Gulf Keystone Petroleum Share Discussion Threads

[arcadian] 13/11/2023 20:56

I just can`t see how or why Ghani is so optimistic and confident of a deal acceptable to all interests. within three days. Either he has agreed all the details beforehand
with all the interests so that these three days are a mere polite formality or he feels confident that "Being The Fed" will be powerful enough to bring all parties to accept what he offers. Habs account above seems to indicate ongoing negotiation so we`ll just have to be patient but I do hope that APIKUR are firm as continued profitability, free cash flow etc will determine whether those much vaunted juicy offers for the company become a reality.

[whynow] 13/11/2023 19:51

From Clangers, LSE,

ERBIL, Kurdistan Region - Iraq’s Oil Minister Hayyan Abdul-Ghani on Monday told Rudaw that both Erbil and Baghdad are working on adjusting the Region’s contracts with the International Oil Companies (IOCs) to the Iraqi constitution and expressed optimism about a prompt resumption of Kurdish oil exports.

Ghani arrived in Erbil on Sunday accompanied by an Iraqi oil ministry delegation, and met with KRG Prime Minister Masrour Barzani and Natural Resources Minister Kamal Muhammad Salih, to discuss the outstanding issues between the Region and Baghdad over the resumption of the Kurdish oil exports.

The oil minister told Rudaw’s Sangar Abdulrahman that during his meetings with Kurdish officials, the nature of the Region’s contracts with the IOCs was discussed, noting that the KRG’s natural resources ministry presented a “complete explanation” of the economic model and the details of the contracts.

The IOCs and the KRG are bound by Production Sharing Contracts (PSCs), which Ghani noted are against the Iraqi constitution, adding that the Iraqi government licenses companies under Profit Sharing Contracts.

“We have a project to adjust those contracts with the laws that are allowed by the Iraqi constitution,” Ghani said.

Under the Kurdistan Region’s PSC model, the IOCs cover the entire cost of production while the KRG receives the lion’s share of the profits from successful projects.

In August, Myles Caggins, the spokesperson of the Association of the Petroleum Industry of Kurdistan (APIKUR) told Rudaw English that the association members would not produce oil unless there was an agreement and a full understanding of how much they would get paid.

Caggins said the oil companies would receive $6 per barrel based on discussions that have taken place with Baghdad, stressing that this is “not enough.” He warned that if an agreement is not reached, APIKUR members would take the matter to a London arbitration court.

Ghani said the oil ministry has agreed with the KRG officials to hold meetings with the representatives of the IOCs in the Kurdistan Region, adding that they will try to reach a solution that satisfies all parties.

The Iraqi official said that the resumption of Kurdish oil exports through Turkey’s Ceyhan port was also discussed at the meeting, stressing that both sides “were serious about restarting production and exports of oil,” and expressing optimism that oil exports will soon resume.

Exports of Kurdistan Region’s oil through the Iraq-Turkey pipeline have been halted since March 23 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying Turkey had breached a 1973 agreement by allowing Erbil to begin independent oil exports in 2014.

According to the Iraqi federal budget the Kurdistan Region is obliged to hand over, on a daily basis, at least 400,000 barrels of crude oil to Iraq’s State Oil Marketing Organization (SOMO) to be exported through Turkey’s Ceyhan port, or be used domestically in case it is not exported.

There have been several meetings between Turkish, Iraqi, and Kurdish officials since the court ruling, but exports have yet to resume. Prior to the halt, around 400,000 barrels a day were being exported by Erbil through Ankara, in addition to some 75,000 barrels of Kirkuk oil daily through the same pipeline.

The KRG is heavily reliant on oil revenues and an inability to sell its crude has severely impacted its economy. Erbil has lost billions of dollars since the exports were halted.


hxxps://www.rudaw.net/english/middleeast/iraq/131120231

[shortsqueezer] 13/11/2023 19:16

Mark? Leftly

[beernut1] 13/11/2023 18:43

Hi Nest

Can’t remember his name but wondering if he still works for mail on Sunday.
Follow this would clear his name.

Hopefully
Getting exiting now.
Please Baghdad Krg don’t f@@k this up.

Gla

Gla

[arcadian] 13/11/2023 18:40

Habs== the unknown source may be wrong of course or simply not clear about the detail of the current KR I position..

