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Gulf Keystone Petroleum Share News (GKP)



Share News for Gulf Keystone Petroleum (GKP)


Share Price: 78.25Bid: 78.25Ask: 79.00Change: 1.00 (+1.29%)Riser - Gulf Keystone
Spread: 0.75Spread as %: 0.96%Open: 78.75High: 78.75Low: 77.25Yesterday’s Close: 77.25




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 1-Gulf Keystone may delay Shaikan oilfield output rise to 2015

(Adds CEO comments, details)LONDON, Aug 28 (Reuters) - Oil producer Gulf Keystone Petroleum said a production increase at its flagship Shaikan oilfiel
[Thu 09:16]

Gulf Keystone may delay Shaikan oil field ramp-up on lack of staff

LONDON, Aug 28 (Reuters) - Oil producer Gulf Keystone Petroleum said a production ramp-up at its flagship Shaikan oil field in Iraqi Kurdistan may be
[Thu 07:29]

UPDATE 2-Iraqi Kurdistan oil firms pull out staff, shares fall

(Adds Marathon Oil evacuations)By David Sheppard and Karolin SchapsLONDON, Aug 8 (Reuters) - Oil companies in Iraqi Kurdistan withdrew more staff on F
[8 Aug '14]

Britain tells citizens to leave Iraqi Kurdistan capital Arbil

LONDON, Aug 8 (Reuters) - The British government told its citizens to leave parts of Iraqi Kurdistan, including the regional capital Arbil, on Friday
[8 Aug '14]

REFILE-Militant advance disrupts oil production in Iraqi Kurdistan

(Amends sign-off, reference to Genel staff)By Karolin SchapsLONDON, Aug 8 (Reuters) - Oil companies in Iraqi Kurdistan began to withdraw more staff on
[8 Aug '14]

UPDATE 2-Afren shuts first Kurdish oilfield, shares drop

(Adds share price reactions, analyst comment)LONDON, Aug 8 (Reuters) - Oil company Afren has suspended output at its Barda Rash oilfield in Iraqi Kurd
[8 Aug '14]

Kurdistan-focused oil shares slump for second day

LONDON, Aug 8 (Reuters) - The shares of several energy companies operating in Iraqi Kurdistan fell sharply for the second consecutive day on Friday, a
[8 Aug '14]

UPDATE 4-Iraqi Kurdistan-focused oil shares hit by IS advance

* Islamic State advance raises fears for Kurdistan oil fields* DNO shares down as much as 24 percent* Gulf Keystone Petroleum down as much as 13 perce
[7 Aug '14]



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