Petrel Resources Share Discussion Threads

[smcl] 17/9/2020 09:44

Blah blah.... let’s wait for RNS!

[fenners66] 17/9/2020 09:43

There are companies out there - successful companies whose make a pile of money - whose shareholders take directors time and responsibilities seriously :-

"we understand that the concerns are largely in relation to Mr Donaldson being overboarded in terms of the calls on his time. The Board is confident that Mr Donaldson discharges effectively his role as Chairman, notwithstanding his other board commitments. As referenced in our recent Annual Report, Mr Donaldson will be standing down from the role of Chairman of Games Workshop"



OVERBOARDED - when are shareholders going to step up and ask the same questions here ?

PET
CLON
BOD
ARK

What is it Greenore and others ?


Share directors as well as JT and Finn saying the are managing ARK's zinc business (business yeah right) on a day to day basis, so how thin is their time spread.

Is it any wonder with such stretched resources they achieve nothing ?

[fenners66] 17/9/2020 09:38

CLON is NOT an oiler.

Its principal activity is "discussions " (see RNS) which did not take place.

QED - they had no principal activity in the period therefore are certainly not an oiler.

[currypasty] 17/9/2020 08:45

on the positive side, the shareprice and buying went up (for a day or so) on CLON when they announced their results.. even though there was no actual progress to report... Chances are same will happen here on results in next few days.. Always a chance of some crumbs of info on Iraq.. time will tell, not one for widows or orphans, imo

[ajj2003] 17/9/2020 08:13

Iraq appoints oil minister as head of its national oil company

The Iraq National Oil Company, which was established in 1966, has had a largely nominal role

Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oil fields.

Labourers walk in the Nihran Bin Omar field north of Basra. Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oil fields.

Iraq named its oil minister Ishan Ismael as the head of a recently revived national oil company.

Mr Ismael, who was appointed to his ministerial role in June by Prime Minister Mustafa Al Kadhimi, will now head of the Iraq National Oil Company.

The INOC, which was established in 1966, has largely functioned in a nominal role. Regional companies such as the Kirkuk-based North Oil Company as well as the South Oil Company in Basra have been responsible for exploring and entering into partnerships to produce oil in Iraq.

In 2018, Iraq's parliament moved to revive the INOC, appointing former oil minister Jabbar Al Luaibi as its chief. The parliament passed a vague law in 2018 to revive the INOC, instituting it to be a "separate corporate entity enjoying financial and administrative autonomy, to be represented by the president or the authorised representative”; and reporting to the council of ministers.

The INOC was supposed to have its head office in Baghdad, with branches in various oil-producing provinces. The law also mooted plans for the INOC to establish international offices with the approval of the Cabinet.

The appointment of Mr Ismael as the head of the INOC indicates Iraq's intent to advance a corporate strategy for a country that depends on oil to meet 90 per cent of its government revenue.

According to the 2018 law, the INOC was to be a vehicle to help ensure "the best exploitation of oil and gas wealth in the areas of oil and gas exploration, rehabilitation and development of oilfields, as well as producing, marketing and all activities".

The law also proposed to expand its role to include "investing in the oil and gas manufacturing industries on technical and economic bases to ensure the highest returns and lowest costs” for the benefit of the Iraqi people.

Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oilfields.

Updated: September 16, 2020 04:14 PM
hxxps://www.thenational.ae/business/energy/iraq-appoints-oil-minister-as-head-of-its-national-oil-company-1.1078609

[ajj2003] 17/9/2020 08:07

Iraq continuing to move forward and complete deals.

Cash-Strapped Iraq To Finally Roll Out Refinery Megaproject
By Simon Watkins - Sep 16, 2020, 5:00 PM CDT

Iraq’s Ministry of Oil and Ministry of Industry and Minerals held a series of meetings over the past week to kick-start the multi-billion dollar Nebras petrochemical plant development project, originally agreed in principle with Royal Dutch Shell (Shell) in 2012. According to Oil Minister, Ihsan Ismaael, the legal and contractual terms should be finalised by the end of this year. This sort of announcement, however, has been made before and no progress has been made, so it remains to be seen whether this time will yield a more positive outcome.

