Register
Login:
Share:
Email Facebook Twitter

Share Views: HUM CEO updates on Yanfolila and Dugbe Gold Projects. Watch here

Share Views Ep. 19
HUM CEO updates on Yanfolila and Dugbe Gold Projects.


Gulf Keystone Petroleum Share News (GKP)

Stock Market news at lse.co.uk - RSS News Feeds

Share News for Gulf Keystone Petroleum (GKP)


Share Price: 1.23Bid: 1.20Ask: 1.23Change: 0.02 (+1.65%)Riser - Gulf Keystone
Spread: 0.03Spread as %: 2.50%Open: 1.25High: 1.25Low: 1.19Yesterday’s Close: 1.21




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)

COPYRIGHT
Copyright Thomson Reuters 2011. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.






Oil firm DNO surges after strong Q3 results and lower capex guiding

(Adds analysts, background and quotes from chairman)Nov 10 (Reuters) - Shares in Norwegian oil company DNO surged on Thursday as it posted forecast-b
[10 Nov '16 13:24]

UPDATE 2-Genel Energy warns of lower-end 2016 revenue after weak oil output

* Taq Taq output fell to 58,600 bpd in third quarter* 2016 revenue to hit lower end of $200 mln to $230 mln guidance* Full-year production expected at
[26 Oct '16 10:28]

Gulf Keystone beefs up board under new shareholder structure

LONDON, Oct 13 (Reuters) - Gulf Keystone Petroleum has appointed two new board members following the completion of its debt-for-equity swap with bond
[13 Oct '16 17:07]

Gulf Keystone says receives KRG payment for July oil exports

LONDON, Sept 29 (Reuters) - Gulf Keystone Petroleum, one of the foreign oil firms present in Iraqi Kursdistan, has received a long-awaited $15 million
[29 Sep '16 17:12]

Genel says receives overdue KRG payment for July oil exports

LONDON, Sept 28 (Reuters) - Genel, one of the main foreign oil producers in Iraqi Kurdistan, said on Wednesday the Kurdistan Regional Government (KRG)
[28 Sep '16 11:06]

Gulf Keystone warns of investment curbs over lack of oil payment

By Karolin SchapsLONDON, Sept 22 (Reuters) - Gulf Keystone Petroleum, an oil company focused on Iraqi Kurdistan, warned on Thursday that a lack of exp
[22 Sep '16 11:20]

Iraq blacklists tankers involved in shipping Kurdish crude

By Dmitry ZhdannikovLONDON, Aug 30 (Reuters) - Iraqi state oil firm SOMO has blacklisted three tankers involved in shipping crude from Kurdistan, step
[30 Aug '16 12:06]

UPDATE 2-Iraq parliament approves cabinet overhaul, bolstering PM Abadi

(Adds U.S. reaction, context, comments on oil conflict with Kurds)By Maher ChmaytelliBAGHDAD, Aug 15 (Reuters) - Iraq's parliament approved the appoin
[15 Aug '16 14:54]



Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.