Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Another aspect of these contracts depends on the time to sign and implement them, because before the agreement between Erbil and Baghdad on the issue of energy and the settlement of the Iraqi oil and gas law, it will certainly affect the negotiations, and vice versa.
: Fifth Plus and Sixth Round Gas and Oil Contracts by Provinces and Types.
Fifth Plus and Sixth Round Gas and Oil Contracts by Province and Type.
Source: Mess Magazine, No. 40, October 6, 2023 and proposed contracts for the fifth, five plus and sixth rounds.
The fate of the Kurdistan Region's oil contracts between Baghdad's demands and the companies
On November 5, Kurdistan Oil Industry Companies (Epicor) reiterated their demand to protect their contractual rights, which they have repeated officially and unofficially. This development comes at a time when a delegation from the Iraqi Oil Ministry visited Erbil recently "We are close to an agreement and we emphasize the export of oil from the Kurdistan Region from the port of Jayhan, but some things need to be changed, especially the contracts, and that will be resolved during this period," he said.
In fact, the problems have not been resolved for more than eight months and 10 days. All companies have started selling oil domestically at half the price of oil traded in the world markets Most of all, it has conveyed to the Kurdistan Regional Government and the people.
Constitutionally, the Iraqi constitution deals with two articles on oil and gas, namely Article 111 and Article 112, which do not mention how to manage and formulate the country's oil and natural resources policy, but it is left to the enactment of oil and gas laws Two decades later, it is still unclear when it will be released. It is likely to be issued when a party's supremacy and objectives in the law are fully achieved.
Now, all eyes are on the decision of the Iraqi government and the oil ministry on how to amend the oil agreements between companies and the Kurdistan Regional Government, while according to the April 2023 agreement between Erbil and Baghdad, this issue should fall after oil exports.
The Kurdistan Region signed oil and gas contracts in the light of the August 6, 2007 Oil and Gas Law, which the Federal Court declared unconstitutional on February
First, are the agreements legal and amended or illegal and renewed? If they are legal and amended, what will happen to the Federal Court's decision that declared them unconstitutional and illegal?
30 oil and gas fields in new contracts in Iraq
Iraq worked with local companies and service contracts for nearly 15 years, but could not not only increase oil production and not waste accompanying gas, but now most of the wells need development work known as Enhance Oil Recovery. After nearly 18 years, attempts by major oil companies to invest in the sector in the fifth round of contracts were implemented in some ways, such as contracts with Crescent Petroleum and Total, but this failed to bring investment to new fields. Therefore, the form of the contracts has been amended to be more investment-attractive and take the form of a PSC production sharing contract.
Now, it has completely revised the 2018 oil and gas contract model and wants to attract international oil and gas companies to invest in 11 gas fields, three oil fields in the sixth round and 11 oil fields and five oil and gas fields in the five-plus round.
The amendments to the provisions of the two new oil production methods, the EDPC or the DPC, include the fields explored and 2D seismic data prepared, even test wells. For example, of the 30 new oil and gas blocks and fields that are ready to be given to investors, only seven need to be explored, while when the Kurdistan Region signed oil and gas contracts in 2004-2012, there was no 2D seismic and tested wells Regions and the possibility of oil contracts were signed, so now 48% of the revenue goes to the Kurdistan Regional Government and 52% for investment and operational expenses and profits from the capital invested.
What is now seen in the oil and gas sector is that the Sudanese cabinet has facilitated the signing of contracts, surpassing the stage of the previous two cabinets. Especially the energy contracts that have been signed, whether it is the signing of Total, Crescent Petroleum or the approval of the departure of Exxon Mobil and the expansion of Chinese and Russian companies Meetings and traffic, one official project has just been launched.
Also, if we look at the data in Table 1, it is clear that the gas fields prepared for the sixth round are located in central and northern Iraqi provinces, some of which are disputed areas under Article 140 of the constitution and the Kurdistan Regional Government "Most of the contracts signed are in areas that are not disputed," he said
Https://www.rudaw.net/sorani/opinion/071220232
oil and gas contracts in Iraq and the fate of the Kurdistan Regional Government contract
23 minutes ago
Mahmoud Baban
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Preliminary
The Iraqi Oil Ministry is scheduled to announce the winners of the five-plus and sixth rounds of oil and gas contracts for 30 fields in February The French have reached a historic agreement, and the Gulf countries, especially Saudi Aramco, are calling for changes to the contracts.
