Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I assume that GKP installed ESPs from Baker or SLB.
I hope GKP got a good contingency plan to keep the installed ESPs running, because in future it will be difficult to get a BH or SLB servic engineer together with replacement pumps and parts into N Irak Kurdistan. I would expect that Gkp spends some Capex for replacement pumps now? They have to take pumps, cables, wellheads etc into stocks IMHO to keep the production running.
From memory...
https://www.weatherford.com/products-and-services/
Although they could possibly have been just the drilling rigs..
From Ops Update RNS, “ While the industry is currently experiencing equipment lead time pressures in a supply constrained market, we are continuing to review options to accelerate installation of water handling facilities that would enable further production ramp up from existing wells. Progressing well workover and intervention programme to optimise near-term production”
Opulentia, or anyone else for that matter, do you know which Service companies we do use, as opposed to one that we don’t?
We dont use them in any case,
GLA LTH
Sure but Schlum leaving is worryingly significant. No one can pump oil without fields services.
****eye , KRG know what Baghdad are trying to do, to its oil industry, their trying to put pressure on All the Companies in the region, it wont work, cash talks and as long as those Companies are receiving payment they will come and work in the region, of course if you have a large Contract in the south , then you wouldnt want to put that at risk!!!
Genel received $60 million today, and oil is still being transferred down the pipelines , if one Country cuts off its live blood supply of cash, it could lead to further conflict, and Tit for Tat measures, i can assure you the KRG wont sit back and let Baghdad dictate to it.
GLA LTH Weve been here before , right back to when Baghdad withheld Kurdistans entitled revenue, That didnt work and now their trying a different route , Wont Work!!!!!
'Opens up the KRG to bring a few other service Companies, there are many to choose from'.
You clearly didn't read last weeks Opps update.
its obvious their interest in the South far outweigh the benifits of the Northern region of KRG, same goes for Baker Hughes, they are frightened they will lose out in the South, another lever being played by Baghdad,
Opens up the KRG to bring a few other service Companies, there are many to choose from,
GLA LTH Nothing to see here, Keep taking the Dividend payments and churning out the oil !!!!
In the document: The withdrawal of the second oil company from Iraqi Kurdistan
In the document: The withdrawal of the second oil company from Iraqi Kurdistan - Iraq news (iraqakhbar-com.translate.goog)
In a letter sent to the Minister of Oil, Schlumberger International decided to abide by the decision of the Federal Court not to work in Kurdistan and not to submit to any tender in the oil and gas sector in Kurdistan.
Schlumberger is the world's largest oilfield services company, employing about 100,000 people representing more than 140 nationalities working in more than 85 countries around the world, and has four main executive offices located in: Paris, Houston, London and The Hague.
The company offers a range of products and services through the assessment of directional drilling and stimulation, well drilling, software, information management and IT infrastructure services that support core industrial operations.
This decision will negatively affect oil production in Kurdistan, especially since Schlumberger and the American energy company Halliburton (which appears to be on the way to withdraw) have work contracts in the northern oil fields, including Taqtaq, Tawke, Chamchamal and Kormore. , and (Khurmalah)
https://nrttv.com/En/detail6/3818
Plus.....more worrying..
Parliament expects Kurdistan to stop oil exports due to the withdrawal of international companies.
Economy News-Baghdad
A member of the Parliamentary Economy and Industry Committee, Soran Omar, expected, on Sunday, that the Kurdistan region will witness withdrawals of international companies from the region, indicating that these companies preferred their interests in the south over the problems and disputes between the region and the center.
Omar said in a statement reported by the official "Al-Sabah" newspaper, "It is expected that we will witness other withdrawals of international companies from the region that have major projects in southern Iraq, which preferred their interests with the federal government in a legal manner over the problems and disputes between the region and the center."
He added, "All talks and negotiations so far are about positions and not about the region's entitlement or the problems between it and the center, especially with regard to oil and gas, and it was necessary to solve the problem since the beginning of the Federal Court's issuance of its decision to cancel the oil and gas law in the Kurdistan region."
Regarding the economic effects of the withdrawal of companies from the region, Omar said, “The withdrawal of foreign companies operating in the Kurdistan region will greatly affect the regional government in economic terms, especially since 90% of the revenues of the regional government come from oil imports, and therefore the withdrawal of these companies will stop the export of Oil, and this means ending the region economically, and we hope that this will not happen and that we will not reach this point.”