In broad terms, given its huge oil and gas reserves, Iraq could be a petrochemicals industry powerhouse and Nebras would be the perfect vehicle, under Shell’s leadership, to begin to realise this potential. For Shell, the Nebras project offers a natural synergy for the gas feedstock that comes from its 44 per cent stake in the US$17 billion 25-year Basra Gas Company (BGC) project. The BGC is designed to enable Iraq to increase its energy independence and to achieve economic diversification by capturing currently flared gas from the fields of Rumaila, West Qurna 1, and Zubair, in the first instance.

Already, as of last year, the BGC reached a peak production rate of 1035 million standard cubic feet per day (mmscf/d), the highest in Iraq’s history and sufficient gas to generate approximately 3.5 gigawatts (GW) of electricity - enough to power three million homes. The BGC is also responsible for currently supplying around 70 per cent of Iraq’s liquefied petroleum gas (LPG) and for enhancing Iraq’s export capabilities, which helped the country to become a net exporter of LPG from 2017.

For Iraq, the creation of a value-added petrochemicals sector generating a sustainable stream of export revenues to add to its basic drill and sell crude oil operation would enable it to avoid the sort of cash-crunches that have become commonplace every year in the country, sparking violent protests and deaths. Such new revenue streams would also allow Iraq to avoid having to breach OPEC+ production caps in order to plug short-term financial holes and then have to suffer the consequences of having to make up the overproduction by cutting back on production in subsequent months.

This is exactly the situation in which Iraq found itself within just the last few weeks when, facing a potential shortfall of IQD12 trillion (US$10 billion) just to pay the next two months salaries and benefits of more than four million people, Baghdad was forced into proposing delaying foreign debt payments, introducing salary cuts of 60 per cent for various state sector employees, and reducing all non-essential spending.

The further build-out of the initiative to reduce gas flaring and instead to use it as a feedstock in Nebras and similar future petchems plants – such as the 300,000 bpd refinery build near the Zubair field being discussed with ENI - would also mean that Iraq could start to significantly reduce its dependence on Iran for imports of gas and power. This, in turn, would allow Iraq to re-engage more fully with the U.S., with the implications for financing that this would have.

The original design plans for Nebras – formulated between Shell and the Iraq Ministry of Oil and Ministry of Industry and Minerals - were for a project that could produce at least 1.8 million metric tonnes per year (mtpa) of various petrochemicals. This would make it Iraq’s first major petrochemicals project since the early 1990s and one of only four major petchems complexes across the entire country. The others - Khor al-Zubair in the south, Musayeb near Baghdad, and the Baiji refinery complex in the north – are operated by Iraq’s State Company for Petrochemical Industries.

In January 2015, then, Shell released the statement that Iraq’s cabinet had authorised the Nebras project and that the company would work ‘jointly with the Ministries of Oil and Transport to develop a joint investment model for a world-scale petrochemical cracker and derivatives complex in the south of Iraq’. The then-Industry Minister, Nasser al-Esawi, told a news conference at the time that the Shell-run Nebras petrochemical complex would come online within five to six years and would make his country the largest petrochemical producer in the Middle East.

From 2012, though, the head of petrochemicals projects for a major international oil company operating in Iraq told OilPrice.com: “The development of Iraq’s hydrocarbons chain stalled in the upstream – and mainly crude oil – sector, with little impetus on the next stage that’s critical for both the petrochemical and refining sectors, which is a focus on the midstream to attract sufficient capital with the strategic objective of developing an integrated master gas system.”
Related: OPEC+ Complied 101% With Oil Production Cuts In August

However, he said, Shell’s efforts on the BGC in the past three to four years in particular have changed the basic landscape for the future development prospects for Nebras. “Shell has done a really good job so far with the BGC, especially in getting the gas volumes up to over a billion standard cubic feet per day, which means that the ethane can be extracted on a sustainable and reliable basis, and that allows for sufficient volume for a major petchems plant to be viable,” he added. “Ethane needs to be the initial feedstock for Iraq’s first few plants in the same way that it was in the development of Saudi Arabia’s master gas system that captured associated gas, which was then fractionated and supplied as primary feedstock to the flagship Jubail Industrial City,” he underlined.

