Gulf Keystone Petroleum Share Discussion Threads

[highlander7] 20/5/2024 05:26

Kurdistan Watch@KurdistanWatch:6h

Iranian President Raisi, who appears to have likely died in a helicopter crash, although this has not been officially confirmed, was set to be the first Iranian president ever to visit Erbil after his Baghdad trip within the coming 2-3 weeks.

He was an extreme hardliner so maybe things will change now.

[beernut1] 20/5/2024 05:21

Nice one Highlander7
Cheers

[highlander7] 20/5/2024 04:47

john@john78846295: 11h

Budget has been finally sent to the House of Representative for approval.

This was preceded by a critical meeting which included the Oil Minister and KRG to supposedly ensure budget tables incorporated #Kurdistan oil production costs.

[luckyclicker] 19/5/2024 20:48

https://twitter.com/john78846295/status/1792277502288597259?t=YSsKzHFUcmtTZgHT4lfhLw&s=19#Iraqi PM: #KRG has agreed to review IOCs contracts, but the IOCs are not willing to work less (than $26). In order to solve this problem, we need to amend the budget law or amend the contracts of the companies.

[worldquant] 19/5/2024 19:49

Fill yer boots

[worldquant] 19/5/2024 19:49

Iraq in recent round offered profit sharing contracts... To encourage IOC in.I'd expect converting prodn share, to profit share, as the the idea that oilcos OWN reserves ( which currently they do = net entitlement reserves) is hard to sell politically, constitutionaly.....Comes to same thing for us

[worldquant] 19/5/2024 19:49

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.

[milliecusto] 19/5/2024 19:09

Nice subtle deramp

[diamondandpearls] 19/5/2024 18:49

Rudaw 5 minutes ago - "Iraqi government sends draft budget to parliament."

So Sudani and the Government are happy with it.
How many times have we heard this ?? We will be hearing the same rubbish in 3 months ...
Roll on next September

[johnbuysghost] 19/5/2024 18:19

Things are progressing at pace imo.
Big week coming up.

[habshan] 19/5/2024 17:04

"Last week, a delegation from the Kurdistan Region attended meetings of the committee responsible for budget amendments. After their return, they said in a statement that the details will be amended in such a way that the rights of the Kurdistan Region are protected."

Rudaw 5 minutes ago - "Iraqi government sends draft budget to parliament."

So Sudani and the Government are happy with it.

The Parliament has a temporary speaker until the permanent one get's sorted out, so let's hope they can progress it while keeping the punch ups black eyes and broken teeth to a minimum.

ERBIL, Kurdistan Region - Iraqi Prime Minister Mohammed Shia’ al-Sudani and his cabinet on Sunday finalized a draft budget bill that seeks to increase spending for 2024.

“The Council of Ministers voted on the tables of the federal budget for 2024 and referred it to the Council of Representatives for approval,” read a statement from Sudani’s office.

The government is seeking to increase the 2024 budget from 199 trillion dinars (about $152 billion) to 225 trillion dinars (about $172 billion), with a deficit of some 80 trillion dinars (about $61 billion).

Sekanyani said approval of the bill could take some time, “because the budget bill has too many details.”

Federal budgets routinely require intense negotiations between Erbil and Baghdad, though the two governments are on better terms now compared to the previous year, particularly about payment of the Region’s civil servant salaries.

Last week, a delegation from the Kurdistan Region attended meetings of the committee responsible for budget amendments. After their return, they said in a statement that the details will be amended in such a way that the rights of the Kurdistan Region are protected.

[pittcock] 19/5/2024 15:42

Iranian President in helicopter crash

[shortsqueezer] 19/5/2024 14:15

Indeed. The risk has already been taken. There would be many billions needed to change the contracts and offset that.

[fairenough11] 19/5/2024 13:39

CG,
Yes I saw that.That's ok as long as IOCs are not disadvantaged.After all,the IOCs invested $billions on the back of those contracts which were PRE DISCOVERY.It's alright trying to change them now after all the risk has disappeared and been paid for.
All the IOCs already have bona fide,legal contracts which Iraq have defaulted on as they owe the cos $billions.
They do not have a legal leg to stand on imo.

[confused _gerbill] 19/5/2024 12:50

fairenough11 There was a video on YouTube from Kurdistan 24 (I think) a few weeks ago when Miles Caggins talked about drawing up new contracts, so I suspect APIKUR at least are willing to look at them.

[highlander7] 19/5/2024 12:27

They need APIKUR agreement for any contractual changes. I imagine thats the issue.

[redbed] 19/5/2024 11:10

Iraq in recent round offered profit sharing contracts... To encourage IOC in.I'd expect converting prodn share, to profit share, as the the idea that oilcos OWN reserves ( which currently they do = net entitlement reserves) is hard to sell politically, constitutionaly.....Comes to same thing for us

[redbed] 19/5/2024 11:06

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.

[fairenough11] 19/5/2024 10:37

Service contracts--No risk for IOCs

PSC contracts---All risk taken by IOCs and their shareholders.

[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.