Gulf Keystone Petroleum Share Discussion Threads

[paul4742] 23/4/2024 05:46

Statement by the ministry of natural resources of KRG.


The Kurdistan Regional Government (KRG) has become aware of public comments recently made by the Ministry of Oil (MOI) of the Federal Government of Iraq (FGI) relating to the export of oil from the Kurdistan Region. Those comments seek to attribute responsibility for the failure of oil exports to the KRG itself.

In particular, the MOI states that it “…continues to insist on resuming exports through the Iraqi-Turkish pipeline as soon as possible, while adhering to the provisions of the constitution and the law”, but that the relevant KRG production contracts “have not been approved by the federal government or the federal Ministry of Oil at all, as they lack a sound constitutional and legal basis”.

As the MOI well knows, there is no provision of the 2005 Constitution of Iraq that confers any power upon the FGI to “approve”; contracts issued by the KRG. The legal basis for those production contracts is the 2007 KRG Oil and Gas Law, passed unanimously by the democratically-elected Kurdistan parliament. That 2007 law is acknowledged by the world’s leading constitutional and international lawyers as having a solid basis in the 2005 Constitution of Iraq. Those lawyers include the late Professor James Crawford, a Judge of the International Court of Justice, and more recently Judge Stephen Schwebel, a former President of the International Court of Justice. Both lawyers published their opinions. Those eminent opinions have, quite rightly, been the basis of hundreds of billions of dollars of investment, including a great deal of western investment, in Iraqi Kurdistan.

By contrast, the MOI relies on nothing more than a February 2022 “order” from a panel or committee of political appointees in Baghdad that asserts the unconstitutionality of the 2007 KRG law. While the MOI publicly refers to that committee as the “Federal Supreme Court”, everyone knows that it is no such thing. The so-called “court” was not convened in accordance with the relevant provisions of the 2005 Constitution. It is revealing that the MOI does not even argue for the legitimacy of that committee. As one would expect, the February 2022 “order” of the political committee is, like the Saddam-era orders on which it is modelled, almost comically devoid of even the most rudimentary legal reasoning. It is an embarrassment to the people of Iraq. The KRG executive pointed out this plain fact from the moment the “order” was issued, followed soon after by the KRG legislature and judiciary. The KRG judiciary is properly constituted, and it does not recognise the 15 February 2022 order as the decision of a court.

It is also revealing that the parliament of the FGI, unlike the parliament of the KRG, has still not passed an oil and gas law that is consistent with the 2005 Constitution. Indeed, the FGI has been unable, or unwilling, to pass any oil and gas legislation at all. The FGI oil sector is thus shrouded in a fog of corruption, over-centralisation and illegitimacy, seeking to rely in the meantime on the antiquated proclamations from the office of Saddam Hussein. The fact is that no federal Iraqi institution, “court” or otherwise, has the authority to invalidate the 2005 Constitution and invalidate KRG law.

In January this year, senior delegations from each of the KRG and the FGI met, without prejudice to our respective constitutional rights, and agreed the terms of federal budget legislation that would address the technical matter of production costs in the Kurdistan Region. It was our joint understanding that the legislation would be implemented and that exports would resume without further delay.

We encourage the FGI to adhere to the terms of the January agreement and to facilitate the resumption of exports. There is no justification, in the 2005 Constitution or anywhere else, for the MOI to introduce obstacles to oil export. Those exports are vital to the prosperity of all of the peoples of Iraq. They are also vital to the peace and energy security of the international community.

In the meantime, the KRG will continue to embrace and promote the rule of law. The KRG will safeguard the integrity, independence, and constitutional jurisdiction of the courts of the Kurdistan Region. The 2007 KRG Oil and Gas Law, and all KRG laws, remain in full force. The KRG will, as always, protect the 2005 Constitution, uphold the 2007 law, and adhere to the terms of contracts entered into in accordance with that law.


hxxps://gov.krd/mnr-en/activities/news-and-press-releases/2024/april/statement-by-the-ministry-of-natural-resources-of-krg/

[furenstaurus] 23/4/2024 05:45

Wowhttps://x.com/111notout1/status/1782646535936749875?s=61&t=EEAJRmerpfLiAmForyb8Dw

[furenstaurus] 23/4/2024 05:00

Yep..And of course if the contracts transferring, ICG needs to stump up the 151m bucks owing...mmt - "Companies with existing contracts with the KRG must transfer those contracts to the Iraqi Ministry of Oil - transfer means on existing terms btw - which is great if I am correct.I can't see no objections by any AKIPUR company here.."Myles Caggins 4 days ago - "We have provided everything necessary to conclude a new agreement, and we want to keep our agreements in place, even if they come under the control of the federal government."

[furenstaurus] 23/4/2024 04:57

The company is obviously sold TBA in Mayhttps://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[theythinkitsallover] 22/4/2024 21:33

Giovanni Staunovo🛢

@staunovo
Follow
#Iraq Says Resuming Kurdistan Oil Exports Will ‘Take Some Time’
Talks are ongoing between the Baghdad, Kurds and oil firms
There’s no time frame to complete negotiations: spokesman
#oott

[furenstaurus] 22/4/2024 20:32

Yep..And of course if the contracts transferring, ICG needs to stump up the 151m bucks owing...mmt - "Companies with existing contracts with the KRG must transfer those contracts to the Iraqi Ministry of Oil - transfer means on existing terms btw - which is great if I am correct.I can't see no objections by any AKIPUR company here.."Myles Caggins 4 days ago - "We have provided everything necessary to conclude a new agreement, and we want to keep our agreements in place, even if they come under the control of the federal government."

[furenstaurus] 22/4/2024 20:31

Obviously The company is obviously sold TBA in Mayhttps://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[johnbuysghost] 22/4/2024 20:26

BigdogSarah5IQ blows goats.

