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Get real - IOCs operating under the tribal governed PSCs will only derive a fraction of your dream figures - read back on putup’s calcs for a credible analysis of our income.
And remember - the tribal leaders know exactly how to default and short- change on our invoices….. and we appear to be stuck under them yet again.
Watch and learn how to skin-off and avoid paying according to contracts.
No human is worth an annual remuneration as ridiculous as that.
Base of 1mill plus a retrospective performance related (not exceeding his base) would still be excessive.
The rest of the management team will drooling at what they will get - based on this precedence.
Dammit - so plenty of scope for under and late payment excuses as to continue as before.
I wondered why the Erbil tribals seemed to be accepting SOMO taking over dealing with the invoicing and incoming payments for oil, and seem to remember a load of discussion about Baghdad re-writing the IOC PSCs, but that has been swept under the magic carpet.
Only morcel of good news is that the PSCs and families ruling during non-payment will remain in place and hence can be held responsibl to settle the debts (+interest).
Watch and learn how they wriggle out of it.
So still plenty of scope for the tribal rulers to abuse us if they are responsible for paying us as before.
Would have been much preferred if we invoiced Baghdad, and they paid us according to the PSC schedules.
Oh whatever, maybe we can appeal directly to ICG when the cheating recommences….. ?
Question: if an entity is quietly accumulating our shares, having bought out 51% via proxy agents etc., could they then force through a takeover at substantially under market value.
Could the BoD block such a sell out on behalf of the minority shareholders ?
Yet another chapter of interminable meetings - called by ICG Oil Minister Hayyan this time…..
The skies over Baghdad will be black with private jets inbound from Erbil, and roads will be blocked with truckloads of (approved) biscuits.
What an ongoing pantomime of incompetence and self enriching point scoring at the expense of us little IOCs and the peoples of Iraq.
Charge Baghdad to go after their rich cohorts in Erbil to recover our missing payments….. and meanwhile stump up as per our contracts.
I have no shame in receiving a long overdue cut of our cash - which is stagnating at bank.
GetL…… please explain: «Unfortunately it is ripping off the people of Iraq»
I have always held that the rulers are ripping off both the peoples of Iraq (via creaming off the sales of natural resources). AND little IOCs like us (via short and late payments).
BB - if we are only allowed to introduce 50-60% Shaikan production into the export line, the rest can still be sold locally (via the usual familly’s businesses) so they can get their cut that way.
It’s a win/win then !
Just the missing payments (plus interest) due to us from the KRG to dig into.
I think we all know where they probably went ?
Baghdad has the power and authority (to apply some simple forensic accounting) to trace these - unless of course ICG leaders have had sticky fingers too ?