Gulf Keystone Petroleum Share Discussion Threads

[justiceforthemany] 12/11/2023 10:09

Can anyone remind us how much cash GKP and Genel are owed?
Significant chunk of their market cap certainly.
150p open tomorrow?

[pittcock] 12/11/2023 10:01

Dudishes, its time to go and do the dishes.

[shortsqueezer] 12/11/2023 09:50

Indeed. And of course Duds doing his best to create negativity:-)

[7imon] 12/11/2023 09:49

DIVIDENDS & OFFER

[luckyclicker] 12/11/2023 09:42

Abdel-Ghani said during a visit to Erbil, the capital of Iraq's semi-autonomous Kurdistan, that Iraq has reached an "understanding" with Turkiye in relating to the resumption of northern oil exports through the Iraq-Turkiye pipeline

[dudishes] 12/11/2023 09:36

A dream team, Barzani, PSC/ICG/KRG/Twitter and Bob's Uncle.

Turkey is in default for rather a large sum of money.

Until resolved, pipe line stays shut, simple.

[beernut1] 12/11/2023 09:17

Reach a solution by Monday

Top Iraqi oil delegation in Kurdistan Region to discuss halted oil export
The delegation is expected to meet with Kurdistan Region Prime Minister Masrour Barzani prior to a technical meeting with the Kurdish oil authorities. author_image Kurdistan 24
2 Hours

Iraqi Minister of Oil Hayyan Abdul Ghani (left) is pictured during his meeting with KRG Acting Minister of Natural Resources Kamal Mohammed in Erbil, Nov. 12, 2023. (Photo: Erbil Governorate)
Iraqi Minister of Oil Hayyan Abdul Ghani (left) is pictured during his meeting with KRG Acting Minister of Natural Resources Kamal Mohammed in Erbil, Nov. 12, 2023. (Photo: Erbil Governorate)
Kurdistan OIl KRG Iraq
ERBIL (Kurdistan 24) – Iraqi oil minister and other senior officials arrived in the Kurdistan Region’s Erbil on Sunday to discuss the resumption of the halted Kurdish oil export through Turkey.

Acting Minister of Natural Resources of the Kurdistan Regional Government (KRG) Dr Kamal Mohammad received Minister of Oil Hayyan Abdul Ghani and his accompanying delegation at Erbil International Airport.

The delegation is expected to meet with Kurdistan Region Prime Minister Masrour Barzani prior to a technical meeting with the Kurdish oil authorities in Erbil later on Sunday.

Speaking to reporters at the airport, Minister Abdul Ghani expressed optimism about reaching an agreement on the impeding issues that had prevented the resumption of the Kurdistan Region’s oil export through Turkey’s Ceyhan port.

“The aim of the meeting with our brothers at [KRG Ministry of Natural Resources] is to find a solution for all the issues that will facilitate the production and export of oil,” the Iraqi minister said, adding oil production is vital to the country’s economy as it is heavily oil-based.

The Iraqi official said he had hoped the teams to reach a solution by Monday.

Iraq and Turkey have an “understanding” currently to resume the Kurdish export that had been halted since March 25 at the request of Baghdad after the country claimed victory against Turkey at the International Court of Arbitration in Paris.

One of the impeding issues between Erbil and Baghdad with regard to oil production is the operation cost of the international oil companies working in the Region.

Per the Iraqi budget law for 2023, the cost of extracting a barrel of oil has been set at $6 while the Kurdistan Region’s extraction cost is much higher than the set price due to the Region’s topography and contracts it had previously signed with international oil companies, says KRG officials.

“The price set in the budget does not fit with the nature of our contracts,” Minister Kamal Mohammed told reporters, hoping the delegation to reach an agreement in the coming days.

The delegation will be in the Kurdistan Region for two days.

Per a deal signed in April between Erbil and Baghdad, the two governments would jointly manage the energy dossier, which has been a source of tension for over a decade.