“The highest concentration of ethane [up to 10 per cent plus] is usually found in associated gas streams, which Iraq has a lot of, and processing ethane produces ethylene with few by-products [mainly fuel gas] to process and manage,” he told OilPrice.com. “This reduces the capital required for construction and minimises the complexity of the logistics and distribution requirements, which will be important factors in Iraq’s early stage build-out of a viable petchems industry, but as the industry and corresponding infrastructure grows, heavier feed streams can be utilised, as happened with the use of propane, butane and naphtha in Jubail,” he said.

A world-scale facility for ethylene – one of the most in-demand petchems products in the world, especially from China - is in the range of 1.0 to 1.5 million tons of ethylene production and a 1.0 million ton per year ethylene facility would require a supply of roughly 1.3 million tons per year of ethane, he highlighted. “Additionally, this would need to be a sustainable and reliable supply for at least 20 to 25 years and, to build out all of the necessary parts for a functioning world-class petchems sector in Iraq would require around US$40-50 billion,” he concluded.

By Simon Watkins for Oilprice.com
hxxps://oilprice.com/Energy/Energy-General/Cash-Strapped-Iraq-To-Finally-Roll-Out-Refinery-Megaproject.html

[lippe] 16/9/2020 20:33

from the mendacious chops of dave, it's a lolz world class exploration company ...

[elmfield] 16/9/2020 18:19

See Denton Fenton Limp really getting Dan desperate.

[fenners66] 16/9/2020 17:49

More rambling articles on the gamblers thread....

But one takeaway

"The law also proposed to expand its role to include "investing in the oil and gas manufacturing industries on technical and economic bases to ensure the highest returns and lowest costs” for the benefit of the Iraqi people."

Ensure highest returns and lowest costs....

So clearly they are going to take no risks and go with the experts , who know what they are doing , have honed their skills and efficiencies and know they can operate on the slimmest of margins , because they have huge resources and funding to invest in the best technology.

Then there are the PET gamblers who believe,

a company that cannot even arrange a meeting over skype
has little or no cash ,
very few employees ,
no backing of its own govt ,
took its own director and investing concert party to court
and has done almost nothing at all for a decade,
but lose its investors' money,
is going to be in with a shout.....

Fantasy Ireland ?

[ajj2003] 16/9/2020 16:38

Iraq appoints oil minister as head of its national oil company

The Iraq National Oil Company, which was established in 1966, has had a largely nominal role

Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oil fields.AP

Iraq named its oil minister Ishan Ismael as the head of a recently revived national oil company.

Mr Ismael, who was appointed to his ministerial role in June by Prime Minister Mustafa Al Kadhimi, will now head of the Iraq National Oil Company.

The INOC, which was established in 1966, has largely functioned in a nominal role. Regional companies such as the Kirkuk-based North Oil Company as well as the South Oil Company in Basra have been responsible for exploring and entering into partnerships to produce oil in Iraq.

In 2018, Iraq's parliament moved to revive the INOC, appointing former oil minister Jabbar Al Luaibi as its chief. The parliament passed a vague law in 2018 to revive the INOC, instituting it to be a "separate corporate entity enjoying financial and administrative autonomy, to be represented by the president or the authorised representative”; and reporting to the council of ministers.

The INOC was supposed to have its head office in Baghdad, with branches in various oil-producing provinces. The law also mooted plans for the INOC to establish international offices with the approval of the Cabinet.

The appointment of Mr Ismael as the head of the INOC indicates Iraq's intent to advance a corporate strategy for a country that depends on oil to meet 90 per cent of its government revenue.

According to the 2018 law, the INOC was to be a vehicle to help ensure "the best exploitation of oil and gas wealth in the areas of oil and gas exploration, rehabilitation and development of oilfields, as well as producing, marketing and all activities".

