Petrel Resources Share Discussion Threads

[kdickson] 01/3/2024 17:19

All ancient history that. Shame though.

[dusseldorf] 01/3/2024 16:42

between 2011-12 petrel burned $3m on more or less nothing and the 10 % carried profit interest (in a 87k barrel/day project) was 'disappeared' with:
"Difficulties arose in the execution of the contract and after extensive negotiations Petrel withdrew from the contract with $ 7m in compensation and a 10% net profits interest. The project is virtually complete but we expect no further payment. "

..So we carry 10% net profit interest but 'we expect no further payment' - who was getting the 10% then if not us.

[dusseldorf] 01/3/2024 16:00

What's this old chestnut? I don't know the history, maybe someone can fill me in. In 2010 we had a 10% stake. In 2016 it was producing 32 million barrels of oil per year.

hxxps://www.gem.wiki/Luhais_Oil_Field_(Iraq)

Supposedly this 'wiki' was updated on 13th Feb 2024. It references this article

hxxps://www.iraq-businessnews.com/2011/06/27/petrel-applies-to-participate-in-4th-oil-licensing-round/

"27th June 2011 in Iraq Oil & Gas News

Petrel Resources has announced its preliminary results for the year ended 31st December 2010:

Highlights:

The Subba and Luhais oil field development contract in Iraq is virtually completed.
Petrel has received all US$7 million due from the sale of the Company's shareholding in Subba and Luhais. Petrel maintains a 10% profit interest."

So $7m and a 10% interest all disappeared pretty sharpish

[goggin] 22/2/2024 12:11

Even if there is no immediate deal involving PET, the fact that there is movement forward in the whole country makes this a worthwhile gamble , especially with PET'S tiny market cap, any crumbs would represent a Hugh dinner Charting a Course for RecoveryAs Iraq positions itself at the crossroads of recovery and development, the unfolding story of its hydrocarbon sector is more than an economic venture; it's a beacon of hope for a nation striving to turn the page on years of conflict

[flyhi] 22/2/2024 10:33

With 8 exploratory

and 8 producing wells in the 5th round,


and an additional 11 oil

and 3 gas wells in the 6th,

[ianio5691] 22/2/2024 09:37

Would seem things are certainly moving quickly behind the scenes.
Lots of press speculation.
International partners are being enticed.

Lets finally see how strong PET's much lauded Iraqi relationships are!

[ianio5691] 22/2/2024 09:31

February 22, 2024

Iraq to invite bids for new oil sites in April

They are part of 5th and 6th licensing round

OPEC producer Iraq intends to invite bids for new oil and gas concession areas in April within a post-war drive to develop its hydrocarbon resources.

The Oil Ministry has started selling documents outlining concession details within its 6th licensing round and the remaining sites in the 5th round that was unveiled in 2023, said Mohammed Al-Saadi, assistant director of the Licensing Section at the Ministry.

In comments published by the Iraqi Al-Forat news agency on Thursday, Saadi said oil major Shell and Italy’s ENI are among global firms which have bought documents.

“The remaining part of the 5th licensing round as well as the 6th round will be launched at the end of April,” Saadi said.

He said the 5th licensing round comprises 8 exploratory wells and 8 producing wells while the 6th round includes 11 promising oil wells and 3 gas wells.

[ianio5691] 22/2/2024 09:27

Momen Zellmi
22 Feb 2024 02:31 EST

Iraq's Bold Move: New Oil and Gas Bids Signal Economic Revival.

Iraq is set to open bids for new oil and gas concession areas, signaling a hopeful horizon for the nation's economy. Explore the global interest, local growth initiatives, and the promise of sustainable economic revival in Iraq's hydrocarbon sector.


As the first rays of dawn touch the ancient lands of Mesopotamia, a new chapter is unfolding in Iraq's storied history. This time, it's not about conflict or conquest but about harnessing the wealth beneath its sands and soil. In a strategic push to revive its economy and rebuild from decades of turmoil, Iraq is set to open bids for new oil and gas concession areas in April. This initiative, part of the country's broader ambitions to develop its hydrocarbon resources, signals a hopeful horizon for a nation eager to reclaim its position on the global stage.


A New Era of Hydrocarbon Development
Under the guidance of the Oil Ministry, Iraq is embarking on what is known as the 6th licensing round, complemented by the remaining opportunities from the 5th round announced earlier in 2023. Mohammed Al-Saadi, the assistant director of the Licensing Section, shared that heavyweight contenders like Shell and Italy's ENI have already stepped into the ring, purchasing documents that detail the concession opportunities. With 8 exploratory and 8 producing wells in the 5th round, and an additional 11 oil and 3 gas wells in the 6th, Iraq is laying the groundwork for a significant expansion of its oil and gas production capabilities.