He continued, "In my opinion, international companies are not in their interest to fight this battle with the Federal Court," noting that "the only solution to this problem is the issuance of (the oil and gas law) in the Federal House of Representatives."
https://economy-news.net/content.php?id=28640
CCC, can you post the accompanying link please? Thanks.
US ENERGY COMPANY SCHLUMBERGER SAID EXITED KURDISTAN REGION
PM:02:49:27/06/2022
536 Views
SULAIMANI — The US-based global energy company Schlumberger is said to have decided to exit the Kurdistan Region following the Iraqi federal court's decision to consider the Kurdistan Region's energy sector unconstitutional.
The semi-official Iraqi News Agency (INA) reported today (June 27) that "official sources" have told the agency that Schlumberger had submitted a formal letter to the Iraqi Oil Ministry announcing its compliance with the federal court's ruling that deemed the region's oil and gas sector unconstitutional.
The INA added that US energy company Baker Hughes had also decided to comply with the federal court's ruling by exiting the Kurdistan Region.
Neither of the companies has issued statements regarding the reports.
In February, the Iraqi Federal Supreme Court issued a verdict against the KRG's law on oil contracts, which ruled the contracts were against the constitution.
The KRG has said that the ruling was "political", and the Judicial Council of the KRG noted on May 17 that all of the KRG's oil contracts meet the guidelines of the Iraqi constitution enacted in 2005.
Soldsoon.
Full article of one slightly different write up after being translated.
The first oil company to withdraw from Kurdistan in implementation of the decisions of the Federal Court
2,409 Economy 2022/06/25 10:29 Baghdad today -
Baghdad Today, Saturday, the American company "Baker Hughes" decided to withdraw from the Kurdistan Region, in implementation of the Federal Court's decision that the oil and gas law in the Kurdistan Region was unconstitutional. A statement by the Supreme Oil Committee in Kurdistan, received by (Baghdad today), stated that "the American company informed it of its commitment to Federal Court Decision No. 59 of 2012 and the withdrawal, to be the first oil company to comply with the decisions of the Iraqi government and leave the Kurdistan Region." The Iraqi Oil Ministry had started a series of steps to implement the Federal Court’s decision regarding the Kurdistan region’s oil management file and make it the prerogative of the Iraqi government exclusively, after Erbil and Baghdad failed to reach an agreement formula that ends the crisis that has been going on between them for more than a decade, a demand from oil and gas companies operating in the region. Kurdistan has signed new contracts with the Iraqi Oil Marketing Company "SOMO" instead of the regional government, in a new attempt to control revenues from the region. Baker Hughes is a global industrial services company and one of the largest oilfield services companies in the world. It provides the oil and gas industry with products and services for well drilling, production and reservoir consulting. The company operates in more than 120 countries, has 60,000 employees, and has an estimated capital of $38 billion. The company is currently investing in gas associated with oil extraction.
Can’t find a linc to that CCC can you provide it.
Cookie,
thanks for posting that.
Apart from their Miran/Bina Bawi work, I'm not sure what other work Baker Hughes currently have in KRI, but for sure they have the potential for lots more down South.
I'm surprised at the lack of discussion re the KRG proposal to create a new company / organization - KROC, to develop their oil exploration activities. This could be a precursor to major changes in their current PSC-driven work with the smaller oil companies such as GKP.
There are several ways in which the current PSCs could be absorbed into a new format - which could overcome some, perhaps even most, of the objections raised by Baghdad.
In conjunction with that, there are also several ways in which the new, KRG company KROC could allow some participation (aka shareholding) by other companies sub-contracting to it; although quite how their individual contributions (production) would then translate to revenues will demand some keen thinking!
The KROC statement warrants more interest IMO.
The American Baker Hughes Oil Services Company announced its full commitment to implement Federal Court Decision No. 59 Federal / 2012 and the instructions of the Ministry of Oil and the Supreme Steering Committee regarding the Kurdistan Region’s oil .
Baker Hughes is one of the world's largest companies in the field of oil field services and provides the oil and gas industry with products and services for oil wells, formation assessment, well completion, and consulting on production and reserves ."
Baker Hughes operates in more than 120 countries around the world. Its total assets are $38 billion and employs 60,000 employees, and the company has many works in Kurdistan, including its implementation of development plans in the Miran and Bina Bawi gas fields .