Petrel Resources Share Discussion Threads

[valentine73] 01/5/2024 16:49

Thanks guys for all the useful info. Would hope to see some speculative interest in coming days ahead of the licensing rounds

[steveberyl] 01/5/2024 14:29

Not seen it Mentioned in Full. Not everybody will know what PCLD is?

For us; Petroleum Contracts and Licencing Directorate, will issue Statement.

[dreamtwister] 01/5/2024 09:57

I find it interesting to know what developments are circulating.

as recently noted big oil are relinquishing their interests but

showing interests in the development of the Egyptian Gas Fields.

as Egypt is the hot spot with 1.8 T c m of gas reserves no wonder the

USA & the UK are keen to spend big bucks to develope these reserves

with Egypt having control of the Suez canal and the Mediterranean

pipeline enroute to Europe, Straying away from the middle east Cyprus

and Israel reserves may cause political tensions.

The questions i ask my self, Will the eastern Mediterranean Pipe Line replace

The Western Middle East Pipeline with a vision of Africa coming on line with

the recent huge discoveries in Namibia/Guyana & Venezuela be a substitute to

relinguish further interests in the middle east.

[kdickson] 29/4/2024 22:20

Yes Steve, I believe you're right there. I mentioned General Electric above because they actually were one of Petrel's close suppliers when developing the Subba & Luhais field back in the day. As were Caterpillar. Although a 'minnow company', as operator of that S&L project Petrel liaised with some world class companies, including Itochu of course. :)

[steveberyl] 29/4/2024 19:50

kd, Following your line of thought. USA are extremely likely to know all about Pet if Pet have not already been in touch with the USA to confirm their Interests. USA would be most upset at the TAMRAZ debacle.
Personally, I think any USA involvement will do PET some big favours.

[kdickson] 29/4/2024 17:54

Good stuff chaps. Worth a try contacting them.

I dont think any US company would 'steal our licence area'. If they were even interested in bidding for any licence, it would more lkely be the licences nearer the 'US friendly' Saudia Arabia border. Russia would go for areas along the Syrian or Iranian border. Chinese companies could go anywhere else but more southerly probably.

Thinking about it, US companies may be interested in joining or starting a consortium, or perhaps want to agree preferred supplier agreements (e.g. General Electric to supply turbines) with existing bidders - that could be why there's been a last minute extension.

And the Irish company will go for more central/western Iraq ;).

[dreamtwister] 29/4/2024 17:44

As Previously noted the USA have or are about to tap their own resources !

Will this be a maneuver to Hold back imports from the middle East ?

Has the 5/6th bidding rounds been held back as the western oil conglomerates

relinquished their interests & a short fall in applicants for the 5/6th bidding

tenders ? or maybe to put a void on opec oil cuts pushing the price of oil up.

their is tensions as Guyana/Venezuela border is in dispute.

[felix0007] 29/4/2024 17:09

In the same vain I have emailed GaffneyCline who are the consultancy named on the PCLD website to see if they provide any insight. I agree with you KD re: the 15 days to allow further input from US co's but just hope that this does not jeopardise our position here!!

[steveberyl] 29/4/2024 15:26

I have also Emailed pcld earlier Today, as yet no reply.

Should I get a reply, I will of course put Relevant details on this site.

[flyhi] 29/4/2024 14:08

Great Summary - KD Thank you very much

[kdickson] 29/4/2024 14:00

SUMMARY

Here's a summary of things, so we don't lose focus:

- LR5+ and LR6 rounds together cover 30 licence areas.

- There are a mix of Exploration, Development & Production Contracts (EDPC) and Development & Production Contracts (DPC)

- All are production sharing type contracts, regardless of whether EDPC or DPC.

- LR5+ contains 16 licence areas (mainly oil), including the Middle Furat one (i.e. Merjan, Kifl, West Kifl).

- LR6 contains 14 licence areas (mainly gas), including the ANZ (rebranded Block 6)

- 20 companies have applied across the 30 areas (as of few weeks ago)

- Petrel have definitely submitted a bid for the Middle Furat licence; a DPC contract (confirmed at AGM)

- Highly probable that bid also submitted for the ANZ area (rebranded Block 6) in LR6 (EDPC contract)

- The Petroleum Contracts and Licencing Directorate (PCLD), a part of the Iraqi Ministry of Oil, have changed the original timetable a couple of times.

- There is uncertainty over what is supposed to actually be happening on the 'bid submission date' and which date that exactly is now (May 11th?)

- We await clarification from future press releases/articles.

[1teemore] 27/4/2024 23:36

Posters post about west east etc. Ireland has not taken over any country and not all folk are stupid. From what I see Ireland is a very strong supporter of Palestine unlike most European countries. I do agree with DT that Genocide is being carried out and anyone who thinks it is a war is an idiot. How could killing children and women be considered war. I do not believe anything that the Isreal Government says as it is spin of the worst kind- a Government who bombs hospitals killing 35k plus in the process is pure evil. My point here is nobody knows what Pet will get and saying it a non starter pretty well sums up the poster!

[steveberyl] 27/4/2024 14:25

PET IS NOT BRITISH. Pet is IRISH and therefore USA Supported.

Iraq GOVERNMENT will do what USA DEMAND. Roger Tamraz has already dishonoured IRAQ whose Courts have BACKED PET IN THEIR FRAUD CLAIM.

There is no doubt in my mind that PET will get some crumbs from these LICENCE HAND-OUTS. BILLION DOLLAR CRUMBS.

[taxibabe1] 27/4/2024 10:47

It wont, Westerners arent liked in Iraq and the place is unsafe for them. This whole thing is a non starter which is why the shares are 1.70p to sell in tiny amounts.

[dreamtwister] 26/4/2024 18:10

The middle east community are upgrading their refinery's processing

and importing heavier & cheaper crude oil from Iraq.

[flyhi] 26/4/2024 14:02

So maybe...just maybe..this weekend...alea iacta est

[goggin] 26/4/2024 13:22

Yes agreed. However, Ireland has been at the forefront along with Spain in the condemnation of what's happened in Gazza, which may not hold much weight ?

[taxibabe1] 26/4/2024 12:20

The most likely beneficaries of any oil rounds in Iraq will be Russian and Chinese companies or their satellites. Its perfectly true the Irish have been assidiously cultivating the Arabs, especially Iraq, but Ireland is still seen as a Western country and the West isnt exactly the flavour of the month in the region due to the War in Gaza.

[goggin] 25/4/2024 22:25

All goodBetter delayed and get it right than go ahead and cancel laterThe Iraqi Ministry of Oil said last Thursday that it will begin accepting bids from foreign companies on April 27 for contracts to explore oil and gas reserves. However, the ministry later revealed on Wednesday that the step has been delayed and will now take place at a later date.The spokesperson for the Oil Ministry, Asem Jihad, revealed last week that the government aims to reduce imports that are straining the national budget and produce the natural gas needed to operate power plants.