Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The colour of Money, perhaps?
Iran cutting it? Oil going even higher? Iraq and Turkey then milking on the Ceyhan pipeline as it opens up...more money in. Sure.
As most here mentioned before, the US is putting so diplomatic pressure to get the oil in the market, and possibly walk the walk with some funding? They seem not to have much problems with finances lately as far as, someone mentioned here, their funny money is concerned.
Fair point, but the idea here is also related to opportunities in oil and the fact they intend to invest in the region. The Chinese is another investor in Iraq, let's no forget.
Armsmaximilian,
That's one way of seeing it for sure. But to every action, there must be an equal and opposite reaction. The West ought to keep a foot in Iraq to balance things, wouldn't you agree? I mean, West influencing major corporations to do so. My 2pc, for what's worth.
ST
Https://www.energyintel.com/0000018b-1679-da1d-a5bf-367b35900003
Lukoil's overseas diversification strategy could switch to the development of existing reserves from geological exploration assets that have been the company's focus in the past.
The Russian independent is looking for creative ways of lowering risks posed by US sanctions.
An opportunity to increase production and expand operating margins in Iraq could present a major breakthrough for the company
Middle East in Focus:
Lukoil's best options for significant production increases are in the Middle East, where it is active in Iraq and Abu Dhabi. In Iraq, Lukoil is finalizing changes to the technical services contract (TSC) that could allow it to nearly double production from the West Qurna-2 field by tapping the long-sought Yamama formation, while at the same time boosting its financial returns there. West Qurna-2 is now producing some 480,000 barrels per day mainly from the Mishrif formation. Development of the Yamama horizon is projected to increase output up to 800,000 b/d. Lukoil has been reluctant to invest in Yamama under the original terms of the TSC it signed for West Qurna-2 in 2010. Under that contract it earns a reimbursement fee of just $1.15 per barrel, which drops to 85¢/bbl after tax.
The Russian major has been negotiating better terms for Yamama for at least two years, having even considered selling its 75% interest in West Qurna-2 in frustration. According to Basim Mohammed Jaleel, assistant to the general director of Basra Oil Co. — the Iraqi state company responsible for oil in the south of the country — Baghdad earlier this year gave "the green light" for the amendments to improve the internal rate of return from 6% to just under 10%. Under the agreement, the reimbursement fee would be increased to $3.6/bbl, according to Jaleel. The changes are expected to be finalized by the end of the year.
The new amendments would set a new time line and could include some social obligations as well, sources claim. If approved, it would be the first time Baghdad has changed the terms of a TSC. Lukoil is one of the few international oil companies in Iraq willing to make major new investments if it is able to secure the right terms. It recently won approval from Baghdad for the declaration of commerciality of reserves and the development plan for the 12.9 billion bbl Eridu field in Block 10, which could produce some 250,000 b/d. Lukoil is now preparing to tender contracts for the development before taking a FID, according to insiders....
Https://english.aawsat.com/business/4600881-iraq-be-guest-honor-made-saudi%E2%80%99-expo
"The selection of Iraq as the guest of honor for the current edition of the expo is an extension of the strong economic relations between the two countries.
This represents a significant foundation on which many strategic partnerships in economic and commercial aspects are built."
Https://www.offshore-technology.com/news/adnoc-eyes-global-expansion/
"ADNOC is actively pursuing opportunities in the areas of renewable energy, gas, petrochemicals and LNG.
"This approach is similar to that adopted by the UAE’s Gulf neighbours Saudi Arabia and Qatar.
The company told Reuters that as part of this approach, it was actively seeking specific prospects in the fields of gas, petrochemicals, renewable energy and liquefied natural gas (LNG).
The oil and gas major did not provide any details about potential targets...."
Https://www.offshore-technology.com/news/aramco-eyes-lng-acquisitions/
"The Middle East oil producer is expanding beyond its main business and targeting major developments in gas .".
"...Al-Naimi said the company will explore investment opportunities elsewhere too.
“We see indications that the LNG market is positioned for structural, long-term growth,” he told the publication.
“Aramco’s intention is to become a leading global LNG player.”
According to Al-Naimi, the Middle East oil producer is expanding beyond its main business and targeting major development in gas and low-carbon energy alternatives."
RogtheGamer,
If I remember rightly, the majority in Ukraine had a democratic elected president, which was deposed by an armed minority. Please, check the facts.
This coup led to a leadership government pro west who knew what they were doing proving Russia by wanting to be part of NATO. Sure, nations states have the right to chose their path, however, say that to Cuba and Vietnam for instance?
You have not addressed my example with México, funny enough. You know why? Because you would find it hypocritical, and you can deal with that.
