The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register 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.
Translated -
'The Ministry of Oil is financially entitled to regional oil companies Kurdistan at $1.8 billion.
The Iraqi Oil Ministry estimates the daily oil production in the Kurdistan Region at 430,000 barrels, and the cost of production and transportation of oil at $ 19 per barrel, and the financial entitlements of companies for a year. He put it at $1.8 billion.
2023 submitted to the Finance Committee of the Iraqi Parliament, explaining the method of calculating the financial entitlements of oil companies in the Kurdistan Region.
According to the document, a meeting was held at the Ministry of Oil in the presence of representatives of the Economic Office of the Ministry and the Oil Marketing Company (SOMO) and signed the minutes of the meeting on the average financial entitlement of oil companies.
According to the document; The amount of oil produced in the Kurdistan Region was 430,000 barrels per day, the cost of a barrel of oil in the Kurdistan Region is $ 12 and the cost of transportation is $ 7, which is an average of $
According to the 2023 General Budget Act, the federal government's Ministry of Finance must be eligible for funding Kurdistan Regional Government (KRG) companies, but according to the criteria followed by the Ministry of Oil oil companies, amounting to $10 including production and transportation.
According to the document, the oil companies are entitled to $1.883 billion a year, based on the criteria set for the cost of oil production in the Kurdistan Region. That is two trillion 448 billion 420 million dinars for three years.
In the Iraqi general budget law, which is for three years, the amount of two trillion 689 billion 655 million. 1 trillion 428 billion 245 million dinars have been allocated.
In the past, one of the obstacles to the negotiations between the Kurdistan Regional Government and the federal government was entitled to the financing of the oil companies, Baghdad is ready to pay only 52,000 barrels of oil per day, which is currently produced in the Kurdistan Region.'
My head hurts reading that even now it's in English.
From Punter26 ADFN
Erdogan plans second Persian Gulf tour
...."In August, the President is planning a second tour to the countries of the Persian Gulf, including visits to Bahrain, Oman, and Kuwait, as well as a trip to Iraq," CNN Türk reports."...
(News.am: Aug 5 2023)
"Turkish President Recep Tayyip Erdoğan is planning a second tour of the Persian Gulf countries in August, and in September he may visit Germany, RIA Novosti reports, citing CNN Türk.
Earlier, Erdoğan visited Qatar, the United Arab Emirates and Saudi Arabia. During the tour, a number of agreements worth $50.7 billion were signed.
"In August, the President is planning a second tour to the countries of the Persian Gulf, including visits to Bahrain, Oman, and Kuwait, as well as a trip to Iraq," CNN Türk reports.
According to the TV channel, in September the President will take part in the G-20 summit in India on September 9-10 and the UN General Assembly in the United States on September 18-19.
"Erdoğan is also expected to pay an official visit to Germany in September," it noted."
hTtps://news.am/eng/news/774220.html
Can anyone elaborate on this ,I have managed to translate it ,but to be honest I don't know if what is in this article is good or bad for the current situation.
https://www.rudaw.net/sorani/business/040820232
He's crazier than a shiiiit house rat!
He/she suffers with serious grandiose delusions.
Apparently a resumption is imminent and a take over is a slam dunk!
We all know the correct answer.
At least another month before any talks continue.
Genel being batterd again today.
As before, when we were forced into this situation:
The tankers MUST be hired via a Barzani Bros. company (special price for you my friend) :)
So - a fox is in charge of the henhouse !
Awesome.
@Mulder whatever the BOD wanted to do there are problems IMO with market reality and logistics.
Shaikan being sold locally is not going to fetch anything like Brent on the international market. News outlets have suggested that even the good stuff from the KRG is only getting circa $40 a barrel on the local market.
What price Shaikan on the local market and is it above the CURRENT b/e level?
So if they want to get Shaikan to the international market they will need to hire a fleet of tankers to transport just like they used to.
The government is already moving some production internally and has proposed increasing that rapidly in the coming weeks - that is going to involve a lot of tankers.
Where are the spare tankers needed by GKP coming from?
OK - so $80 a bbl profit, dare we ask where it goes ?
They don’t pay us.
The population sees nothing.
Conclusion: Someone is trousering an eyewatering amount of cash.
@Armas.
“ I didn't realise Erdoğa visit was a rumour, I thought it was a fact.”
From this I deduce that it was not you who gave me the single Rec for my sceptical evaluation of the weight being placed on one outlet quoting one source speaking in secrecy:)
PoO goes up….. GKP SP will probably fall.
I have learned to expect the unexpected here :(
When oil price goes up a lot, Turkey will do a deal quickly
https://www.telegraph.co.uk/business/2023/08/03/bank-england-base-interest-rate-live-ftse-100-markets-news/
Couldn't care less who comes as long as they bring with them permission to open the pipe line
I didn't realise Erdoğan visit was a rumour, I thought it was a fact.
Erdogan was rumoured for this week. Not we only get foreign minister possibly end of month. This is a joke.
What happened to Erdoğan visit?
#BREAKING: The spokesperson for the Iraqi Ministry of Foreign Affairs has officially announced that the Turkish Foreign Minister is scheduled to visit Iraq during the latter half of this month.
The KRG should have made it clear from the start they would sell their oil by all other means unless compromises were made and the pipeline was restarted. At $5 a barrel production cost with Brent now at $85 even with trucking that is a healthy profit margin and far better than sitting on their ass for 6 months. Ridiculous and inept.
Https://shafaq.com/en/Kurdistan/Kurdish-Representative-Appointed-as-SOMO-s-Deputy-Director
In other news they formed another committee to discuss the oil and gas law.
More family members getting a job with zero knowledge of oil and gas.
Regardless BB, I don't see them agreeing to it. Semi-autonomous or not, they have their own army, and, as we all know, many many disputes over who owns what where.
They'll fight and die before they hand what they see as their birthright over, but the more you read of any potential agreement seems a waste of time, as I'm lost to remember any agreement between the two parties that actually did last any substantial period of time.
Iraq already owns ALL of the oil and gas within the country.
Kurdistan is what the Kurds prefer to call it, but truthfully it is the Kurdish Region of Iraq and is a SEMI-autonomous region of Iraq with certain rights and powers granted to it. Those rights have are balanced by obligations - and it's plain that these, on both sides, have been abused in recent years.
The State Oil & Marketing Organization has every right to manage the sales & marketing of KRI crude.
In the same way, North Oil Co - who traditionally managed the technical aspects of Kirkuk field development (incl Avanah and Khurmala domes as well as the adjacent structures) will be responsible for the technical development of ALL the Northern fields. Obviously, input from those closest to the action with the greater knowledge of the local fields such as KRI MNR will be sought.
The "hardball" briefly mentioned has yet to be fully aired and will encompass the revision of the KRI PSCs.