[kurdmam63] 22/4/2024 20:23

Only 700,000? Looks like you missed the boat!

[buyingacastle1] 22/4/2024 20:18

I was meant to spend the day painting a couple of bedrooms in the house.... I ended up window shopping for mansions when this comes through.... still holding Just under 700,000 shares... I had to sell a few to pay a tax bill....and an engagement ring... patience will win here.

[confused _gerbill] 22/4/2024 20:14

Maybe I'm a pessimist, or just too patient, but all I'm hoping for from the latest events is news that they're sitting around the same table talking conditions, because once that happens it's game on.

[habshan] 22/4/2024 20:03

It's certainly not doing Iraq's credibility any good, and how could it, the international legal community and the international "energy experts" can see that Iraq is refusing to honour standard legally binding Production Sharing Contracts that are used the world over simply because they don't like them.

They say they're illegal but they know they aren't otherwise they'd just cancel them.

How can any businessman trust Iraq.

The World is watching.

"The suspension of oil exports has tarnished Iraq's reputation, dampening investor confidence and reducing demand for trade and investment in the country, according to energy experts.

The outcome of OPEC's plea to Iraq remains uncertain, but stakeholders await a decision that could potentially mitigate further damage to Iraq's economy and restore its credibility in the global oil market."

OPEC Urges Iraq to Allow Kurdistan Oil Exports Amid Pipeline Delays.

[furenstaurus] 22/4/2024 19:53

Yep..And of course if the contracts transferring, ICG needs to stump up the 151m bucks owing...mmt - "Companies with existing contracts with the KRG must transfer those contracts to the Iraqi Ministry of Oil - transfer means on existing terms btw - which is great if I am correct.I can't see no objections by any AKIPUR company here.."Myles Caggins 4 days ago - "We have provided everything necessary to conclude a new agreement, and we want to keep our agreements in place, even if they come under the control of the federal government."

[furenstaurus] 22/4/2024 19:52

Obviously The company is obviously sold TBA in Mayhttps://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[nestoframpers] 22/4/2024 19:48

USA is responsible for sanctions on Russia and will be doubling down with that sratergy so KRIs oil will be brought on line in greater volume asap imo. ICG dragging their feet is so the Kurds know they are hsted as much as ever. Israel / Iran is also all orchestrated , enemies every where according to the usual suspects

[mmt1] 22/4/2024 19:43

I know they think of it as this our land, but legally we are leasing it for x years with distributed profit (and if you find jack your problem) - this is not how the oil business is normally done...

Especially with a new leasing round this either sounds very unprofessional or well not sure.... as soon as I am awake will be giving him and the gkp ir team (which took a number and never got back) a ring - he is listed on the genel website - so he IS the IR guy - I thought for a second did they get work experience or some uni grad to call me back :P though these things are not mutually exclusive :)

[mmt1] 22/4/2024 19:41

If they haven't been directly approached regarding... this is not a done deal - my sb is still active - i'm probably killing myself doing this...

I am not convinced its a done deal yet - I know they would happily take it if everything was identically converted ie past debts were covered etc but... you would imagine as common courtesy if nothing else before Iraq struck a deal with Turkey someone would have said you okay with that to the IOC's...

[furenstaurus] 22/4/2024 19:39

Yep..And of course if the contracts transferring, ICG needs to stump up the 151m bucks owing...mmt - "Companies with existing contracts with the KRG must transfer those contracts to the Iraqi Ministry of Oil - transfer means on existing terms btw - which is great if I am correct.I can't see no objections by any AKIPUR company here.."Myles Caggins 4 days ago - "We have provided everything necessary to conclude a new agreement, and we want to keep our agreements in place, even if they come under the control of the federal government."

[furenstaurus] 22/4/2024 19:39

Obviously The company is obviously sold TBA in Mayhttps://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[arcadian] 22/4/2024 19:32

With so many meetings,such news flow, hopes and intentions we need to wait for APIKUR to tell us how they see things , contract content, payments, back pay etc etc.

Too many agendas in the pie.

[confused _gerbill] 22/4/2024 19:28

Thoughts:

It's still being fought out between Sudani and the Iranian ministers, especially the lying Minister for Oil.

It's progressing but not reached OIC level yet (though Caggins is talking up new contracts).

It's market sensitive information, even a hint would rock the markets 🤷🏻‍♂️

[furenstaurus] 22/4/2024 19:27

Yep..And of course if the contracts transferring, ICG needs to stump up the 151m bucks owing...mmt - "Companies with existing contracts with the KRG must transfer those contracts to the Iraqi Ministry of Oil - transfer means on existing terms btw - which is great if I am correct.I can't see no objections by any AKIPUR company here.."Myles Caggins 4 days ago - "We have provided everything necessary to conclude a new agreement, and we want to keep our agreements in place, even if they come under the control of the federal government."

[furenstaurus] 22/4/2024 19:26

Obviously The company is obviously sold TBA in Mayhttps://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[mmt1] 22/4/2024 19:21

well how can they transfer if Genel one of the IOC's knows jack about it @1430 today? like I said who pays backpayments etc? unless they've accepted Habshans theory of that international solicitors that they are legally obliged to and are happy to do so and are assuming if they present that to the IOC's they will just accept - which they will?

[furenstaurus] 22/4/2024 19:15

Yep..And of course if the contracts transferring, ICG needs to stump up the 151m bucks owing...mmt - "Companies with existing contracts with the KRG must transfer those contracts to the Iraqi Ministry of Oil - transfer means on existing terms btw - which is great if I am correct.I can't see no objections by any AKIPUR company here.."Myles Caggins 4 days ago - "We have provided everything necessary to conclude a new agreement, and we want to keep our agreements in place, even if they come under the control of the federal government."