Following the halt of its export via the Turkish Ceyhan port, Erbil has been transferring more than 90,000 barrels of oil to the Iraqi government which uses the crude to meet domestic needs.

Prior to the stoppage, the Kurdistan Region was exporting over 400,000 barrels of oil per day through a pipeline to Turkey’s Ceyhan port.

Turkish and Iraqi officials have been in discussion regarding the resumption of the Kurdistan Region’s oil export, whose halt had resulted in more than $6 billion loss, according to Kurdish officials.

[beernut1] 12/11/2023 09:13

Like this bit

“ We are committed to resuming oil shipments from the region and will spare no effort to address the production costs with the international companies operating there," he continued.

[beernut1] 12/11/2023 09:11

From Lse CCC

Oil minister says talks in Kurdistan will discuss production costs as pipeline deal with Turkey is sealedToday 09:04


Oil minister says talks in Kurdistan will discuss production costs as pipeline deal with Turkey is sealed

2023-11-12 07:42

Shafaq News/ Iraq has agreed with Turkey to resume oil shipments via Ceyhan port, and talks are underway to address production cost issues, Federal Oil Minister Hayyan Abdul-Ghani told reporters in Erbil in a joint press conference with Kamal Mohammad Saleh, the Kurdistan region's minister of natural resources, on Sunday.

Accompanied by a high-level government delegation, Abdul-Ghani arrived in the region this morning for a three-day visit for talks with Kurdish officials on the years-long dispute over who should control the region's oil.

"The visit aims to converge views on oil production and exportation from the Kurdistan region," he said. "in our meetings with the Ministry of Natural Resources, we will discuss all the necessary measures to facilitate them."

"We are committed to resuming oil shipments from the region and will spare no effort to address the production costs with the international companies operating there," he continued.

The minister assured that Iraq and Turkey have reached an agreement to put the oil pipeline that delivers Iraqi oil to the Ceyhan port back into service.

Turkey halted flows through Iraq's northern oil export route after an arbitration ruling in March by the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad damages for unauthorized exports between 2014 and 2018.

Turkey says the pipeline is prepared for shipments to begin, but the Iraqi side insists it has not received official notification from Turkey on whether the pipeline is ready.

For his part, the region's minister of natural resources said that the meetings in Erbil will also discuss transportation costs.

"The federal budget has set the production costs at six dollars a barrel. However, this rate is incompatible with the contracts we signed with oil operators in the region. We hope we will be able to address this issue during this visit," he said.

Late in October, Iraq's Prime Minister Mohammed Shia al-Sudani said that foreign oil companies operating in the Kurdish region informed his government that if an agreement is reached on oil production costs and contracts, they will resume oil production within a month.

"Foreign companies operating in the Kurdistan region believe that the production costs determined by the Iraqi side are low and not commensurate with the production costs from the region’s fields," he said....

[doctortakeover] 12/11/2023 09:09

I don't think the contracts will change at all.It is the basis of a new formula for selling their net entitlement oil to Iraq , rather than to KRG.It's legitimacy, that allows majors to buy.

[fairenough11] 12/11/2023 09:04

It looks as though it is.If APIKUR are happy then so am I.Let's see what the changes to the contracts are.

[luckyclicker] 12/11/2023 09:02

There has been a lot of force dawns but I would say in my personal opinion this looks very very promising now

[highlander7] 12/11/2023 09:00

Well if this is real then I wouldnt want to be short tomorrow morning.

[luckyclicker] 12/11/2023 08:45

https://english.alarabiya.net/News/middle-east/2023/11/12/Iraq-has-reached-an-understanding-with-Turkey-on-resuming-Northern-oil-exports

[luckyclicker] 12/11/2023 08:42

Iraq's oil minister Hayan Abdel-Ghani said on Sunday he expects to reach an agreement with the Kurdistan Regional Government (KRG) and foreign oilcompanies operating in the Kurdish region to resume oil production from the region's oilfields within three days.

[punter26] 12/11/2023 08:40

(etc...)


Oil Minister from Erbil: Within two days, we will reach solutions with the region to resume exports.

