Gulf Keystone Petroleum Share Discussion Threads

[buyingacastle1] 04/6/2023 12:27

Petebreeze - have you not read the extensive work Iraq has been doing to attract foreign investment? They will cut a deal with Turkey as Turkey need the money and the infrastructure is there - It might not be today, this week or next week but it will happen. I am not stupid but a million hard earned pounds of mine rides on this between this and Genel - I can afford to lose it but I know that I won't.

[petebreeze37] 04/6/2023 12:21

Personally I wouldn't believe any piffle coming out from Iraq about the opening. It will open once turkey says so.
On a second point why has it taken 9 years for the court case to get resolved. Who resurrected it at a convenient time, guess who!

[nufc9] 04/6/2023 11:41

On Thursday (June 1, 2023), Iraqi Oil Minister Hayan Abdul Ghani told Radio Marbad, a local radio station in Basra province, that Kurdistan oil exports are scheduled to resume within the next 10 days. 2023. "It is not clear when Kurdistan oil exports will resume, but talks are ongoing," a senior Iraqi government source told Rudaw.

"The Iraqi Oil and Gas Law will also resolve the issues between the Kurdistan Region and the central and provinces. This issue has been a source of intense discussions between the Kurdistan Region and Iraq for some time It is scheduled to be completed as soon as possible.”

[buyingacastle1] 04/6/2023 10:02

Sell order placed at £50k - that is the maximum individual trade my broker will let me do. I think £2.50 is a realistic initial place for me to consider shifting a few to fund other projects - happy to hold for the long term with the rest of my funds.

[pittcock] 04/6/2023 10:01

Citadel might just snap your hand off for that.

[buyingacastle1] 04/6/2023 09:57

I am going to stick a £50k sale on the market tommorow at £2.50 to try to catch some desperate shorters exiting the market ... I doubt they will be enjoying the Sunday sunshine today....

[buyingacastle1] 04/6/2023 09:51

Jack Ladd... Rocket... but where to?

- The pipeline turning back on will be the first ramp up; the second will be clarification on the outstanding payments
- The clear desire from Iraq to attract more investment into the sector will result in a joint desire to create political stability to promote investment
- The water shortage in Southern Iraq will prompt cuts to be from that region if Opec cut
- Brent Crude is up
- Some lovely photos online of Erdogan's dinner party last night

I would play conservative and say a £2 on pipeline opening and closer to £3 on payments coming back through; at least a fiver for takeover talk.

I should be out paddleboarding but thought I would check in on the news!

Castle

[jack ladd] 04/6/2023 09:41

Cripes, this is going to rocket when the taps get turned on.

[luckyclicker] 04/6/2023 09:38

https://shafaq.com/en/Kurdistan/President-Barzani-Attends-Inauguration-Ceremony-of-Turkish-President-Erdogan

[luckyclicker] 04/6/2023 09:37

According to a statement released by the Kurdish presidency, President Barzani and guests convened for dinner at the Turkish Republican Palace in Ankara after the inauguration ceremony.The statement emphasized that the dinner allowed President Barzani to engage in substantive discussions and enhance bilateral relations with the distinguished attendees.The gathering served as a continuation of the day's events, which included President Erdogan taking the constitutional oath for his second presidential term earlier in the day at the Turkish parliament.

[habshan] 04/6/2023 09:17

"Iraq is in talks with Turkey to resume northern oil exports via Ceyhan, Iraqi Oil Minister Hayyan Abdul Ghani said in a televised interview on Rudaw channel.

The latest talks are going well and exports will restart shortly, Abdul Ghani said."

[nestoframpers] 04/6/2023 08:40

So tribal out there , strangely getting more tribal here . Come on the Kurds get in line with the rest of the region.

[0ili0] 04/6/2023 07:21

Another day closer to £100/share 👍

Budget imminent....oil flowing soon....AGM around the corner.
Game over. 🍔🍟

[habshan] 04/6/2023 07:11

Sniff - "Additionally, five new clauses have been introduced,"

New Clause 10. - "The federal government and the regional government are committed to preventing the extraction of oil from the Kirkuk and Nineveh fields by the current regional government."