In fact, the five-plus round refers to the oil and gas fields that failed to attract companies to invest in the Iraqi oil and gas industry in 2018, but what has changed this time is the content of EDPC's "exploration, development and production contracts What is the DPC that is expected to attract investors for 30 gas and oil fields in Iraq?
The launch of DPC Total Energy's development and production contract in the Ratawi field to produce 60,000 barrels of oil per day has attracted the attention of investors, especially after reducing the "minimum labor commitment and minimum labor costs by the investor company. Also, the royalty reduction in EDPC contracts, which was previously set at 25%, is expected to be significantly reduced in this round. This is despite the change in the production sharing contracts, which increased commercial production as a percentage of oil production levels, instead of the 10,000 barrels set in the previous contracts. Finally, after deducting investment, operating and royalty expenses, companies can receive different percentages of profits from the sale of oil or gas.
These lines take us back to the title and the nature of the KRG's contracts with international oil and gas companies, but if there is a difference in the rates, it depends on investment risk, availability of data and information than the Kurdistan Region has done in the early two decades.
Well spotted @TM. Thanks for the reminder. I forgot all about that! However, it could be Friday the 15th or (or Monday the 18th ?) the latest.
Best Regards ValueS
From the AGM Results RNS on 16/06/23.
“The Board notes that Resolutions 7 and 8 were duly passed but did not attain the support of more than 80% of shareholders who voted. As set out in provision 4 of the 2018 UK Corporate Governance Code, the Board will consult and engage with the Company’s shareholders as appropriate and will provide an update within six months of the AGM. “
So an update on this matter alone has to be provided by 16/12/23.
It provides an opportunity to update shareholders on other matters as well - this has happened in previous years when other resolutions did not meet the 80% threshold.
Level and stability of local market demand?
Price per barrel achieved?
Production profile over time, any problems encountered so far bringing wells back on line?
Taha, haha, tata.
This one to give us all a laugh, we need it!
https://gulftoday.ae/business/2023/12/06/iraq-truly-a-goldmine-for-investments-official
Armasmaximilian,
Your paragraph has a few grammatical issues. Here's a revised version:
"He appears inebriated or hallucinatory, resulting in verbose spewing of diarrhea. The fecal stench emanates from his most probably overused and worn keyboard, due to the excrement he is incapable of holding in."
Appears inebriated, or hallucinatory, subsequently resulting in his verbose spewing diarrhea; the fecal stench emanating from his, most probable, overused worn keyboard, due to the excrement he us incapable of holding in.
Https://www.eurasiantimes.com/russia-acquires-largest-oil-field-in-iraq-kicking-out-japan-majo/?amp
Tw*t on the turps is all you need to know Invstrat
Can some body translate these oxbridge utterances into plane inglish pleeze ?
Putup,
Your feeble rejoinder lacks merit for a substantive response.
Nevertheless, in consideration of your intellectual frailty, I extend a scholarly grade of "F" for your deficiency in cognitive prowess.
I hold minimal regard for your contributions, and henceforth, I shall refrain from engaging with any further expressions you may proffer on this platform. Essentially relegating your insignificance to a microscopic realm alongside bacteria and germs in my mental space.
What a load of b*llocks
If the observed phenomenon does not epitomize unadulterated strategic manipulation, discerning an alternative characterization becomes an arduous task. The orchestrated divestment of shares, valuing a mere couple of thousand pounds, engenders a marginal 1% diminution in stock price, a seemingly disproportionate repercussion for an enterprise commanding a valuation exceeding 200 million pounds. This circumstance ostensibly underscores a calculated exploitation of retail investors, portraying them as unwitting participants in a theatrical performance. What a joke.
JAB,
What the original article says In simple terms, is that the Supreme Federal Court has declared that certain instructions issued by the previous government led by Mustafa al-Kadhimi during the caretaker period are invalid. The court found that these instructions violated the Constitution and internal regulations, altering the structure of the General Secretariat of the Council of Ministers in a way that exceeded the Prime Minister's powers during the caretaker period. The decision emphasized that such actions during the caretaker government can create financial burdens for the incoming government and negatively impact administrative efficiency. The court ruled in favor of adopting previous instructions from 2017 instead.
