Gulf Keystone Petroleum Share Discussion Threads

[furenstaurus] 03/4/2024 07:35

Mid May resumption of exportsWill take operators a few weeks to setup export ops so looks good for an announcement shortly,with mid May practical restart..https://x.com/john78846295/status/1775257623862124773?s=61&t=EEAJRmerpfLiAmForyb8Dw

[tygarreg] 03/4/2024 07:35

I wonder if the local sales end up in an export pipeline anyway but with IOC making the profit!

[furenstaurus] 03/4/2024 07:33

Increasingly likely the company has an agreed sale TBA..https://x.com/goodnightcharl1/status/1775409089738113513?s=61&t=EEAJRmerpfLiAmForyb8Dw.

[tygarreg] 03/4/2024 07:33

So that's kicked down the line another 6 weeks!

[furenstaurus] 03/4/2024 07:32

Mid May resumption of exports.https://x.com/john78846295/status/1775257623862124773?s=61&t=EEAJRmerpfLiAmForyb8Dw

[diamondandpearls] 03/4/2024 07:17

Mid May in 2026 more likely!! Resumption isn't going to happen this year that's a given ..local sales for a long time yet with prices being squeezed down to $20 you just know it.
The thieves keep thieving of the poor IOCs who no choose to except whatever they are given now.

[beernut1] 03/4/2024 07:03

From Lse on oil account shut down

US closes Iraqi oil revenue account2 Apr 2024 23:12
Clarification by the Central Bank of Iraq - so I assume its a planed moved rather than a threat as posted on Kurdistan 24?:

hxxps://shafaq.com/en/Economy/The-legal-basis-for-depositing-oil-revenues-in-the-US-Federal-Reserve-CBI-clarified

Shafaq News/ The Central Bank of Iraq (CBI) clarified on Monday the legal rationale behind depositing oil revenues in the US Federal Reserve.

Documents released by the bank and seen by Shafaq News agency state that "the legal basis for depositing oil revenues in the Federal Reserve Bank in New York under the IRAQ2 account instead of the Development Fund for Iraq (DFI) is linked to the expiration of Executive Order 13303 issued by the US President in March 2003. This order granted immunity to Iraqi funds deposited in the DFI account at that time. Furthermore, the protection of Iraqi funds provided by UN Security Council Resolution 1483 of 2003 ended with the issuance of UN Resolution 1956 at the close of 2010."

The documents elaborate, "Hence, the IRAQ2 account was established to receive proceeds from Iraqi crude oil exports, subsequently transferred to the Central Bank of Iraq's account at the Federal Reserve Bank within 24 hours to safeguard them from creditors' claims. These funds are categorized as belonging to the Iraqi government, derived from crude oil exports. This arrangement was formalized through a Memorandum of Understanding signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014, which serves as the legal framework for the IRAQ2 account as an alternative to the Development Fund for Iraq account."

The documents clarify, "Immunity granted by these documents is applicable solely to sovereign funds and does not extend to funds utilized for commercial purposes."

Addressing the third paragraph, the documents detail that "foreign reserves may be deposited with various external entities, central banks, and financial institutions, not limited to the Federal Reserve Bank. Interest rates vary based on investment category, duration, and the institution. Additionally, Orient, the contracted shipping company, transports dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with insurance at $414,000 per shipment and transportation fees of $216,310 provided by the Legislative Affairs Department, Parliamentary Oversight Division."

Furthermore, they state, "Domestic transfer of oil sales revenues is impractical due to operational constraints, risking Iraq's financial operations if funds remain within the country. Closing the Federal Reserve Bank account could expose Iraq to international claims and hinder settlements in US dollars without an account at the Federal Reserve Bank or another American commercial bank."

[eddie47] 02/4/2024 22:58

APIKUR POST. 23m Kurdistan Chronicle.In a meeting with Iraqi Deputy PM for Energy Affairs and Minister of Oil Hayyan Abdul Ghani, @USAmbIraq underlined that "leveraging oil and gas resources based in the Kurdistan Region of Iraq can assist Iraq in advancing towards energy autonomy."

[furenstaurus] 02/4/2024 21:33

Mid May resumption of exports.https://x.com/john78846295/status/1775257623862124773?s=61&t=EEAJRmerpfLiAmForyb8Dw

[justiceforthemany] 02/4/2024 21:05

Stop all aid payments to Baghdad.
Stop (US) purchasing Iraqi oil.
Playing hardball means a deal is closer than it was.
Just days before Sudani's visit now.

[habshan] 02/4/2024 20:12

"A senior official in the Iraqi Oil Ministry told NRT that they have completed 85 percent of the technical work and expect to resume oil exports in mid-May through the Kirkuk-Jahan oil pipeline and part of the oil pipeline Kirkuk – Mosul – Turkey is exported."

So if that's correct it looks like the plan is for the oil from the Kurdish fields, and the oil from Kirkuk which will go through the old pipe that's recently been refurbished, to both feed into the main line at Fishkabour and then on to Ceyhan.

Fingers crossed.

02/04/24 - Oil Ministry: Negotiations to resume oil exports continue.

A spokesman for the Iraqi Oil Ministry told NRT that most of the rehabilitation of the Kirkuk-Jahan oil pipeline has been completed and the rest depends on technical measures inside Iraq. "We are in talks with the Ministry of Natural Resources of the current government on the oil issue," he said.