So that and four other new clauses are on the Finance Committee's wish list.

We are told that the Federal Court has ruled that new clauses cannot be added and that any changes outside the original Erbil/Baghdad agreement are not acceptable.

"The finance committee has the right to change the numbers in the bill or transfer them between articles and paragraphs, but the committee cannot add or remove any paragraph from the bill." KRG Finance Minister Awat Sheikh Janab said.

"The Federal Court has ruled that any additions or changes outside the agreement between Erbil and Baghdad are not acceptable by the Finance Committee and the text of the agreement cannot be changed. It is against the agreement between Erbil and Baghdad."

[steephill cove] 04/6/2023 06:41

Iraq Is in Talks With Turkey to Resume Oil Flows From Ceyhan.

Khalid Al-Ansary, Bloomberg News

(Bloomberg) -- Iraq is in talks with Turkey to resume northern oil exports via Ceyhan, Iraqi Oil Minister Hayyan Abdul Ghani said in a televised interview on Rudaw channel.

There are talks with the Turkish side to resume pumping and we are hoping to receive soon a Turkish delegate to resolve this issue, the minister said.

Turkey closed a pipeline running to Ceyhan after Iraq in March won a nearly nine-year-old arbitration case at the International Chamber of Commerce.

OPECs second largest producer claimed in the case that Ankara violated a 1973 pipeline transit agreement by allowing crude from the Kurdish region to be exported without Baghdads consent.

The latest talks are going well and exports will restart shortly, Abdul Ghani said. Turkey didnt agree to a request from Iraq to resume shipments last month.

Iraqs exports dropped in May to their lowest in nearly two years as the pipeline from the countrys northern fields remained shut for a second full month.

Abdul Ghani said there are indications prices will be stable at current levels before going up in the coming months.

The halt of around 500,000 barrels of crude supplies per day from the countrys northern fields in Kurdistan and Kirkuk via Ceyhan to global markets had a positive effect on price stability and increased prices, he added.

Iraq is also keen to diversify its export terminals but the Kirkuk/Baniyas export pipeline with Syria is not being considered as an alternative to the Ceyhan pipeline at the moment, the minister added.

The country is committed to Paris Agreement pledges to stop natural gas flaring, the burning of natural gas in the process of extracting oil by 2030, Abdul Ghani said.

The oil ministry is keen to accelerate capturing the gas for power production, thereby reducing the countrys large gas imports from Iran.

We cant continue importing gas while the gas being produced in the oil fields is being burned, he said.

Once an integrated gas development project with Frances Total Energies SE starts, gas flaring from five fields in the south will be stopped within five years.

The country needs between 5/7 years to reach self sufficiency in gas production, Abdul Ghani said.

©2023 Bloomberg L.P.

[40quidminimum] 04/6/2023 06:24

A bid prior to both AGM , would be highly likely.At both AGM's the companies are trying to get resolutions passed that seek to defend against hostile bids, an effort to drive friendly deals....

[bravedog] 04/6/2023 00:21

Everything is slowly setting in place for the oil cies to make a bid on GKP, after the AGM.
First, Shamaran Petroleum, and immediately a Chinese cy.
The Chinese will guarantee the Kurdish independence and all the neighbors will be happy. Turkey will go to BRICS, Irak will ne happy not having to deal with the Kurds and the Iranians also.
We also.

[sniff_the_tip] 03/6/2023 22:40

“New Clause 10

The federal government and the regional government are committed to preventing the extraction of oil from the Kirkuk and Nineveh fields by the current regional government.”

By the current regional government. They are really trying hard to get rid of the KDP. Let’s be honest… they are a corrupt mafia and shouldn’t be in charge anyway.

[theythinkitsallover] 03/6/2023 22:29

Here are what changed and approved by the finance committee (in bold) in articles 13 and 14 of the budget bill:

The first change states that Erbil must “hand over” at least 400,000 barrel of oil per day to the Iraqi oil state marketer (SOMO) which to either export it or refine it for local use.