[Al-Forat news-Iraq: 2023/Nov/12 09:09:09]



"Oil Minister Hayan Abdul-Ghani arrived in Erbil on Sunday morning at the head of a delegation from the Federal Ministry of Oil.

Abdul Ghani said, in a press statement upon his arrival, that “the aim of the Oil Ministry delegation’s visit to Erbil is to exchange views and opinions on the issue of resuming the export of oil from the Kurdistan region.” He stressed that “during the next two days, we will reach solutions with the Kurdistan Regional Government regarding the consumption of oil production.” And export it.”

He added, “The first step is to reach an agreement with the producing companies and the regional government about resuming production and adapting the current existing contracts to fit the budget law.”
The Minister of Oil continued, “We have an understanding with the Turkish side regarding the resumption of oil exports through the Iraqi-Turkish line.”
He explained, “The federal budget imposed an amount of oil that is supposed to be exported from the region at about 400 thousand barrels per day.”
He concluded his speech, “Today we will meet with the Ministry of Natural Resources in the Kurdistan Regional Government to resolve all matters that would resume oil production and export.”

The federal delegation was received at Erbil International Airport by the Minister of Natural Resources in the Regional Government, Kamal Muhammad, the Chairman of the Office of the Kurdistan Council of Ministers, Omid Sabah, and the Governor of Erbil, Omid Khoshnaw.

The Oil Ministry delegation is scheduled to meet with officials in the Kurdistan region, to discuss procedures for resuming the export of the region's oil.
It is noteworthy that the Turkish Minister of Energy, Alp Arslan Bayraktar, announced on the 5th of last month that the crude oil pipeline from Iraq via Turkey, which has been suspended for about 7 months, is ready for work, and that Ankara is preparing to begin shipments.

Turkey stopped flows through the oil export route from northern Iraq after a ruling issued by the International Chamber of Commerce that ordered Ankara to pay compensation to Baghdad for unauthorized exports between 2014 and 2018.

Last March, the Kurdistan Regional Government announced the suspension of oil exports through Turkey after the devastating earthquake that struck the region and caused severe damage to Turkish infrastructure.

The Kurdistan region exports approximately 450,000 barrels per day through Turkey, which are illegal exports in the eyes of the Iraqi federal authorities, according to Agence France-Presse.

Baghdad demands that all oil exports be restricted and that those resources be managed.

In 2014, Iraq began arbitration proceedings with neighboring Turkey at the International Chamber of Commerce in Paris against the backdrop of Ankara's export of Kurdistan region oil through the port of Ceyhan for a long period without the approval of the federal authorities in Baghdad.

The arbitration panel issued its decision in favor of Baghdad.

Turkey was obligated to pay compensation to the Iraqi state, and this led Ankara to stop oil imports from Iraqi Kurdistan on March 25, for technical and financial reasons, according to officials in Baghdad.

Subsequently, Baghdad and the regional authorities concluded a “temporary” agreement to settle some controversial points and establish an export mechanism supervised by the federal government, although some issues remained outstanding, as confirmed by “Agence France-Presse.”

Iraq is the second largest producing country in OPEC and exports an average of 3.3 million barrels of crude per day, and oil represents 90 percent of the country's income."

[luckyclicker] 12/11/2023 08:38

Iraqi, KRG ministers discuss resuming Kurdish oil exports in Erbil

[luckyclicker] 12/11/2023 08:37

https://www.rudaw.net/english/kurdistan/12112023

[luckyclicker] 12/11/2023 08:37

Abdul Ghani highlighted the [federal] government's keenness on finding the appropriate mechanisms to resume production and export from the Region's fields," read the statement.The federal government delegation will spend two or three days in the Kurdistan Region's capital, according to KRG spokesperson Peshawa Hawramani. Abdul Ghani stated that he will also meet with several other top officials in Erbil.

[fairenough11] 12/11/2023 08:31

"The main problem is the cost of production and transportation, which is 8,690 dinars per barrel in the budget; this does not fit with the nature of our contract and one of the important reasons for the delegation to come to solve it That's the issue.”

