Gulf Keystone Petroleum Share Discussion Threads

[bobgray51] 19/5/2024 10:33

ParagraphThe Iraqi Oil Minister says that the continued non-delivery of oil by the Kurdistan Regional Government (KRG) will lead to the suspension of the budget of the Kurdistan Region. "The cost of producing a barrel of oil in Iraq is 8,000 dinars, but in the Kurdistan Region, production is $ 20 and transportation is $ 6," he said, which is the main obstacle to the agreement between Erbil and Baghdad."The failure of the Kurdistan Regional Government (KRG) to deliver oil is a big problem facing the Iraqi government. If this situation continues, it will be difficult for the Iraqi government to continue sending the budget to the Kurdistan Region," he said.The Iraqi oil minister cited an Arabic proverb as an example of the oil problem and told the Kurdistan Regional Government, "Give us our share, let us give you your share."Hayan Abdul Ghani explained that the Kurdistan Regional Government has a number of obligations to deliver oil to the Iraqi Oil Marketing Company (SOMO), which changes according to the budget law, "for example, last year was 400,000 barrels per day."Of this amount, 46,000 barrels are for domestic refineries and the rest must be handed over directly to SOMO," he said."So far, the Kurdistan Region has not delivered any oil to SOMO because they are committed to a number of contracts with foreign companies and these companies are demanding their own share of oil," he said."The cost of producing a barrel of oil in Iraq is 8,000 dinars, but in the Kurdistan Region it costs $20 and the cost of transportation is $6," he said. . . . .Hayan Abdul Ghani said that they have asked the Kurdistan Regional Government to provide information on oil contracts with foreign companies, so that they can be evaluated according to the criteria of the Oil Ministry, but the Kurdistan Regional Government "so far" has not provided any information.Why doesn't the Kurdistan Region resume oil exports?The Iraqi Oil Ministry and the Kurdistan Regional Government (KRG) have agreed to amend the contracts signed by the Kurdistan Regional Government (KRG) with international companies, but have not reached a solution.Earlier, a senior source in the Kurdistan Regional Government told Paragraf, "We are constantly on the line with the Oil Ministry and the Iraqi government, on how to amend the oil contracts and the changes that need to be made have not yet reached an agreement.According to the senior source, the main problem is the money for oil production and the financial entitlements of international oil companies in the region. "Iraq has proposed to set $6 per barrel for oil production in the region Start again.""The Kurdistan Regional Government (KRG) has signed contracts with companies to produce oil for much more than that amount, which varies from field to field.The Kurdistan Regional Government (KRG) insists that the oil contracts are legal and the rights of the Kurdistan Region and will not give up these rights, but are ready to amend them provided that it convinces the oil companies.Another major issue between Erbil and Baghdad is the financial entitlements of international companies, which is $ 1 billion with the Kurdistan Regional Government, "Baghdad is not ready to repay the loan to the region," the companies say.The Iraqi government is not satisfied with the contracts the Kurdistan Regional Government has signed with oil companies, which are of the type of partnership. Iraq believes that such contracts have given international companies a lot of opportunities to make huge profits These are contrary to the service contracts used by the Iraqi Oil Ministry.However, international companies consider the production sharing model with the Kurdistan Regional Government (KRG) to be successful, saying that despite political, security and geological obstacles in the region, international oil companies have produced nearly zero oil in 15 years 250,000 barrels per day

[jackpotjack] 19/5/2024 10:18

Interesting as I thought Iraq considered them illegal....You don't agree to amend something you consider illegal.

[fairenough11] 19/5/2024 10:12

What do APIKUR think about any changes to contracts?Until we hear from them it's just the usual ping pong imo.

[highlander7] 19/5/2024 09:38

john@john78846295: 12h

#Iraqi Oil Ministry and #KRG have agreed to amend the contracts signed by KRG with IOCs, but have not reached a solution.

[highlander7] 19/5/2024 09:32

Thats fine as long as they return it to shareholders.

[redbed] 19/5/2024 09:00

Has anyone considered that GKP could sell all or a chunk of the WI.We have an AGM on 21 June.This week or early next, we will see what resolutions require votes.The battle for control,of Shaikan and the battle to drive maximum value for @Gulf_Keystone continues in earnest this week.

[beernut1] 19/5/2024 08:14

Tyson Olecsandr fight took second stage to Iraq parliament speaker brawl.

From Lse


Sunday:

A delegation from the KRG engage spent 3 days in Iraq in discussions regarding revisions to the Iraqi budget law and to address matters concerning the Kurdistan Region’s allocation for the fiscal year 2024.