Article 13

2. A. The Kurdistan Regional Government and the Ministry of Natural Resources in the Kurdistan Region commit to exporting handing over no less than 400,000 barrels of crude oil per day on average from its fields to the Oil Ministry for export through the State Oil Marketing Company (SOMO) or for local use by the federal Oil Ministry’s refineries or refineries which has agreements with the Oil Ministry. This is provided that the final revenues are deposited into the federal treasury. [additionally] monthly data, the quantities of oil exported or used locally from the regional fields, and the prices of crude oil are sent to the Accounting Department in the federal Ministry of Finance for approved after being audited by the Federal Ministry of Oil and the Federal Financial Auditing Bureau, in coordination with the Financial Auditing Bureau in the Region.

Another modification pertains to the administration of oil revenue and its deposit destination. The updated text stipulates that the Iraqi Oil Ministry will deposit the revenue into a bank account opened by the Iraqi Central Bank. The KRG PM will then be granted authorisation by Baghdad to utilise these funds.

In contrast, the previous text proposed that a solitary bank account be established for depositing oil revenues, where the KRG PM would have the authority to distribute the money.

Article 14

1. The Federal Oil Ministry will deposit all revenues from oil produced from the Kurdistan Region’s fields into a single bank account opened by the Iraqi Central Bank, accumulating all revenues resulting from the export or sale of crude oil and its derivatives without any deductions for any purpose. The federal Finance Ministry will authorize the Prime Minister of the Region, or his designated representative, to disburse funds from this account. The said account is subject to oversight by the Federal Financial Auditing Bureau by a committee of specialists belonging to the Federal Financial Auditing Bureau and the federal government, and all similar accounts must be closed.

Additionally, five new clauses have been introduced, addressing a range of issues related to the KRG’s public sector and salary payments, oil production in Kirkuk and Nineveh, and the management of border crossings.

New Clause 7

Kurdistan Regional [Government] is obligated to provide the Federal Ministry of Finance, after auditing by the Federal Financial Auditing Bureau in coordination with the Financial Audit Bureau in the Region, with the employment registry (civil and military) formations, categorized according to rank and job title (vacant or occupied) according to the numbers allocated to it in keeping with the employment table index attached to this law no later than 30/09/2023.

New Clause 8

Should any disagreements arise between the Federal Government and the [Kurdistan] Regional Government regarding the rights, obligations, or failure to comply with the stipulations in Article (13) Clauses (one and two), or Article (14) Clauses (one, two, three, four, five, six, and seven), a 15-day period is allocated to resolve the differences. If no resolution is reached within this timeframe, the transfer of the Region’s dues will be halted, and the Federal Court’s decision will then take effect.

New Clause 9

The Kurdistan Regional Government is obliged to giving priority to disbursing the financial dues of the region’s employees and retirees, while committing to disbursing the financial dues of the governorates in accordance with the standards followed in this law fairly and without discrimination. On the contrary, the federal government shall deduct the share of the affected governorates in accordance with the law and hand it over to the affected governorate directly.

New Clause 10

The federal government and the regional government are committed to preventing the extraction of oil from the Kirkuk and Nineveh fields by the current regional government.

New Clause 11

The federal government, jointly with the regional government, is obligated to manage the border crossings.

New Clause 12

The Kurdistan Regional Government is obliged to pay an additional amount, no less than 10% of each employee’s salary, on top of their full salary. This payment is intended as compensation for the compulsory savings deducted in previous years. This supplementary percentage will continue to be paid until the total amount deducted has been fully repaid.

[theythinkitsallover] 03/6/2023 21:34

We met with the companies and we agreed to establish a committee from both sides to review the contracts. Until now, the review process is not done, however what was signed was that SOMO will rely on the price that it relies on for all of Iraq's oil to export that oil," the minister said.

"We do not know what these contracts consist of and they are being reviewed now. If there are clauses or questions in the contracts that need to be amended, they will be amended, hopefully," he said.

[40quidminimum] 03/6/2023 20:15

Hostile takeover

[sniff_the_tip] 03/6/2023 19:41

Al-Kadhimi also indicated that "discussions are underway regarding the management of border crossings between the federal government and the region, and preventing the extraction of oil from the Nineveh and Kirkuk fields by Kurdistan."

Well looks like by Monday morning Shaikan might not be producing even if the pipeline is open