The issue is the IOCs have bona fide/legal contracts which Baghdad want to change.The IOCs are not budging imo and quite rightly so.
Jog on Baghdad.

[punter26] 12/11/2023 07:50

(And another update from Rudaw sorani)


Iraqi Oil Minister's statement on Kurdistan oil exports

[Rudaw sorani - 35mins ago]

"The Iraqi Oil Minister says he has visited Erbil to resolve a number of issues, including the resumption of Kurdistan oil exports. "We will first agree with the companies and the Kurdistan Region and the second phase will be with Turkey, which we have an understanding with," he said.

A delegation of the Iraqi Oil Ministry, led by Oil Minister Hayyan Abdul Ghani, arrived in Erbil on Sunday for a two- to three-day visit. "The resumption of oil exports from the Kurdistan Region, transportation and production costs, the draft oil and gas law and Koromor gas will be the main topics of the meetings," a source in the Iraqi Oil Marketing Company told Rudaw.

"Today we are in our province; Erbil province. I as the oil minister led a high-level delegation consisting of two main agents of the ministry and a number of directors general," Abdul Ghani told a news conference at Erbil airport The aim of the visit is to bring together views to resume production and export of crude oil. As you know, the Iraqi budget law determines the amount of oil that should be exported from the Kurdistan Region, which is about 400,000 barrels per day.

"We are here today to meet with our brothers in the Ministry of Natural Resources. The purpose of this meeting is to resolve all the issues that facilitate oil production and exports They depend on oil exports and the money earned from oil exports is used to finance the Iraqi budget.

"There is a preliminary understanding and we will reach a solution today and tomorrow with God's help," he said. "The first phase will be to resume oil production. The first step is with the companies and brothers In the Kurdistan Region, we will agree on the resumption of production and the adjustment of the existing contracts to comply with the budget law and the Iraqi constitution, and we hope to reach an agreement within the next two or three days ".

There are many different issues between Erbil and Baghdad in the energy sector, such as wages, types of contracts, and the draft oil and gas law. Some of them have existed since 2007 and have not been resolved, citing the lack of a law to regulate the oil and gas sector.

On November 9, 2023, Iraqi Prime Minister Mohammed Shia Sudani arrived in Erbil on an official visit and was welcomed by Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani. Sudani later met separately with the Kurdistan Regional Government President.

"Two days ago, Mohammed Shia Sudani visited Erbil and he led an Iraqi delegation to visit today. The oil minister and his delegation to resolve the issue," Kamal Mohammed, acting minister of natural resources, told a news conference The issues of oil extraction and export have come up.”

"The main problem is the cost of production and transportation, which is 8,690 dinars per barrel in the budget; this does not fit with the nature of our contract and one of the important reasons for the delegation to come to solve it That's the issue.”

"A high-level committee headed by the Justice Minister has been formed to prepare the draft oil and gas law, which Iraq has not had for more than 20 years," Mohammed said.


On 08-11-2023, officials of the Iraqi Oil Ministry met with representatives of the Kurdistan Regional Oil Industry Association (KRG) regarding the export of oil from the Kurdistan Region.

Since March 25, 2023, oil exports from the Kurdistan Region and Kirkuk have been suspended due to a decision of the International Court of Arbitration in Paris."

[hugetakeaway] 12/11/2023 07:29

FurensTaurusPosts: 34Price: 117.60Strong BuyResumption of exportsToday 07:20#NOW Iraqi Minister of Oil Hayyan Abdul Ghani arrived in the Kurdistan Region's capital Erbil, where he is expected to meet with the Kurdish region's top officials to resume the halted export through Turkey.#NOW Minister Abdul Ghani: We will hopefully reach an agreement on resuming the Kurdistan Region's oil export in the coming days.HTTPS://x.com/k24english/status/1723577929030946869?s=61&t=EEAJRmerpfLiAmForyb8Dw