Global Giants and Local Growth
The allure of Iraq's hydrocarbon potential has not only drawn in major global firms but also promises to catalyze local economic development. The engagements with international giants such as Lukoil, as discussed by the Iraqi Prime Minister with a Russian delegation, underscore the global interest in Iraq's energy sector. Furthermore, the transition of the West Qurna 1 oilfield's operations from ExxonMobil to PetroChina, aiming to boost production significantly by the end of 2024, illustrates the dynamic shifts occurring within Iraq's oil landscape.

Yet, the narrative extends beyond oil and gas. Companies like Crescent Petroleum have embarked on ambitious projects to meet Iraq's soaring energy needs, addressing both oil and gas development and the critical electricity deficit. With plans to inject substantial investment into the early phases of new fields in Diyala and Basra, the initiative demonstrates a comprehensive approach to Iraq's energy challenges, leveraging the second highest proven oil reserves in the region for sustainable economic growth.

Charting a Course for Recovery
As Iraq positions itself at the crossroads of recovery and development, the unfolding story of its hydrocarbon sector is more than an economic venture; it's a beacon of hope for a nation striving to turn the page on years of conflict. The upcoming bidding rounds represent not just an opportunity for global energy firms but a pivotal moment for Iraq to harness its natural wealth for the prosperity of its people. With a careful balance of international collaboration and domestic advancement, Iraq is steering towards a future where its natural resources are the bedrock of its revival.

At the heart of this endeavor is a commitment to not only boost production but to ensure that the benefits of such development are felt across Iraqi society. In a landscape marked by historical upheavals, the quest for energy independence and economic stability is a testament to Iraq's resilience and determination to forge a path of sustainable growth. As the country embarks on this ambitious journey, the global community watches, hopeful for a future where Iraq can fully realize its potential, both below ground and above.

[dreamtwister] 20/2/2024 08:43

correction it was fayad that embezzled the financials.

Lebanon banks went into lockdown Fayad/tamraz went into

exile "France ! London listing will give netoil a bankroll.

tamraz has the connections !

[ein4] 19/2/2024 20:10

Could be a day here tomorrow? plenty of speculation, lets hope its justified. Looks good to me ?

[apotheki] 19/2/2024 17:05

PROFIT SHARING AGREEMENTS [PSAs]

[flyhi] 19/2/2024 16:00

!!! Profit Sharing Contracts !!!

[apotheki] 19/2/2024 15:25

Iraq Presses On With New Bid Rounds Despite Renewed Security Risk

Baghdad plans to hold two new upstream licensing rounds in the first half of 2024. The Oil Ministry is offering 30 blocks across the country with the key sweetener IOC-friendly amendments to its 2018 profit-sharing contract model. But IOCs interested in blocks bordering Syria and Jordan face a new kind of security risk.

Iraq aims to launch separate licensing rounds in April and May as it hopes to revive foreign interest in its upstream sector following an exodus of prominent IOCs in recent years.

The two offerings – the fifth licensing round ‘plus’ (LR5+) and the gas-focused sixth licensing round (LR6) – aim to introduce “improved̶1; terms to a “profit sharing” exploration, development and production contract (EDPC) model that was first introduced in 2018’s fifth licensing round (MEES, 27 April 2018). The model is being touted as a departure from Iraq’s tight terms under the technical service contracts (TSC) offered in the past.

hxxps://www.mees.com

[cojones] 19/2/2024 15:21

No surprises there then...my excitement will have to consolidate for a while longer ;)

[apotheki] 19/2/2024 15:20

It was posted over the weekend Ianio5691 [various posts including 21435]

[kdickson] 19/2/2024 15:03

License announcements have been put back till end April/early May.

[cojones] 19/2/2024 14:35

A 60Xbagger back to £150 if they manage to grab a few crumbs...(ok so its my first ramp in twenty odd years, i deserve to at this exciting time! ;)

[apotheki] 19/2/2024 14:30

This spring could be very interesting especially if it springs a few loaves....

[ianio5691] 19/2/2024 13:48

Interest certainly returning.
Licence announcements due in March.
People in the know or speculators gambling on a positive outcome...???
Positions being taken.

[dusseldorf] 19/2/2024 13:43

Is it time to wake up again?