Will XOM sell on there blocks to Turkey TEC and Calik Energy. It was A JV and with Turkish solders invading Iraq and stationing 5000 in Bashiqa area in 20114 2015 , and they have expanded into Ninewha with ISIL help, and now passing Iraq land to the corrupt KRG.
Could happen, nothing unusual with UK MP's and Turkey Dictators acting with each other and with BIG Oil
PSC production sharing CONTRACT, the MNR broke this by non payment, any decent BOD would have stopped pumping oil for fa instead, they stick to the contract and more. One big con that has screwed PI's nothing to do with bad investments, just a fiddle that will go unpunished due to the big nobs involved.
Glencore also loaned $300 million to Erbil this year, with the money repaid by way of one mid-sized oil cargo a month, worth about $25 million.
The new bond should allow Glencore to split the risks by selling debt notes to a small number of investors and hedge funds who specialise in high-risk, high-yield investments and emerging markets.
Technically, the money would be raised by a special-purpose vehicle and the debt will be non-recourse, meaning that Glencore will not be liable should problems occur.
Glencore has told investors it expects to enter a new five-year agreement with the government of Kurdistan to buy its crude, with deliveries rising from one cargo in January, to two in February-March, four in April and six from May onwards.
Six cargoes a month would represent a quarter of overall exports from Kurdistan. Industry sources have said that Kurdistan has yet to finalise its export plans for 2017.
Glencore declined to comment.
Kurdistan exports its oil via the Turkish Mediterranean port of Ceyhan. Flows have been running at more than 600,000 barrels per day since September after being occasionally disrupted in 2015 and at the start of this year by militant attacks in Turkey and Kurdistan.
And yet again you read it with your rose tinted glasses on - that these blocks have so many gazzillions of oil that the only thing at play here is that MNR stole it from Exxon despite strong protest from Exxon ... while the spokesperson from MNR and Exxon stood next to each other and gave a press release ..... and yet you try to ignore the possibility that these blocks are all dud - that Exxon is no longer interested - that perhaps it was economical to just let the PSC lapse ..... You think Exxon with all its muscle power and connections will just let go a gold mine?!
Clever stuff by the MNR - here's how it Works: IOC assigned an exploration Block (signing fees involved), spends Serious Money to find the hydrocarbons, PSC gets signed up (fees involved no doubt), Risks ramped up due the political situation, IOC backs off, MNR invokes penalty for non-Development of the asset (fees again), IOC has to pay cancellation (signing fee again)....... MNR resell the Block to the Next mug. Who collects these fees I Wonder ?
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