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Gulf Keystone Petroleum Share News (GKP)



Share News for Gulf Keystone Petroleum (GKP)


Share Price: 49.25Bid: 49.25Ask: 50.25Change: 0.00 (0.00%)No Movement on Gulf Keystone
Spread: 1.00Spread as %: 2.03%Open: 49.50High: 53.50Low: 45.50Yesterday’s Close: 49.25




UPDATE 2-Iraq's Shahristani retains hard line on Kurdish oil

Mon, 10th Oct 2011 19:11

By Walter Gibbs

OSLO, Oct 10 (Reuters) - Iraq's deputy prime ministe
r said on Monday oil contracts signed by Iraqi Kurdistan's regional government must be rewritten and that recent government payments to international producers in the region in no way validate the contracts.

'The contracts as they stand will have to be presented to the government and brought into line with our other contracts in the country,' Hussein al-Shahristani, deputy prime minister for energy, told Reuters at an energy conference in Oslo.

In reiterating Baghdad's long-held view that Kurdish officials have overstepped their authority on dozens of contracts, Shahristani's remarks suggest the central government is sticking to a hard line in talks on a national oil law.

Asked if Kurdistan's contracts were illegal, Shahristani replied as he has before: 'Yes, as far as the Iraqi government is concerned those contracts are not binding with Iraq.'

Since August a parliamentary committee has been debating a draft national law approved by the Iraqi cabinet that would centralise control of oilfields in Baghdad.

In the balance are Norway's DNO, London-listed Gulf Keystone, Heritage Oil and other firms that have gained Kurdish production licences since the U.S.-led invasion of Iraq in 2003.

'Our contracts are legal -- they are entered into with the Kurdish regional government -- but we do not want to participate in the political debate in Iraq,' said DNO spokesman Tom Bratlie.

'We have of course seen that there are different views on this question between Baghdad and Erbil,' he added, referring to the capitals of Iraq and the Kurdish region.

While the regional contracts grant the companies a share of oil profits, Shahristani has said he favours leaner 'service contracts' like those imposed in southern Iraq.

He said on Monday he could not predict when a final draft of the national oil law would be sent to the full parliament.



DEADLOCK

Analyst Trond Omdal of Norway-based Arctic Securities said Shahristani's remarks suggest Iraq's cabinet remains deadlocked with parliament members friendly to the Kurdish government.

'The fronts are the same,' he said. 'Eventually most people think there will be a compromise.'

Shahristani said the Kurdish government's recent payments to international producers using export revenues collected by Baghdad reflected no endorsement of the contracts.

'What the KRG had asked the Iraq government is to pay them (companies) for the actual capital that was invested in drilling wells and making service facilities that are the property of Iraq,' Shahristani said.

'These are only the capital expenses that the KRG has spent on developing these fields. As far as we are concerned they have nothing to do with the contracts, or with the companies.'

DNO, which has exported as much as 70,000 barrels a day from Kurdistan since February, received $60 million from the Kurdish government last month and $104 million in June without an explicit explanation of what the money was for.

The payments were presented as 'cash advances' in an interim arrangement, Bratlie said.

'There has been some challenge with regards to how to book this,' he said, 'but the important thing for DNO is that we are getting paid, period.'

Shahristani said he had no plan to meet with DNO executives while in Norway for the conference.



(Editing by James Jukwey) Keywords: NORWAY IRAQ/OIL

(walter.gibbs@thomsonreuters.com)(+4790992252)

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UPDATE 2-Gulf Keystone says in preliminary talks over potential sale

* Says in talks over possible sale, some asset transactions* Discussions at preliminary stage* Shares rise as much as 73 pct, top percentage gainer on
[Wed 15:07]

UPDATE 1-Gulf Keystone says in preliminary talks over potential sale

(Adds detail, background, share movement)Feb 25 (Reuters) - Oil producer Gulf Keystone Petroleum Ltd , battered by a slump in oil prices, said it was
[Wed 10:28]

UK's Gulf Keystone says in preliminary talks over potential sale

Feb 25 (Reuters) - Oil producer Gulf Keystone Petroleum Ltd , battered by a slump in oil prices, said it was in talks with a number of parties about a
[Wed 09:37]

UK's Gulf Keystone Petroleum eyes potential sale - Sky News

Feb 25 (Reuters) - Gulf Keystone Petroleum Ltd, a foreign oil producer in Iraqi Kurdistan, is exploring a potential sale amid lengthy talks with the K
[Wed 01:22]

MEDIA-Oil group Gulf Keystone to signal sale talks - Sky News

-- Source link: (http://bit.ly/1afU3bQ)-- Note: Reuters has not verified this story and does not vouch for its accuracy
[Wed 00:00]

UPDATE 2-Iraqi Kurdistan oil firms go domestic amid dearth of export pay

(Recasts to include other oil firms; adds details, updates share prices)LONDON, Feb 6 (Reuters) - Oil producers in Iraqi Kurdistan, including Gulf Key
[6 Feb '15]

BUZZ-Gulf Keystone Petroleum: Suspends exports from Iraqi Kurdistan

** The oil producer's shares slid as much 17.6 pct after it said it has suspended oil exports from its assets in Iraqi Kurdistan** Gulf Keystone stopp
[6 Feb '15]

UPDATE 1-Gulf Keystone suspends trucked oil exports from Iraqi Kurdistan

(Adds details, background, share price)LONDON, Feb 6 (Reuters) - Gulf Keystone Petroleum, a foreign oil producer in Iraqi Kurdistan, has suspended tru
[6 Feb '15]



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