The law also proposed to expand its role to include "investing in the oil and gas manufacturing industries on technical and economic bases to ensure the highest returns and lowest costs” for the benefit of the Iraqi people.

Mr Ismael was previously the director general of the state-run Basra Oil Company, overseeing the production and export of crude from Iraq’s southern oilfields.

Updated: September 16, 2020 04:14 PM

hxxps://www.thenational.ae/business/energy/iraq-appoints-oil-minister-as-head-of-its-national-oil-company-1.1078609

[the sage] 16/9/2020 11:31

It will be interesting to see what JT has to say especially after DHs comments about: our time has come and sooner than you think. Will he contradict his CEO or will he support his words?

[bracke] 16/9/2020 11:04

1tee

From what I see of the postings there is as much obsession from those who think PET will ever obtain any worthwhile business. This from someone who several years ago doubled their money on one of the occasional price spikes which it seems to me is the only way to make any money from this share.

[fenners66] 16/9/2020 10:53

Is that question an oxymoron ?

[1teemore] 16/9/2020 10:49

fenners66 why do you keep posting to yourself? You need to get away from your obsession!!

[bracke] 16/9/2020 10:07

Good day fenners

"from the Vogon Constructor Fleet......"
========================================

But don't have to sit and listen to excruciating poetry first.

[fenners66] 16/9/2020 09:12

Talkman2
15 Sep '20 - 22:43 - 17438 of 17438
"Thanks KD for your potential share price value for PET. Should see massive upside from these levels if PET secures these Iraqi licenses"

IF - as if !

Anyway surely PET are going to get a licence to mine asteroids for platinum....
just waiting for the permit ....
from the Vogon Constructor Fleet......

[lippe] 16/9/2020 08:32

Fisty reckons the rinse cycle on the clontarf washing machine is playing up ...

[talkman2] 15/9/2020 22:43

Thanks KD for your potential share price value for PET. Should see massive upside from these levels if PET secures these Iraqi licenses

[ajj2003] 15/9/2020 20:59

Hopefully JT still on the happy pills after CLON RNS yesterday.

[ducky fuzz] 15/9/2020 20:30

Thanks kd.

Wonder if there will be anything in the Interims next week.

[fenners66] 15/9/2020 20:21

I see kd (kinda desperate?) on the gamblers thread has trotted out a slightly reshaped ramp from a couple of weeks ago again.

Well then , lets rehash the analysis of it.......


I see the gamblers are still hard at adding 2+2 to make 27.

Iraqs cabinet have "resolved" to do something.....

Have they been taking lessons from PET/CLON ?

The same post says they had proposed to do something about the Iraq National Oil Company .... SINCE 2018 so 2 years later they have decided to do..... something.

Now they are trying to attribute this something to DH comments about PSA after he claimed that the oil price war 2020 had "forced" them to do something.

Wow what a great prediction ... he can see the future..... or perhaps he could actually see them trying to do something since 2018 and has decided to add his spin, the exert(if that is what it is an not just the musings on that BB) mentions nothing about PSA.

Even if it did it still has no more relevance - PET are not a multi-billion oil production company backed by a world superpower....

PET are a very small company run by a few blokes who run with stories of projects that might one day come to something , BUT , they are all dependent upon something else (out of their hands ) happening first.
That way they can remain separate from any outcome for a very long time , meanwhile the gamblers cannot sell just in case something ever happens.

Stuff does happen every few years .... the intangibles get written off and new shares to fund their next project are issued.

Capital diluted , accumulated losses increased , new project to wait and hope for an outcome; until the next write off and the next project......

20 years later , dust down old rumours.... running out of ideas ?

[kdickson] 15/9/2020 20:10

Stop it! :)

This makes me think the INOC oil law revisions may happen sooner than we think. This would be the key to PSA type hybrid contracts being awarded.



Ties back to this article from a week or so ago:

[ajj2003] 15/9/2020 20:07

Straight to the point again Ken ;)

IG Index quarterly spread bet close out today, back up tomorrow.