“ The session, which was attended by several Iraqi ministers, including the Oil Minister Hayyan Abdul Ghani, addressed various special affairs concerning the Kurdistan Region, particularly focusing on the issues surrounding Kurdistan’s oil ”

Yes it’s the same oil minister who in December promised that a deal will be signed in 3 days with Erbil 😂

hxxps://zoomnews.info/en/40178/

Iraqi cabinet to hold "extraordinary" session Sunday to discuss 2024 budget

hxxps://shafaq.com/amp/en/Iraq/Iraqi-cabinet-to-hold-extraordinary-session-Sunday-to-discuss-2024-budget

“ The budget mandates a fixed price of $70 per barrel of oil and an exchange rate of 1300 dinars per US dollar for three years.

Iraq's oil export target is set at 3.5 million bpd, including 400,000 bpd from the Kurdistan Region. ”

As usual this is Iraq so nothing can be taken for granted all parties seem to be making the right noise. IMO President of Kurdistan trip to Iran I think may have been the deal maker as anti KRG noise in Iraq has reduced.

Monday

GKP share price £2 😂

ATB to all shareholders and have a nice weekend.

[highlander7] 19/5/2024 06:19

One area of hope is that Biden needs the OP down before November Elections. So its up to the USA now. IMO

[hydrocarbon1] 19/5/2024 06:10

hydrocarbon1 - 17 May 2024 - 05:55:18 - 704520 of 704662 THE NEW GKP / Drilling for Super Giants (moderated) - GKP
The Kurd haters are not ready, they have ran the show for years. Quite obviously don't care about a few billion.

HENCE -
"Parliamentary blocs discuss postponing session after failed speaker election, seek Supreme Court guidance"

[highlander7] 19/5/2024 05:10

"Parliamentary blocs discuss postponing session after failed speaker election, seek Supreme Court guidance"

Not a lot you can say , just more of the same, these clowns would argue about who gets the last biscuit just because they are Kurds. Maybe they will have enough biscuits next time.

Lets hope Blinken steps in. Personally I am prepared to wait till September 2025. Another year or so wont make much difference now.

[milliecusto] 18/5/2024 23:04

https://x.com/john78846295/status/1791917701775884291?s=46

[spark plug] 18/5/2024 21:58

barrons.com/news/iraq-parliament-fails-to-elect-a-speaker-3afe8d5b

As expected - another farce -

[confused _gerbill] 18/5/2024 21:04

From LSE

Following a brawl during the voting session to elect a new speaker, the Iraqi Parliament has adjourned the session. Haibat Al-Halbusi was punched by Muthana Al-Samara’i in the Iraqi parliament after a failed attempt to elect a new speaker. Bleeding, Al-Halbusi was taken to the hospital.

hxxps://x.com/BBashqaly/status/1791914215181029421

I dread to think what they are going to do when they discuss the budget amendment tomorrow. 😂 😂 😂

[worldquant] 18/5/2024 20:06

Lol.Parliament security forces intervened to break up a brawl that erupted in the Iraqi legislature ahead of a vote for a new speaker..https://x.com/rudawenglish/status/1791905908454289617?s=61&t=EEAJRmerpfLiAmForyb8Dw

[worldquant] 18/5/2024 19:53

Errrm.Sinopec can build their own pipeline for Shaikan

[mmt1] 18/5/2024 19:47

This is Iraq Habs - I think we all knew nothing is easy ;)

[pittcock] 18/5/2024 19:46

Another day closer to the pipeline agreement ending, then the oil companies can sidestep all this sh1te.

[worldquant] 18/5/2024 18:14

Wrong .What's so special about gkp?Above 10,000 + cos?IG told me they couldn't afford to pay their brokers costs...Lol

[mmt1] 18/5/2024 17:59

IG are a business. A bookie has hedge risk management depts. They have decided to many people on their books are futures GKP bets, and effectively they cannot hedge and offer that bet..

It means we are most probably a very volatile share (I call it the gamblers share).

They think we are unstable to their books and have decided to reduce risk.. they don't study the ins and outs of gkp.

That is all.

[redbed] 18/5/2024 17:43

They make mkts in everything.But apparently they could not make mkt in little old insignificant gkp.Lol.There is a huge long position there.

[mmt1] 18/5/2024 17:40

For info:

IG are a predominanitly old fashioned booky, well they started that way. I used to hold effectively a fairly hefty sum in SIA/PHAR - I know they hedged it... they even gave me the option to to transfer shares to them for a percent of cash on book rested with them time at LIBOR daily which I took... I had a personal account manager at the time called Al. I haven't checked, but redbed could be right.. Could understand why ig don't take bets on gkp yet ci do... probably due to to someone having a large spread bet on gkp they don't wish to close and are happy to roll..