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More importantly is when the oil companies get a payment!! They shouldn't start any production until at least one payment has been made to all concerned because their monthly costs will triple when production starts.
Gkp in 3 to 4 months without a payment will be skint and owed well over $200m and going out of business.
Iraq /Krg should make a minimum of $50m for good will they start ramping up production to 55kbopd.
2023-07-12 14:09
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Shafaq News/ A Turkish energy delegation will meet oil officials in Iraq and the Kurdistan region to discuss the resumption of Iraq's northern oil exports, the region's minister of natural resources, Kamal Muhammad Saleh, revealed on Wednesday.
Turkey halted Iraq’s 450,000 barrels per day (bpd) of northern exports through the Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC).
The ICC ordered Turkey to pay Baghdad damages of $1.5 billion for unauthorized exports by the Kurdistan Regional Government (KRG) between 2014 and 2018.
The 80 days halt has cost the Kurdistan Regional Government (KRG) over $2 billion, Reuters calculations found.
The crude oil pipeline runs from the semi-autonomous Kurdistan region in northern Iraq to the Turkish port of Ceyhan, and the KRG began exporting crude independently from Iraq's federal government in 2013, a move Baghdad deemed illegal.
"Baghdad and Erbil have completed the preparations to resume oil pumping from Kurdistan," he said, "the decision to proceed, however, is contingent on Ankara and Baghdad having an agreement."
Attempts to restart the pipeline were delayed by Turkey's presidential elections last month and discussions between Iraq's state-owned marketer SOMO and the KRG over an export deal, which has now been reached.
On June 19, a Turkish delegation visited Iraq to discuss the matter but failed to reach common ground.
The complete opposite will happen electric is unsustainable!!
All this zero carbon crap is just one big scam. They should be cleaning up the amount plastic they flush into the ocean.
Oil will be more in demand than ever in the future.
Sorry to burst your bubble .
But I do agree with these corrupt politicians robbing their own people and denieing them of a better way of life .
Anyway why ain't gkp trucking at least 20kbopd now.
Forger the pipeline that ain't opening this year or ever now.
We are pleased to welcome Julien to the Board of Gulf Keystone Petroleum as a non-independent Non-Executive Director representing funds managed by Lansdowne Partners Austria GmbH. We look forward to his contributions to the Board and the Company based on his significant experience as an investor and Board member in the international oil & gas industry.”
So am i right in thinking no 400kbopd produced no monthly budget allocation to kurdistan??
I think kurdistan as a nation will implode before oil companies fail but that will go hand in hand anyway.
All I can see as the stumbling block is the $1.5b fine and further arbitration down the road .
Once they agree on these two issues I think oil will flow again untill then forget it.
TerryMC1 a multi poster across multi boards everyday spilling negativety !!
Invested in none of them so your opinion means nothing .. 15 months of cash left and in the budget they promised to pay all monies owed ..
Trucking will start soon so cash burn will stop ..
Shafaq News / The Kurdistan Regional government revealed its will to establish two oil and gas companies.
A statement by the Regional government said that the two companies are the Kurdistan Region's oil company (KROC), which will locate, discover and produce oil, as well as the Kurdistan Oil Marketing organization (KOMO).
The statement noted that the two companies can coordinate with SOMO, and the Iraqi Ministry of Oil can do so with the Regional Ministry of Natural Resources.
The government stressed the need to reorganize SOMO company and transform it into a Federal organization, where decisions are jointly made and the KRG representative has the right to VETO any decisions related to the Region.
Do they know that they won't get payed !!
Why would any oil company invest in kurdistan with what's going on at moment??
He has 5 times their yearly budget in his bank account..
So he has been stealing around $4b a year from his own people and oil companies...
So now ask the question what deal has he done with iraq to screw his country further??? And us poor shareholders..
Iraqi Kurdistan region,— The wealth of Massoud Barzani, the leader of Iraqi Kurdistan-ruling Barzani clan, obtained through illegal activities is estimated to be $55 billion, according to former Kurdistan Regional Government KRG official, Turkish Yeni Şafak daily reported.
According to the daily the ex-Kurdish official claimed that Barzani along his son, siblings, and relatives, have “built a mafia empire, amassing wealth through unlawful means and funneling money into his personal accounts despite the existence of a regional finance ministry.”
The former official, whose name was not been mentioned and who reportedly held a key position in Erbil between 2009 and 2014, estimated Massoud Barzani’s personal wealth at $55 billion.
So he can pay the fine as his illegal ill gotten gains has come from thieving from oil companies and his own people!!
Accually surprised he is still alive to be honest ..
So what's the market got priced in o the share price ???
Oil and gas law passed has added no value.
So pipeline opening and getting back to 55kbopd or even 60k will add what ???
I accually wouldn't be surprised when it opens gkp accually drops .
This market is so rigged I wouldn't be surprised anymore..
Hopefully I'm completely wrong though with this outrageous thoughts ???
Not reading to much into this rise !! Genel and Dno are in the red so anyone wanting In should hold fire !! Plus them shorts are still firmly in play..
To many false dawns to get to excited just yet ...
One meeting won't sort this issue out ...
Most importantly for these complete idiots is what type of biscuits they want to eat !!
Personally I suggest jaffa cakes as they will eaten quicker and that will give them more time discuss which thieving bar stewards get their slice of thr pie !!
Iraq should just forget this pipeline now build a new one or reserrect an old one ..
We limp along selling to local markets for a while so our bank account doesn't dwindle down .
Turkey has a redundant pipeline forever and no revenues in dollars which they're desperately need.
Putup what makes you think it could be upto another 7 months before oil resumes !!
Could be as easily 7 days or 7 weeks no one knows only these idiot politicians.
It's all about how the pie gets divided up fairly now.
I will stick my neck out and say oil be flowing in July at some point..
This nonsense can't carry on for much longer ..
If gkp can sell 10kbopd to local the market that will keep the lights for as long as it takes .
You're brave to be short I'll give you that ..
After reading the rns I'm more optimistic than I was yesterday!!
I like the cost cutting $1 week burn rate I thought that was double that . Trucking the oil while the pipeline stays closed keeps the lights on indefinitely..
Production restart already to go ..
So it's still a hold for me ..
Once thevpipeline opens and regular payments and receivables start coming in I can see gkp hitting £3 this year ?? We might even get a Christmas dividend ....
Onwards and upwards 🤞