The Iraqi Oil Ministry spokesman Assem Jihad told NRT Tuesday that the technical work of the Kirkuk-Jahan oil pipeline has been completed.

He added that the two Iraqi Oil Ministries and the Kurdistan Regional Government (KRG) are in talks on their agreements on oil exports and the understandings are expected to have positive results in the near future. "The priority of the Iraqi government is to resolve the oil issue through legal and constitutional means and for this purpose they have met with Turkey to determine the transportation fee for a barrel of oil," he said".

A senior official in the Iraqi Oil Ministry told NRT that they have completed 85 percent of the technical work and expect to resume oil exports in mid-May through the Kirkuk-Jahan oil pipeline and part of the oil pipeline Kirkuk – Mosul – Turkey is exported.

According to the Ministry of Natural Resources, the Kurdistan Regional Government (KRG) has lost $12 billion in oil exports to the region.

[hugetakeaway] 02/4/2024 17:56

https://twitter.com/ChicagoJack5/status/1775133653573443809?t=3Hl_BkVKG0R-2FX_pqUmzw&s=19

[hugetakeaway] 02/4/2024 17:55

"Iraqi economy faces threat as US closes oil revenue account."It's interesting that since 2003 Iraq maintained an account with the US Federal Reserve called the DFI account, and that account under the supervision and protection of the United Nations and the United States served as the mechanism for Iraq to collect and manage its oil revenues.The US has closed that account.Iraq's oil revenues are now being directed to a new account called the IRAQ2 account.This move raises concerns among experts, including finance and banking specialist Kamaran Qadir Yaqub, who warns that the protection previously afforded to Iraq's revenue may no longer be guaranteed and that this new account and Iraq's oil revenues could be vulnerable to interference and manipulation by the US.It seems that the US has now given itself leverage over Iraq's oil revenues and therefore it's economy which it didn't have before.So after 21 years, why now.

[broadford bay] 02/4/2024 17:42

I would say that the closure of the DFI Account (Development Fund for Iraq) and replacing it with Iraq2 account raises concerns mostly among those in Iraq who were able to cream off such USD funds.

Shafaq gives a much more reasoned reporting of the change than does the biased Kurdistan24.

[habshan] 02/4/2024 16:39

"Iraqi economy faces threat as US closes oil revenue account."

It's interesting that since 2003 Iraq maintained an account with the US Federal Reserve called the DFI account, and that account under the supervision and protection of the United Nations and the United States served as the mechanism for Iraq to collect and manage its oil revenues.

The US has closed that account.

Iraq's oil revenues are now being directed to a new account called the IRAQ2 account.

This move raises concerns among experts, including finance and banking specialist Kamaran Qadir Yaqub, who warns that the protection previously afforded to Iraq's revenue may no longer be guaranteed and that this new account and Iraq's oil revenues could be vulnerable to interference and manipulation by the US.

It seems that the US has now given itself leverage over Iraq's oil revenues and therefore it's economy which it didn't have before.

So after 21 years, why now.

[0ili0] 02/4/2024 16:21

Bigdog5 needs to become a shareholder 🤯

🛢️
29312;💭

[johnbuysghost] 02/4/2024 15:16

BigdogSarah5IQ seems quite boring today.

[furenstaurus] 02/4/2024 13:26

HTTPS://x.com/ChicagoJack5/status/1775112996529778970?s=20

[furenstaurus] 02/4/2024 13:26

Expect LTIP this week, but agree if they haven't surfaced by Friday, that is significant deviation . As was the rejig of share capital after 12 years. https://x.com/111notout1/status/1775063832114729022?s=61&t=EEAJRmerpfLiAmForyb8Dw#gkp #gkptakeoverFY results this year was 21/3, so LTIP well overdue , may still arrive ?@Gulf_Keystone can be accused of many things over the years but being tardy in inserting nostrils into the trough isn't one of them.

[bigdog5] 02/4/2024 13:19

Good afternoon gullible fantasists, pipe open for the sludge is it?

Of course not as Baghdad are in no hurry and continue to squeeze, rightly or wrongly the KRG and Epicure ever tighter.

Have Baghdad been supplied with all the details that they've been requesting for a very long time? Doesn't look like it, so why not, why are they not complying? Baghdad are trying to clamp down on all the various troughers in order that the oil benefits all of the people rather than just some aren't they? The Politicians are forever telling everyone the oil is for everyone so why don't they prove it?

Unless the area is abled to be "cleaned up" it makes any inward investment most unlikely, imho.

I note that the desperate and clearly insane here are still trying to con the unsuspecting with fantasies of ludicrous numbers being offered for the company's 58% net of the field. Anyone have any examples to support their views? More chance of a Fire sale, or the licence being revoked, or a cheap consolidation, or Unicorns being found grazing around S12, or scotty snowflake getting something correct.

Always happy to ridicule your expectations:-)

[milliecusto] 02/4/2024 12:50

Hi Johnbuy

[milliecusto] 02/4/2024 12:50

https://rudawrc.net/en/article/kurdistan-regions-oil-export-halt-a-year-of-financial-losses-for-al-2024-03-26No news and not reached out to them, going to be a long year