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I don’t understand what these draft amendments are about and I don’t care.We have been promised that drilling will start by end of June.End of story.No more excuses.I’ve held shares in this company since 2011,so have been to hell and back.Start drilling,now!
//Looks like a review of the current law and practices to me? Draft amendments to be presented to Parliament in Autumn//. Hope I'm reading this wrong but to wait till autumn, let's hope PM can crack on while all this is being put through parliament also the changes PM have put forward to the government go well??... GLA
Im wondering if this is what was referred to in the RNS about legislative changes going through parliament? Thanks for posting Adilla
I liked this bit!
"....within the framework of supplying raw materials to the refinery, intensify oil exploration and research work, fully support the process of identifying new reserves"
Cleaning up its act maybe?
Mongolia will be the hosting COP17 in 2026
https://montsame.mn/cn/read/297500
Chairman of the Standing Committee B.Battumur and members raised many important issues. One of them is the issue of conflict of interest. Rent a car, pay for children's education, etc. This issue should be investigated by law enforcement agencies. Officials representing Mongolia should not be like employees of the company and carry out assigned tasks. Therefore, it is necessary to pay attention.
This agreement in the mineral sector is not beneficial for Mongolia. There are also serious environmental issues. The technology that sells two liters of water to get one liter of oil will not go any further. Also, 590 tons of chemicals need to be returned. Do not destroy in Mongolia. He said that PetroChina Daqing Tamsag's arbitrary increase in costs, inefficiency and non-payment of taxes should be considered.
Finally, the majority of MPs present at the meeting supported the inclusion of MPs' comments in the draft resolution, according to the Parliament's Media and Public Relations Department.
Sorry. Here is the end of the article
B.Battumur, Chairman of the Standing Committee, said that Mongolia produces 24% of the oil extracted under the PSA. In 1993, we had little knowledge of oil production and markets, and no experience in product sharing agreements. However, there is an urgent need to change the agreement in the interests of Mongolia. The Ministry of Mining and Heavy Industry and the Ministry of Nature, Environment and Tourism were consulted in drafting the Standing Committee. It is reflected in the draft resolution submitted by the ministries. The State Great Hural (Parliament) should take the initiative to increase Mongolia's profits and provide guidance to the Government. The government has also set up a working group chaired by the Deputy Prime Minister. In addition, the technology of using water to produce petroleum products is outdated. In some countries, oil and water have become more expensive. So we have to get rid of the technology that uses two liters of water to produce one liter of oil.
According to the information we received, PetroChina Daqing Tamsag has 554 Mongolian and 320 Chinese employees.
MP Ts. Sergelen said that it would be difficult to determine the next steps to be taken without making a clear assessment of how much Mongolia has benefited in the 26 years since we first signed the PSA. This will require the appointment of a panel of experts, including economists, lawyers, and scholars specializing in international treaties and law. He also said that special attention should be paid to protecting the rights of Mongolian workers, and that these issues, which have a negative impact on the environment, should be investigated and prosecuted.
Member of Parliament N.Naranbaatar expressed his support for the draft resolution of the Standing Committee. He said that in 2025 the refinery will be commissioned. However, there are no raw materials and they have to buy their wealth at the world market price. This must be addressed immediately. There is another issue to consider. There are reports that government officials there have a conflict of interest. They are reported to be hiding the illegal activities of PetroChina Daqing Tamsag and to be linked to the company for business interests. Therefore, the relevant officials of the Mineral Resources Authority and those representing the government need to find out whether they are working to protect the interests of the country and enforce the law.
Members of Parliament to name government agencies responsible for the work specified in the draft resolution, to include the supply of crude oil produced by PetroChina Daqing Tamsag to the new refinery, and to include local representatives in the working group appointed by the Government. was commenting.
Looks like a review of the current law and practices to me? Draft amendments to be presented to Parliament in Autumn
Adilla: Could you pls boil your post down to the point it's supposed to make?
At today's (May 24, 2022) meeting of the Parliament's Standing Committee on Security and Foreign Policy, the draft resolution of the Standing Committee on measures to increase the benefits to Mongolia from PetroChina Daqing Tamsag LLC was discussed. The Government of Mongolia is instructed to take the following measures to explore, exploit, mine and rehabilitate nature, and to increase the benefits that PetroChina Daqing Tamsag LLC receives from Mongolia.
To study the issue of renewing the production sharing agreement with “PetroChina Daqing Tamsag” LLC, which transferred the rights and responsibilities of the production sharing agreement concluded at Toson-Uul-XIX and Tamsag-XXI oil fields, in accordance with the current laws and regulations, and to increase Mongolia's efficiency The draft amendments to the Law on Minerals and the Law on Petroleum Products will be submitted to the State Great Hural (Parliament) in the autumn of 2022.
Also, within the framework of supplying raw materials to the refinery, intensify oil exploration and research work, fully support the process of identifying new reserves, ensure the implementation of the 2020 Environmental Management Plan of “Petrochina Daqing Tamsag” LLC, and connect the 2021-2022 plan. Immediate approval and monitoring of implementation within the framework of the legislation, and the use of power supply and equipment by Toson-Uul-XIX and Tamsag XXI sites of PetroChina Daqing Tamsag LLC by a professional organization or business entity licensed to transmit, distribute and supply energy The issue of sizing is reflected.