Before

the estimates for the cost of oil production in the region vary. The federal government estimates that it costs $12 per barrel to produce oil and $7 per barrel to transport it. The Kurdistan Regional Government estimates that it costs $24 per barrel to produce oil and $8 per barrel to transport it. i.e. $32

According to the source today the KRG have absorbed the transportation costs presumably as a concession? It previously wanted $8 per barrel.

"An unnamed source was cited by the website, revealing that the KRG has requested $22 to $24 per barrel as the cost for production and transportation of oil".

Wonder how that sits with APIKUR?

“We have a project to adjust those contracts with the laws that are allowed by the Iraqi constitution,” Ghani said.

[milliecusto] 13/11/2023 18:07

Are you bi polar

[habshan] 13/11/2023 17:49

No link and it could be his own analysis but here it is, from CCC on LSE.

"In today’s meeting between energy officials from Baghdad and Erbil, Kurdistan 24 reported that the discussions were positive. The website said that the KRG delegation and International Oil Companies (IOCs) representatives advocated for increased costs in production, transportation, and oil expenditures in the Kurdistan Region.

Meanwhile, the Baghdad delegation presented their proposals.

The Ministry of Natural Resources (MNR) is expected to publicly disclose the details of these proposals and the outcomes of their meetings with the Iraqi Ministry of Oil in the coming days. An unnamed source was cited by the website, revealing that the KRG has requested $22 to $24 per barrel as the cost for production and transportation of oil.

The Baghdad representatives have long insisted that these costs should align with the Federal Ministry of Oil's average cost for producing and transporting oil barrels. This stance reportedly has not been well-received by the IOCs, due to the differing contract types in the rest of Iraq compared to those in the KRI). Factors like geological challenges, security, and political risks also contribute to higher costs for IOCs operating in the KRI.

Despite previous delays, the current intensity of the talks indicates that a breakthrough may be imminent."

[bigdog5] 13/11/2023 17:48

klassic, the sludge isn't worthless but it is worth much less than the high API oil its mixed with. Therefore, it greatly affects the price paid for the KB. SOMO may/could/will want a higher price for the KB which would mean a great deal more quality oil would be required and much less sludge being mixed in order to achieve that.

When Total sold up and departed the Land of delusion they received around $1.65-$1.75pb for their top quality oil, around API 39. The sludge is API 12-18.
More proof that the sludge isn't worth the ludicrous numbers Carroll posts up and why I reckon the sludge would be valued around $1.30-$1.35pb.

£1.75++ achievable if good news gets announced for all the obvious reasons.

[shortsqueezer] 13/11/2023 16:05

Back over 140 :-)

[johnbuysghost] 13/11/2023 16:03

I only post as johnbuysghost, ptmorris1.

[johnbuysghost] 13/11/2023 16:02

Massive buying now, as the dawning realisation kicks in that GKP must be the most undervalued company on earth in 2023.

[ptmorris1] 13/11/2023 16:01

With the conversation a few posts up over who's Sparticus and Muttley, so I can get the seating plan right at the take over party, is it just Pete, myself and one other as everyone else is the same person posting under different names?

It's all getting dreadfully confusing .. :-)

[shortsqueezer] 13/11/2023 15:38

8th on the ADVFN toplist so far.

[habshan] 13/11/2023 15:35

The Kurds have really pulled out all the stops with the biscuits there luckyclicker.

They look GREAT.

If they don't soften the ICG stance nothing will.

[ozzmosiz] 13/11/2023 15:34

Hello again £1.40s

[shortsqueezer] 13/11/2023 15:33

1 day to agree to agree. 2nd day for signatures. 3rd day for a knees up. Makes sense

[luckyclicker] 13/11/2023 15:29

https://twitter.com/K24English/status/1724043319175442885?t=HP0J2utB5D4GBM8STLQc2w&s=19

[nestoframpers] 13/11/2023 15:22

Yes GBG. Once the AKIPUR ink is dry and the Mail on Sunday do a piece then it will back to the races here. When the ICG have stopped whinging then GKP can dust off the for sale sign.

[stevensupertrader] 13/11/2023 15:21

Goodness JBG. - Halloween is gone and over , just unbelievable hearing you say this again and again . I am getting so tired and sick of hearing this from you

[johnbuysghost] 13/11/2023 15:16

Time is running out at these lucky bag prices.

GKP could easily command an share price of £20+ today.

[luckyclicker] 13/11/2023 14:26

https://twitter.com/baroninvestment/status/1724048361899102233?t=uhDo5PP5FrEQWIjH1iBQCQ&s=19