I suggest you read up on some more enlightened and renowned political academics on the subject. Say. Professor Joseph Mearsheimer, an American by the way. If you allow yourself some space for critical thought you may see things differently.
Here, one of his lectures:
https://m.youtube.com/watch?v=JrMiSQAGOS4
Cheers.
ST
Sure you meant to sign...
The Clown........?
Https://www.google.com/amp/s/shafaq.com/amp/en/Iraq-News/Saudi-King-expresses-commitment-to-stronger-ties-with-Iraq-in-letter-to-Iraqi-President
The Saudis have deep pockets and a billion os just pocket money i would imagine.
ST
Rogthegamer,
I suggest you read the AKIPUR message highlighting the costs and implications to the country if the pipeline isn't working, perhaps?
Iraq can't afford not to. Of course, Putin, better still, Russia is defending its national security interest by showing the West and its puppet (Ukraine) that it would not tolerate having a Nato based on its door step; as would the USA should China offered a trade deal plus military alliance with Mexico should they accept the same Ukraine got from the West.
But no, many gullible followers with no independent thinking opt to just swallow what most mainstream media dishes out to the population. The Ukrainian war was caused by the western powers at the expense of the Ukrainian population and European tax payers plus UK.
Wake up and smell the coffee.
ST
At 130p finish this will make many to lose sleep for staying on the sidewalk. Bystanders with a bitter taste in their mouths. SC, the writing was literally on the wall once Turkey gave the go ahead. The rest should fall into place soon. I think you ain't a loser mate. :0)
ST
It seems like a case of, you drop the remaining court cases in the US and we may come to some level of compensation, perhaps?
ST
"Baghdad and Anakra are reportedly in discussion over the payment of $1.5 billion the court awarded to Iraq as the result of damages it had suffered.
https://www.kurdistan24.net/en/story/32829-KRG-to-discuss-resumption-of-halted-Kurdistan-Region-oil-export
ST
Turkish officials have also asked Iraqi counterparts to drop the remaining court cases against Ankara on the energy dispute, according to media reports.
Kurdistan Regional Government (KRG), Turkey, and Iraq have participated in several rounds of negotiations since then to resume the export, whose loss is estimated to be nearly $6 billion.
Oil companies and a number of countries, including the US and Russia, have previously called for the resumption of oil exports".
Straycat, you are absolutely spot on. Short,medium and long term GKP looks really like a great opportunity for us to make money. Bagdad has lost 6 billion in revenues so far, can they wait further? Definitely NOT!
Great, just ordered a couple of bottles of Chateau Lafite Rothschild 2005, plenty of beer and some Kobe beef for the barbecue. The wife's wondering what I am up to.
Tick following tock, following tick...
Roxi, there are so many PIs on the sidewalk waiting to get in and hoping, praying, cheering for the sp to drop so they can do that. But, to their desperation, all it does is to creep up.
Ah, the second we get the news we are all waiting, we will cheer, but their hearts will sink in desperation. We know it's coming. It can happen in the next minute, hour, day.. it will happen.
ERBIL, Kurdistan Region - Italian Ambassador to Iraq Maurizio Greganti on Tuesday said that it is “very important” for the Kurdistan Region to be allowed to resume its oil exports months after the process was suspended due to an arbitration case between Ankara and Baghdad.
He said that it is “very important” to allow the resumption of the Kurdistan Regional Government’s oil export, “it is a very important source of income for the KRG and for Iraq as well,” the top Italian diplomat told Rudaw’s Payam Sarbast.
“It is the question of political agreement among the parties concerned and I think in this regard the incoming visit of President Erdogan to Baghdad, to Iraq will be very important,” he added.
Oil exports through the Iraq-Turkey pipeline have been halted since March 23 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had breached a 1973 agreement by allowing Erbil to begin independent oil exports in 2014.
The lack of oil flow has incurred around $6 billion of losses towards the Kurdish and Iraqi governments since March.
“This is a very important issue which has to be settled,” Greganti noted.
He said there should be a general agreement in this regard.
Earlier in the day, the ambassador met with Kurdistan Region Prime Minister Masrour Barzani, discussing bilateral relations between the Kurdistan Region and Italy as well as ongoing issues between Baghdad and Erbil over the Region’s financial entitlements within the budget law.
“Both parties emphasised the importance of resolving these matters, particularly concerning the financial entitlements of the Kurdistan Region and the salaries of its public sector employees, in accordance with the Iraqi constitution and budget law,” read a statement from Barzani’s office.
Https://www.google.com/amp/s/www.rudaw.net/english/kurdistan/101020235-amp
We all know they need it. Turkish president visit. Résolution to be reached soon.