Member Info for starsalign

That makes more sense 4.7 trillion Iraqi dinar = $3.6B a very long way from $13B if my maths is correct?

"To my knowledge, there are no details available showing how the Buyer's Account, TEC and KPC payments / accounts are treated during the No-Export periods."

So they've taken a totally uninformed guess at 2024 revenues, seems ridiculous to me.

They have also failed to recognise that crude oil from Kurdistan is being sold for around $28 - $32 per barrel via trucks according to all information we are being given.

Yes that's what went through my mind ValueS

"the Kurdistan Region’s revenue in 2024 was $13 billion, with 87% coming from oil revenues."

Seems a bit unlikely as that's a million barrels per day at $30pb OR 500kbpd @ $60pb

Think "September Implications" are for those who believe the ITP agreement expires and ICG can no longer prevent independent exports.

I'm not a believer that much will change come Sept but the implication is that KRG exports can restart presumably along similar lines as 2014 to 2023.

Think that would bring us back to where we left off with KRG struggling to pay the bills every month but it definitely happened for 9 years so maybe it'll happen again.

Sorry not revoked reinstated or are you suggesting the value of 75kbpd was deducted from budget/salary payments?

So my question pertains to when ICG had control of Kirkuk but were exporting via KRG - Ceyhan pipeline pre shutdown.

Personally I've no idea how that was distributed but surely a similar scheme could be revoked?

How did ICG receive payment for Kirkuk oil when it was being sold pre pipeline closure presumably as part of the KBT and via the KRG to Ceyhan route?

Seems like a very bold statement, no need to worry BB, no smuggling going on here.....apparently?

Minister Mohammed stated that of the 300,000 bpd currently being produced in Kurdistan, 180,000 barrels are generated directly by the Ministry of Natural Resources, while 120,000 barrels come from private oil companies. Of the ministry’s share, 65,000 barrels are refined daily for domestic use in power stations, gasoline, diesel, and black oil. The remaining 115,000 barrels are stored and not exported due to ongoing export halts.

He clarified that despite widespread speculation, this unexported oil is not being smuggled out of the region. Instead, it is sent to environmentally compliant refineries within Kurdistan, such as those in Kar, Lanaz, and Qaiwan. These facilities refine the oil for local consumption and industrial use, particularly for power generation and cement and steel factories.

Don't think any bloodshed but everyone entitled to their opinion.

"so there is a lot of hydrocarbon fluids going somewhere, and if you are so (politically) inclined, you might consider that smuggling."

Yes but that has been ongoing for nearly 2 years now and nobody seems capable or inclined to do anything about it.

Same as when KRG oil exports were ongoing for 9 years without any interruption.

Yes we don't want another $3 pb reduction after that shock to your spreadsheet yesterday.

BB - good question for a friendly chit chat since nothing much else going on.

I've always believed that the pipeline was closed by mutual consent as the Paris court fines were never upheld and very little detail of how the decision was legally binding, seemed all very iffy to me. The situation was a shambles with KRG debt/non payments and shutting pipeline seemed inevitable.

KRG oil exports operated without too much hassle for 9 years without ICG being able or wanting to interfere in any meaningful way apart from cutting financial assistance. KRG seemed to cope ok for all those years.

Only major thing that has changed is BP in Kirkuk and will be looking for export route in the future presumably.

So basically I think we'd be back as we were for those 9 years should exports restart with KRG struggling every month to manage their outgoings and ICG unable or not interested apart from holding back the salaries. ICG don't seem particularly interested in stopping "local sales" so same would apply to exports IMO.

Go to bottom of the class regardless :-)

44.5k x $28 x 30 x 35.8% = $13.382m

Only chewing the fat, let's not have anyone getting stroppy please.

Richar - AGM 20th June, all will be revealed.

Putup - think I see where you're coming from but I'm sticking with 36% entitlement of gross field sales as per CFO's statement at last presentation.

$13.5m revenue less $7m monthly spend = $6.5m free cash max??

Ah ok, very bullish of you, no wonder you're not selling :-)

Putup - what's a bit higher??