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Umm it’s called “read across” and what happens next
50% move on GKP receiving… and market won’t wait but starts anticipating now
ERBIL (Kurdistan 24) – The Kurdistan Regional Government (KRG) Council of Ministers is set to convene on Wednesday and discuss the outcome of negations between the Kurdistan Region’s delegation with their Iraqi counterparts on drafting an oil and gas bill, according to a statement.
The discussion comes as a KRG delegation has recently visited Baghdad to discuss the bill with Iraqi energy officials, with whom they agreed to form a number of committees to finalize the bill.
The weekly cabinet session will be chaired by Prime Minister Masrour Barzani in the presence of Deputy Prime Minister Qubad Talabani in Erbil, a KRG statement read.
In the absence of an oil and gas law, Iraq relies on the 1970s Ba’athist-era legislation to regulate its oil and gas sector.
The KRG officials have called on the Iraqi government on several occasions to draft the bill in order for the parliament to enact the legislation.
Managing oil and gas has been a contentious issue between Erbil and Baghdad for over a decade.
Producing an average of 3.5 million barrels of oil per day, more than 90 percent of Iraq's revenues come from oil sales.
Prior to the stoppage of its oil sale on March 25 at the request of Iraqi authorities, the Kurdistan Region used to export 450,000 barrels of oil on a daily basis.
Beginning in June, the Region transfers 50,000-60,000 barrels of oil to the Iraqi Ministry of Oil as part of a new arrangement between the two governments in order to market the Kurdish oil through the state marketing company, known as SOMO.
https://www.kurdistan24.net/en/story/32212-KRG-to-discuss-Iraqi-hydrocarbon-bill
Let me check if we're in the Dana Gas or GKP board ....... yeah, this is not the Dana Gas one, we're in the board of the company that hasn't received the $80m payment
And some of you are complaining
Speaks of a few going short at the wrong level
Thanks BroadfootBay
I do appreciate that gas is a long term in the future prospect, and of course first things first in our current predicament, however with climate change to consider alongside Iraq’s stated desire to move towards gas self sufficiency and exports flaring won’t be an option and pumping such a valuable asset back into the ground seems ridiculous. Yes the exploitation of our gas will be difficult and no doubt expensive, and very long in the prospects of a return. That said the market looks forward as do larger oil companies with predators huge pockets.
Shhh don't upset her...
No-one knows about the Gas! :)
@rog,
yes it all sounds very positive re gas, but the SH "wet" gas (and that from others such as Atrush) cannot just be piped anywhere "as is". It has to be cleaned / processed and contaminants and other undesirable hydrocarbon elements removed. That will cost quite a bit.
We are still quite a way from utilizing Associated Gas from any of the KRI fields.
“Payment means nothing” lol
It’s about balance sheet my friend and confidence
Without the Turkish pipeline being opened again. The payment means nothing.
The pipeline is the big issue here, not the payment
PI’s are trying to trade this share and I’d rather see positive progression with GKP, rather than day traders pumping and then dumping
So basically GKP now has production and Dana has just received a massive lump from the KRG. Sense GKP will take off again now!
The Iraqis have probably all been loading up here :)
Iraq Oil Report _ “ The KRG has started work to expand its gas pipeline network, an initiative that promises to increase domestic power supply, unlock more gas production and take a step toward potential future gas exports.”
“ Construction has begun on a 36 inch pipeline running from Erbil to a power plant in Dohuk near Turkish border.”
“ corroborated by photographs of the new pipeline seen by Iraq Oil Report.” “ Groundwork started “
Etc. full article available to subscribers.
Where are the KRG getting that money is the interesting part.
@baroninvestment just tweeted to his followers and price is immediately ticking up
That’s a gamechanger in the making for Gulf. This will be well into the 100s shortly
The Important part...
DUBAI, Aug 9 (Reuters) - United Arab Emirates energy firm Dana Gas (DANA.AD) said on Wednesday it had received $80 million from the Kurdistan Regional Government (KRG) in Iraq, which for over a decade has sometimes struggled to make payments on time.
Pearl Petroleum, a consortium majority-owned by Dana, "recently" received $101 million from the KRG "despite the ongoing challenges within Iraq and is in ongoing discussions with the KRG to settle outstanding receivables as soon as possible," Dana Gas said in a statement on its first-half results
Holding GKP is interesting to say the least. Yesterday I mentioned my near bottom ‘day trade’ Now with the RNS being broadly positive I suppose I should be patient and stick with a far larger holding in this company than might be sensible. In the meantime folks thanks for all of your input, especially from those of you that know more about the oil industry than me. ( more than F A ie nothing )
Wow, that is huge news.
Gulf Keystone next??
With 11.7 kbopd rate of production and $17/bbl realised local price, I get a figure of only $2.13 m per month net to GKP! Assuming 26% of 60% po as contractor share and 56% net to gkp of that stream with 20% CBC.
So, not much profit there. But local sales do help recover cash from the CRP at a rate of $1.747 m per month.
Best Regards ValueS
Oh and just like that...
Very interesting!
Well done for this RNS.
I'm still thinking something is much larger than the sum of all our parts.
Anyway, keeps us in the game and let's keep the pressure on for owed payments.
Dana Gas receives $80 mln from Iraq's Kurdistan region
https://www.reuters.com/business/energy/dana-gas-receives-80-mln-iraqs-kurdistan-region-2023-08-09/
They also mentioned reducing costs further
6 million a month indefinitely has us surviving...
Gkp really need the pipeline to restart
It’s all well and good saying it’s temporary but it’s been going on for ages now
They really need to reverse their declining cash reserves and stop the outflows
RNS states they are being paid in advance for local sales. So direct cash flow.