment issues, ensuring they do not become a daily concern for the region's people.He also highlighted Prime Minister Mohammed Shia al-Sudani's commitment. He assured the parliament that this year would not mirror the challenges of the previous one. "I will support the delegation from both sides," al-Sudani said, indicating strong support for efforts to streamline the process.This development follows the Iraqi Parliament's approval of a key amendment to the federal budget law on Sunday. This crucial step will allow oil exports from the Kurdistan Region to resume. |
I expect lots of good news and PR pouring out of GKP - and broker 'transformational ' upgrades - and takeover target articles etc.
Plus I think the company will start buying back.
IMO the stage management requires them to get this a lot nearer the ultimate takeover price in mkt than it is now.
Let see if the brokers start buying them in.
That would Gamestop this higher . |
When there was a straw poll a couple of weeks ago I guessed 206 at open. I'm sticking with that. Could be well north of that by the end of the day though. |
Hope so, I'd sell the wife |
I Prerdct 1.05 |
Next stop Corporate news/M&A.I presume some kind of repayment of cash owed will also be agreed.Wait for GKP/Apikur statements |
Shut up Debbie. |
I confess that Im not here for the KUrds but I`m happy that they wanted this so may even get some income to pay their people
. I`m pleased too for Siistani and his mates. Everyone here seems pleased too
BUT
I`m here for me and my family so I was pleased that APIKUR were keen to see the bill`s passing as for me its not about oil flowing through a pipe that matters as that oil belongs to the Irqis who will pay the IOCs a sum.
Our profit is what`s left after lifting and shifting so if we get a tiny margin above that why should we start pumping again. I do hope that APIKUR will unravel the profit and loss account at $16 so that we investors can continue to rejoice Put another w will this be the GKP of old or will those years of loyalty have been wasted.
If I`m qrong please reply kindly and explain why. |
I Predct 1.95 |
Hi Shortsqueezer.
I’m with Barclays also. Hope the get it sorted. |
Sour grape juice for bigdog :-) |
Will gkp also be paid the outstanding receivables, how much was it outstanding now? Well done to all who have stuck it out. I am looking forward to finally being back in profit. What do people see as fair value of GKP now that we have resumption of the pipeline. |
Just saw the news. I'm happy for my ISA but as a STH I'm absolutely made up for the LTH's here, I hope you all get the very just rewards you've been waiting for.
Thanks to the news hounds, and if you're ever in Orkney look me up, I'll stand you a pint of Tennants' best paint stripper 😎 🍺 |
Shipmates,
great news..! There are still plenty of 100,000+Dwt ships in the Eastern Med looking for cargoes. As soon as one heads to the KRG Pier I'll report back to our crew!
GLA-TT |
At long last this feels like a turning point for the Kurdistan oilers - and hopefully paves the way for a sale of GKP at some point in the not too distant future. I'm a relative newbie here being in from the court case but fingers crossed for all the real long term holders that they get a fair price on our eventual sale. Thanks to all the newshounds on here too, and John on Twitter / X. Good luck all. |
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