Gulf Keystone Petroleum Share Discussion Threads

[katsy] 23/4/2024 07:57

Better get more tea and biscuits in, as more meetings are needed. By the time any of these idiot politicians agree anything, they'll be dead. Anarchy I say.

[mmt1] 23/4/2024 07:54

habs/gerbil: could you please check pms

[confused _gerbill] 23/4/2024 07:42

Nothing happening but a statement released confronting ICG.

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

I like it!

[hydrocarbon1] 23/4/2024 07:38

Yesterday stuff about just need KRG contracts transferred is all out the window.

[gkpbanggone] 23/4/2024 07:36

All you need to know. . And it's all effectively a side show as the company is sold TBA in May..https://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[furenstaurus] 23/4/2024 07:27

And it's all effectively a side show as the company is sold TBA in May..https://x.com/chicagojack5/status/1782379228224184512?s=61&t=EEAJRmerpfLiAmForyb8Dw

[midasx] 23/4/2024 07:25

Meanwhile local sales continue to flow and increase and we continue to be paid up front!

[milliecusto] 23/4/2024 07:24

Agree, but could last 6 months, 1 year, doesn't feel both sides are close

[r88ave] 23/4/2024 07:18

looks like they panicked and exit at lower price this morning are going to lose out imo. Something will get the oil flowing again big patience is required.

[shortsqueezer] 23/4/2024 07:17

Well that shook a few traders out anyway. Not a bad thing. In my selfish view :-)

[furenstaurus] 23/4/2024 07:10

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.

[hydrocarbon1] 23/4/2024 06:54

short- I do too, The US should have told Iraq we will transfer X amount of dollars to KRG to cover their budget rights and deduct from funds targeted for you.

[grouchomarx] 23/4/2024 06:52

It was definitely addressed but the Iraqis themselves have not been able to come up with a decent legal framework for the oil industry since forever. That’s the root of the problem. Internal conflicts and lack of vision.

[furenstaurus] 23/4/2024 06:38

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

[shortsqueezer] 23/4/2024 06:37

I find it hard to believe that Biden would have entertained Sudani if that issue wasn't being addressed

[grouchomarx] 23/4/2024 06:30

There is no deal between the Kurds and Turkey that can reopen the pipeline and in any case, such an aberration would not be perceived as an institutional improvement. The oil will flow because everybody needs it to flow: the Kurds because they need the money, same for the Iraqis that will not finance the KRG without revenues, Turkey needs the KRG for stability and because it’s a major market for its own goods. Add the US and OPEC etc, the oil will flow. But it may take longer than most want.

[hydrocarbon1] 23/4/2024 06:24

Groucho -Exactly. As I have pointed out numerous times.
Hatred and greed are the governing factors. What is best for the people is never seen as of any importance.

[habshan] 23/4/2024 06:22

"Pressure cranking up , erdogan , USA , opec, seems to me if they don’t now move and get on with it soon, the Kurds may do their own deal with Turkey
They put a huge show on for him last night."

Yes, it's very interesting that the KRG chose to release that statement yesterday on the day of Erdogan's visit.

It's a pity the statement doesn't specify the time it was issued, was it issued AFTER the KRG's meeting with the Turks. Maybe Erdogan assured them of his support.

5 days ago - "While Iraq has been preparing to resume oil exports from Kirkuk to Turkey, Erdogan likely prefers resuming exports through the KRG's pipeline. Critics claim the agreement's political dimension is to maintain the KDP's power and continue its leaders' rule in the Kurdistan Region with Ankara's support."

Will be fascinating to see the Federal Government's reaction.

[grouchomarx] 23/4/2024 06:14

Indeed. The statement by the KRG shows that the pipeline is not yet close to be reopened, unfortunately. We know that these discussions have been going on for a while and are essentially of a political nature. It doesn’t seem like Baghdad and Erbil have found common ground yet, in spite of pressure from major actors.

[furenstaurus] 23/4/2024 06:11

Pressure cranking up , erdogan , USA , opec, seems to me if they don't now move and get on with it soon, the Kurds may do their own deal with Turkey .They put a huge show on for him last night.https://x.com/111notout1/status/1782646535936749875?s=61&t=EEAJRmerpfLiAmForyb8Dw

[paul4742] 23/4/2024 06:07

Pretty strong words from KRG.....I wonder how this is going to go down in Baghdad..!


*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.*

[habshan] 23/4/2024 05:59

So Erdogan has stuck with his commitment to link the water issue to the pipeline issue.

There was nothing said yesterday about Turkey releasing one extra drop of water.

What Erdogan did was to secure 10 years of work, paid for by Iraq, for Turkish construction companies to build infrastructure that will help Iraq manage the water that they are already receiving in order to reduce wastage.

"We signed a framework agreement to cooperate on the issue of water, the cooperation involves common projects that will help in the improvement of water management in the Tigris and Euphrates rivers," the Iraqi prime minister stated, adding that the agreement would be valid for 10 years."

The "strategic agreement" between Iraq and Turkey includes the establishment of a fund financed by oil revenue, "similar to a framework previously implemented between Iraq and China". "This fund will be used to finance various projects, including dams construction, digging new rivers, and converting certain water channels into pipelines to reduce evaporation," he said. "Turkish companies, whose names will be announced later, will undertake these projects, with funding provided through the oil-based fund."

Meanwhile Iraq has also had to amend their budget to pay for the construction of more dams in Kurdistan.

ERBIL, Kurdistan Region - Iraq has included in the federal budget funding for nearly a dozen dams to be built in the Kurdistan Region, according to the water resources minister.

So Turkey and Kurdistan have and will continue to have their hands on Iraq's water taps.

And another hot dry summer is almost here.

"Mr. Aoun Diab (Iraq Minister of Water Resources) is a contemporary of all governments and knows very well that no Iraqi politician can confront Erdogan on the water file."

[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/