In addition, to resolve disputes related to social insurance premiums in accordance with the law, to study the issue of amending the relevant laws, and to file a complaint to “Petrochina Dachin Tamsag” LLC to pay VAT, CIT and personal income tax in 2018. More than 590 tons of chemical wastes that do not meet the quality requirements of oil exploration and production activities and need to be disposed of are currently being discussed and resolved at the meeting of the Tax Dispute Resolution Council. The Government has been instructed to take decisive measures within the framework of the current legislation.
MP H. Badelkhan clarified whether we can change the PSA. He said that the draft resolution stipulates that more than 590 tons of chemical waste will be resolved within the framework of current legislation. How is this expected to be resolved? How many people work in the oil refinery from the Chinese side and how many people from the Mongolian side? The draft resolution provides for the use of small amounts of water for industrial purposes. I was asked if this provision would be fulfilled.
To study the issue of renewing the production sharing agreement with “PetroChina Daqing Tamsag” LLC, which transferred the rights and responsibilities of the production sharing agreement concluded at Toson-Uul-XIX and Tamsag-XXI oil fields, in accordance with the current laws and regulations, and to increase Mongolia's efficiency The draft amendments to the Law on Minerals and the Law on Petroleum Products will be submitted to the State Great Hural (Parliament) in the autumn of 2022.
http://parliament.mn/n/16bon?fbclid=IwAR3yje2E_W6yAhb64VhUkEdGmRw5V6kIsMLIcTpgaG6b65RfCVFhoQW02Cw
F A looking at the amount of recommendations you receive, most of us appreciate your contributions to this board.
I certainly do!
Don’t let the odd poster get under your skin.
Good luck mate
//Sorry I forgot that is put aside for their salaries.//
Exactly & the longer it drags on the less it gets.
With the money in the bank MATD could have bought the whole rig company!
Sorry I forgot that is put aside for their salaries.
Have a lovely day guys,
The only hysteria comes from you trying to whip it up FA
Sorry got cut off...
MATD is not going to 10 bag by Christmas, but may 10 bag over a 3 year period... Possibly by more if we start getting similar valuations for junior oilers as we saw during the last oil bull market prior to the 2014 crash (take a look at the MATD share price history from 2010-2011 to see how inflated companies with no assets were getting.... )
To me this looks like a case of right place, right time... As with anything investment related there is an element of chance, but I like the odds on this bet at this point in time with all the background developments in the energy sector.
No, I am most certainly not FairAnalyst.
Petro Matad happen to have a high quality resource in block XX, which they are a baw-hair away from bringing on-line (in my opinion).
There happens to be a worldwide supply crunch taking place in the oil markets due to years of underinvestment in the sector
https://www.reuters.com/business/energy/aramco-ceo-warns-global-oil-crunch-due-lack-investment-2022-05-23/
(So said the CEO of Saudi Aramco today)
I'm personally of the believe that the management team are up to the job of getting a tank, nodding donkey and generator installed and bringing the Heron field online, based on my own (limited) research:-
I learned that Salamander Energy bought some decent sized projects on during Mike Buck's tenure as COO, including a wellhead platform (if you need convincing just search "salamander energy wellhead platform" in google).
By my simple reasoning if Mike Buck can handle a new offshore platform as COO (I assume he would have been involved in the project as COO) I would also expect him to be able to handle putting in a storage tank, generator and nodding donkey at Heron-1 also...
Beyond that I understand there is various guys who have been on this board a number of years and have grown impatient and/or negative about the share, which is fair enough.
Anyway
I do not believe MATD will 10 bag by Christmas, in fact
Never mind early Q2!
Let's talk about H1!
All talk talk.
Guys,
TGM are you FA ?
A lot of Nervous Nellies on here.
Still almost 6 full months of the drilling season remaining (mid-November cut-off advised by Mike Buck previously).
Heron-1 surface equipment already on order - almost certainly from Chinese suppliers (meaning fast delivery, if not off-the-shelf).
China now starting to re-open.
The contract with the chosen well completions contractor is in final form, now just awaiting confirmation that equipment and crews for the completion and readying for production of Heron 1 are available once Petro Matad are ready to mobilise.
Well stimulation and completion activities are advised as short duration (between 2-4 weeks), and is described as a "routine activity".
Discussions with PetroChina to share logistics and facilities were " progressing well" as stated in an update provided by Investor Relations 11 days ago (to me via email).
Anyone who's betting against Heron-1 coming online this year is taking a gamble, and is not seeing the wider changes going on in the energy markets and what it means for Petro Matad....
There is a massive impetus by governments world wide to secure additional oil supplies, the clues are everywhere:
- USA allowing discussions with Venezuela and Iran in order to secure more supplies
- Joe Biden asking OPEC to pump more oil
- Boris Johnson asks Crown Prince Mohammed bin Salman of Saudi Arabia to pump more oil
- etc etc.
My opinion, the world has taken its eye of the ball with all the green distractions, and forgotten that its the dirty black stuff that keeps the world spinning, and is now just realising that the much hyped green future is in no way ready to meet the worlds needs in its current form.
AIMHO/DYOR
It's coming to summat when folks are thrilled about 4p. !!
Once China lockdown easies as I said last week this will be back up to 4p no probs maybe higher, already started the climb in anticipation of 1st June, my best share of the year
Why you so worried
Without confirmation of news, this will be another P & D like always
The usual suspects have turned out today I see ... but that said this is way undervalued even on today's uplift!