The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
The impasse is being prolonged for a purpose of course.
The peoples of greater Iraq are the losers day by day.
So those in power are protracting things - which we can only conclude - are for personal gains (as usual).
Imagine the signing fees and backhanders which will be arriving into private accounts when we are replaced by major Chinese, Russsian or Indian Oilies ?
How can this be done swiftly and legally - such that the cunning ICG can dispose of us and our disputed, illegal contracts under Erbil - without being dragged through the International Courts ?
This para is a bit concerning in the Habshan article:
APIKUR is aware of reports of recent meetings between officials from the Government of Iraq (GoI) and the Kurdistan Regional Government (KRG) and representatives of International Oil Companies (IOCs). However, APIKUR member companies—which represent the majority of the oil produced by IOCs in Kurdistan—have neither been included in these meetings nor been invited to participate in any future meetings between the KRG and GoI.
Wonder who the favoured IOC members were/are ?
Cancelling our contracts and handing over the fields we have developed would certainly avoid having to pay our outstanding bills, and bury all the embarassing goings on that senior politicians seem to have benefitted from.
Who wants what out of this debacle ?
Turkey: Face saving for the polititions involved in exporting Kurd oil. Someone to pay their $1.5 million fine (they are receiving their daily pipeline fee currently).
IOCs operating in Kurdistan: Missed payments + interest. Legal contracts from ICG (similar to the other IOCs operating in the rest of Iraq.
KRG: Face savings to all guilty parties. Oil to flow. Avoid paying the past missed payments to their IOCs
ICG: Face savings for all polititions running the current mess. Minimized remuneration contracts to IOCs currently operating under illegal Erbil contracts in Kurdistan.
Have I missed anything…… ?
Avoid court - Baghdad waited over 5 yrs for their (apparently unenforceable) ‘victory’ over Ankara and their cohorts - the delinquent billionaires rulling over us in Erbil !
What an embarassing shambles, played out on the World stage, for the peoples of Iraq this has become.
Take your point MorY….. you knew your team and what type of manager it needed to succeed in its league - without devolving the responsibility to outsiders.
There’s a lesson there ;)
Big spend on E-Z charged with sourcing the best man/woman for the job - takes the heat off of our BoD - if the person they recommended turns out to be a dud.
(a bit like a BoD opting for a safe shares buyback campaign - rather than progressing the business by expanding via acquisitions/product/market/technical strategies).
Yes, the meetings appear to be just an excuse for tribals to appear on local TV and play pretend importance…. whatever, but remember that most of them attending are seriously wealthy, and will not flinch to remove us from the scene and sign over ‘their’ oilfields to China or Russia for personal gain (again).
The tolerance and acceptance by the general population in Kurdistan under the rule of the Erbil billionaires - humbles me.
How can they not understand that they are being used and abused ?
Swarms of private jets at local airports, Hollywood style villas in the USA ( just incase a kwik exit to a safer country is urgently needed ‘some day’ ).
Sovereign rule under the umbrella of Baghdad must be a welcome alternative for the impoverished majority barely existing hand-to-mouth in such an oil rich country ?
Buybacks a resounding success then :)
(as usual).
A savvy BoD would have invested our capital in acquisitions/technology or exploration….. anything demonstrating involvement or enthusiasm in our core businesses in fact.
j-a-b……$15 !
as if, i guess the families would not tolerate us making anything in double numbers per bbl out of their oil without having their lion’s cut ?
watching the famillies squabble (in full view of the world stage) like petulent babbies to secure their rightfull slices is the only sport we have had out of this f**** since march.
soon be christmas……