Armasmaximilian,
Your response exhibits a limited degree of intellectual engagement, necessitating a more concerted effort on your part. Regrettably, I can only assign a grade of "E" to your endeavor.
ST
Habshan: ADVFN again, food for though?
"Might be reading to much into this but it's interesting nontheless.
In February last year the Federal Supreme Court issued a clearly politically motivated ruling declaring the PSC's illegal and threatening to pursue the traders that bought Kurdish oil through the courts and blacklist them etc etc.
That ruling was issued under the tenure of the caretaker government of Mustafa al-Kadhimi and his now thoroughly discredited oil minister Ihsan Abdul-Jabbar Ismail.
Then yesterday we had this - "Court Rejects Challenge to Iraq-KRG Oil Deals. After several hearings, the Court rejected Awadi's complaint, removing legal obstacles to the Oil Ministry's transactions with companies investing in the Kurdistan Region."
Today we have this from Shafaq News - "FSC invalidates instructions issued during former PM al-Kadhimi's government period. The Supreme Federal Court, on Wednesday, declared the invalidity of instructions issued during the daily caretaker period by the previous government led by Mustafa al-Kadhimi."
Is this the FSC and ICG backpedalling and trying to extracate themselves from the corner they painted themselves into."
Think we have to see who's loosing the most here for the most likely outcome. The IOC's, have beaten attempts at financial blackmail, probably with the help of the Kurdistan government.
Iraq has lost 8$Billion in lost crude revenue and counting and is also paying 1$M a day in unused pipeline fees to Turkey. It 's also desperate for regular water flows from Turkey for its farmers which is being restrained in Turkish dams currently.
Not surprised to see them try the tactic of ignoring the IOC's, or even making up that they have agreement of a kurdish operating company we don't know of. Just a last gasp attempt to put pressure on and perhaps worry the IOC's or their shareholders. Now we see the Iraqi puppet masters who have been pulling the strings for years, living in embezzled riches while the population goes hungry and unpaid. All the time being two faced spouting that they are working with Kurdistan while deliberately hiding behind the "illegal contracts" in order to cause delay and smokescreen.
They are loosing here and they know it as the losses rise daily.
Space man why are you here If you don't own shares?
Space man why are you here If you don't own shares?
Armasmaximilian,
I think you mean "you", not "we".
You need to own shares to be included in the "we".
ST
“Wonder who the favoured IOC members were/are ?”
Three groups I can think of, first two are debt related and the third are a group who want to get out of their existing contracts.
APIKUR is fundamentally different, debt related BUT involves contracts the IOCs are very comfortable with - involves a lot more issues.
In Iraq references to IOCs include Trading Houses, there is a lot of debt repayment that needs sorting.
There is a debt fuelled Gas related dispute between DANA and the KRG, which given the immediate implications for electricity supply throughout the whole of Iraq in Winter, could well be at the top of things that need sorting.
They have flagged up the idea of standardising all the production contracts along the lines of the ones for the next batch in early 2024. Part of that process will be adapting the existing TSCs into the new format. Those IOCs want improved contracts ASAP but from a negotiating point of view might want to see what APIKUR get offered.
One day we will all wake and either this is nationalised and given to Russia or pipeline opens.
Which seems more likely
Discussions pertaining to political and economic affairs within governmental spheres, as exemplified by the ongoing discourse between the governments of Iraq and Kurdistan, typically exclude the involvement of private entities like those embodied by Apikur. Contemplating a comparable scenario on foreign terrain, such as within a member state of the European Union or the United Kingdom, raises questions.
The proposition that Iraq and Kurdistan ought to entertain the presence of representatives from foreign corporations in ministerial deliberations appears, to my discernment, somewhat credulous and perhaps even imbued with a touch of colonialist inclination. The revelation of Apikur's stance is anticipated to transpire upon the conclusion of these discussions, given their presumably well-informed comprehension of the company's position.
In this context, the viable options seem limited to either retaining or divesting one's shares, as any additional discourse seems unlikely to exert influence upon the eventual outcome.