When does the 60 period start, for the independent consultant to assess actual transportation and related costs? Is it from the point the IOCs start oil flowing?
Does this consultant have 60 days to “gather data” and is there then a further period for the consultant to produce a report? |
We had an RNS stating he had been given 80,000 shares which cost the company 125 grand . |
How often do you see public company directors take LESS bonuses than they could?Imo the stay bonus had a cash value, dependant on the takeover price per share.If that was 25 quid per share the stay bonus equals 2m quid... |
Hi Putup
Should we not have had an end stating he’s been paid 125000
Or did I miss it.
Gla |
Discuss.
Is it possible he only agreed to stay for a few months and not the whole year, hence his reduced payment.
💰Maybe Sinopec after months of drill logging are sure they can run it themselves. 💰here’s hoping
Gla |
My view is that the stay bonus / completion bonus would only be paid when a deal is done.
The fact that it is less than proposed makes me think that they have gotten a takeover price per share at higher end of expectations.
I also think we will see a SALE RNS before we export any oil through the pipe.
I think people are not taking notice of corporate facts ….
CEO stay bonus should have been paid in January, the share element of which should have been 235,000 quids worth.
The actual quantity of shares paid to him was only 125,000 quids worth.
DISCUSS
. |
We need to get our deep zones drilled ( light oil and loads of gas )
Is the company waiting on oil to start flowing through pipelines before recommencing drilling. ? |
My view is that the stay bonus / completion bonus would only be paid when a deal is done.
The fact that it is less than proposed makes me think that they have gotten a takeover price per share at higher end of expectations.
I also think we will see a SALE RNS before we export any oil through the pipe.
I think people are not taking notice of corporate facts ….
CEO stay bonus should have been paid in January, the share element of which should have been 235,000 quids worth.
.
The actual quantity of shares paid to him was only 125,000 quids worth.
.
DISCUSS
. |
China pulling strings in Iran
hxxps://www.state.gov/sanctioning-networks-channeling-revenue-to-irans-military/ |
Stuff going on behind the scenes...
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The council of ministers discussed the implementation of the first amendment law of the Iraqi Federal Budget Amendment regarding Article 12 of the Regional oil export law, the Council of Ministers decided to confirm its commitment to the law, the Ministry of Natural Resources, which is in continuous relationship with the Ministry of Iraqi oil and Somo company. And the oil-producing companies in the region, until as soon as possible, the export of Kurdistan Region oil will start by Somo and the revenue will be back to the federal public savings. |
I think people are not taking notice of corporate facts ....CEO stay bonus should have been paid in January, the share element of which should have been 235,000 quids worth..The actual quantity of shares paid to him was only 125,000 quids worth..DISCUSS. |
So I am assuming any official announcement of a deal with IOCs can only be announced once gazetted so hopefully the parties are using this time productively. One would hope anyway. |
Sounds like they are now paying the price for allowing Iran to effectively run the country. Wait till the civil unrest starts. Will we see the rush for Shaikan gas ? |
If only there was a domestic industry with plentiful supplies of gas... |
 PM Barzani receives official invitation to Moscow
Prime Minister Barzani welcomed the opportunity to enhance bilateral relations and reiterated the Kurdistan Region’s dedication to constructive engagement with Russia.
2025-02-06 17:35
Kurdistan Region Prime Minister Masrour Barzani (right) shaking hands with Mikhail Bogdanov, Russia’s Special Representative for Middle East and African Affairs, Feb. 6, 2025. (Photo: KRG)Kurdistan Region Prime Minister Masrour Barzani (right) shaking hands with Mikhail Bogdanov, Russia’s Special Representative for Middle East and African Affairs, Feb. 6, 2025. (Photo: KRG)
Kurdistan
Masrour Barzani
Mikhail Bogdanov
Russia-Kurdistan Region ties
ERBIL (Kurdistan24) – Kurdistan Region Prime Minister Masrour Barzani on Thursday welcomed a high-level Russian delegation led by Mikhail Bogdanov, Russia’s Special Representative for Middle East and African Affairs and Deputy Foreign Minister. During the meeting, Bogdanov officially extended an invitation for Prime Minister Barzani to visit Moscow, highlighting the strengthening ties between the two sides.
Discussions covered a range of key topics, including the latest developments in Iraq and the broader region. Both sides emphasized the importance of fostering stronger relations between the Kurdistan Region and Russia. Bogdanov reaffirmed Russia’s commitment to its long-standing friendship with the Kurdistan Region and expressed interest in further deepening cooperation.
Prime Minister Barzani welcomed the opportunity to enhance bilateral relations and reiterated the Kurdistan Region’s dedication to constructive engagement with Russia.
The meeting focused largely on the ongoing dialogue between the Kurdistan Region and the federal government of Iraq. Both parties acknowledged recent progress, including amendments to the federal budget law and agreements on oil exports, as positive steps toward resolving outstanding issues.
The discussion also extended to developments in Syria, with both sides agreeing on the need to safeguard security, stability, and the rights of the Kurdish people and other communities in the country.
The meeting underscored the growing diplomatic engagement between the Kurdistan Region and international partners, reinforcing efforts to strengthen regional stability and economic cooperation. |
Iraq needs gas too now
Iraq scrambles to avert energy crisis after Trump’s sanctions move
Report
Iraq
Breaking
US Sanctions
Trump
Iran
Gas And Electricity
Iraq scrambles to avert energy crisis after Trump’s sanctions move
2025-02-08 07:23
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Shafaq News/ Iraq is scrambling to avert a severe energy crisis after US President Donald Trump revoked its exemption from sanctions on Iranian gas and electricity imports, a move that threatens to cut off nearly 40% of the country’s power supply. Iraqi officials are racing to secure alternative energy sources and prevent widespread blackouts.
Iraq’s Energy Dilemma, Trump’s Order
Since the 1990s, Iraq has relied on electricity rationing due to low domestic power production, with households depending on private generators to make up the shortfall. To meet its energy needs, Iraq imports between one-third and 40% of its electricity and gas from Iran. However, ongoing US sanctions have made it increasingly difficult for Iraq to settle payments for these imports.
On January 31, 2025, Trump signed an executive order ending Iraq’s exemption from sanctions related to Iranian gas and electricity imports. The move, part of a broader sanctions package aimed at Iran, targets Iran’s economic activities, including its energy exports.
The executive order stipulates that the US will take immediate steps to prevent Iraq from using its financial system to facilitate Iranian sanctions evasion and to ensure that Gulf countries do not serve as transit points for Iranian energy exports. The memo also outlines measures to reduce Iran’s oil exports to zero, including shipments to China, and to revoke any exemptions that provide financial relief to Iran.
Iraq’s government now faces a complex challenge in navigating these sanctions, seeking solutions that balance its energy needs with its diplomatic and economic priorities. |
Genel were pretty forceful the other day when asked about the $16 quoted.They said that the $16 was a figure between Erbil and Baghdad and that they, Genel, would expect their entitlements on top of that.So it looks as though the IOCs will not accept anything worse than what their current agreed/legal PSC entitles them to.I am presuming they will have to agree separately with each individual IOC?
We await clarification from GKP.
GLA. |
Nice one B_G:- |
On February 2, 2025, the Iraqi Parliament ratified an amendment to Article 12 of the Budget Law. This amendment guarantees that international oil companies operating in KRI will receive compensation of USD16 per barrel, to be paid in advance. The oil shall be delivered to and sold through the State Oil Marketing Company (SOMO).Following the enactment of this law, a technical international consultant body, to be appointed by the federal and regional governments, will have a period of 60 days to assess and determine the estimated fair cost of production and transportation with each field in the KRI. The costs shall be settled after the new prices are determined by the consultant, which shall apply retroactively from the date of commencement of delivery pursuant to this amendment.The full amendment states as follows:The Council of Ministers and the Republic's President decided, based on Article 61/1 and 73/3 of the Constitution, to issue the following law:Law on the First Amendment to Federal Budget Law for the Republic of Iraq for financial years (2023, 2024, and 2025) No. (13 of 2023)Article 1) The provisions of Article 12-2-c of the Federal Budget Law for the Republic of Iraq for financial years (2023, 2024, and 2025) No. (13 of 2023) shall be cancelled and replaced with the following:1- The Federal Ministry of Finance shall compensate the Kurdistan Regional Government of Iraq from sovereign expenses for production and transportation costs for the quantities of oil produced in the region received by the State Oil Marketing Company (SOMO), or the Federal Ministry of Oil, in accordance with paragraphs (a) and (b) of this clause, provided that the fair estimated costs of production and transportation are calculated for each field separately by a specialized international technical consulting body, to be determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days of the entry into force of this law. In the event of failure to agree within the mentioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.2- The consultant mentioned in the previous paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Oil and Finance and the Kurdistan Regional Government of Iraq, and it shall be approved for the purposes of this law. The calculation of the aforementioned compensation shall be based on the mentioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (b) of this clause, and the Federal Ministry of Finance shall pay the amounts to the Kurdistan Regional Government.3- The delivery of oil produced in the region shall immediately commence and be delivered to the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of (16) dollars per barrel, to be settled later after the completion of the aforementioned specialized technical consultant, and retroactively from the date of commencement of delivery pursuant to this amendment.This amendment shall be effective as of the date of its publication in the official gazette.The amendment was passed in an effort to protect the national resources, to boost the actual federal revenues, and to enable the State Oil Marketing Company to make optimal use of and diversify export outlets.Notably, the amendment does not refer to the profits of oil sales, but rather only provides express compensation in respect of costs of production and transportation. It remains to be seen how this matter of profit and costs will be addressed by the technical consulting body in the future. |
Fun fact. Trumps pick Bessent worked for Soros and was instrumental in the sterling crash trade. |
George Soros and his son Max should have been jailed many years ago. They have done massive damage to the USA. Max Soros now holds the reins. |
535 keep em coming 1wav . Drain the swamp didn't happen 2016 maybe now it will this time. Lock up Soros for a start . |
Anyway just about to buy some more Gkp on this mini pullback GLA |
My prediction is that Musk and Trump will massively fall out within 3 months |
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