George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
"In the meantime, the KRG will continue to embrace and promote the rule of law. The KRG will safeguard the integrity, independence, and constitutional jurisdiction of the courts of the Kurdistan Region. The 2007 KRG Oil and Gas Law, and all KRG laws, remain in full force. The KRG will, as always, protect the 2005 Constitution, uphold the 2007 law, and adhere to the terms of contracts entered into in accordance with that law."
Emmmm....could the KRG please, pretty pretty please, point to us disenfranchised shareholders to which Kurdish "Court!?" the struggling IOCs working in Turdistan can refer to in order there dues paid and the contracts signed enforced?????🤔🤨
"Meanwhile, 33,829,000 barrels of oil "
It is actually 34,450,000 barrels. The 1,357 B ID is equal to approximately $1 B, which means average local price of c. $29/bbl, more than half of which goes to the KRG after paying the IOCs (including cost oil) and that is a lot more than $6/bbl obviously!
"Were they contracts and if so why did the company never take legal action to enforce them?"
The company does not even dare! The KRG doeth what the KRG wanteth to do!
- KBT pricing
- non payments without warning or explanation
- unspecified delays
- not bringing in a third party as well as taking part themselves as per the original PSC.
All happened in the past decade or so of GKP's miserable history.
"in the case of the Shaikan PSC circa 47% of the production becomes the property of the IOCs at the stipulated point of delivery on the surface."
In theory only "theory"man, in practice, it is 47% of gross sales not production. If and only if our only customer choose to pay it! As history has clearly shown.
Best Regards ValueS
By Mohi Narayan and Katya Golubkova
NEW DELHI (Reuters) -Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided.
Brent futures were up 13 cents, or 0.15%, at $87.42 a barrel, while U.S. West Texas Intermediate (WTI) crude futures traded 6 cents higher, up 0.07%, at $82.75 a barrel at 0636 GMT.
The two benchmarks slid 3% in the previous session on signs that fuel demand this year is lower than expected amid flagging economic growth in China and as oil inventories in the U.S., the world's biggest crude consumer, rose.
Analysts at JP Morgan highlighted in a note late on Tuesday that worldwide oil consumption so far in April has been 200,000 barrels per day (bpd) below its forecast, averaging 101 million bpd. From the start of the year, demand has risen by 1.7 million bpd, down from its forecast in November of 2 million bpd.
At the same time, investors are discounting the chance that Israel will strongly retaliate against Iran's missile and drone attack on April 13, which was prompted by Israel's alleged killing of Iranian military leaders at a Syrian diplomatic site on April 1.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, according to Reuters data, and an easing of its conflict with Israel would reduce the potential for supply disruptions in the Middle East.
Brent is now back to levels before the April 1 attack on the Iranian consulate, suggesting that the latest bout of risk premium from heightened Israel-Iran tensions has eroded," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
Surging U.S. crude inventories also kept a lid on prices. Oil inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the Energy Information Administration said, nearly double analysts' expectations in a Reuters poll for a 1.4 million-barrel build.
Stockpiles built as refinery utilization declined at a time when processing typically rises ahead of summer driving demand in the U.S.
Gasoline stocks fell by 1.2 million barrels in the week to 227.4 million barrels, the EIA said
Distillate stockpiles, which include diesel and heating oil, fell by 2.8 million barrels to 115 million barrels, versus expectations for a 300,000-barrel drop, the EIA data showed.
A bearish EIA inventory report appears to have been the perfect opportunity for investors to lock in profits after the recent gains," Daniel Hynes, the senior commodity strategist at ANZ, said in a note on Thursday.
Https://oilprice.com/Energy/Energy-General/Oil-Ticks-Lower-on-EIA-Inventory-Report.html
"What are the implications of this for GKP?"
Not good by the looks of it as far as oil export participation but could be excellent when it comes to selling the oil locally. I'll be happy with $35 local realised price if @ max production capacity of 60 kbopd+
Best Regards ValueS
"Any info on deals for Iraq to get its much needed water? "
For the time being, Iraq has got more water than is needed!
https://youtu.be/1AdUCVcYWWg?si=DC5Fjxahy_ENsmkD
Https://oilprice.com/Latest-Energy-News/World-News/High-Oil-Prices-Force-the-US-to-Abandon-Its-Latest-Attempt-to-Refill-the-SPR.html
May be they should buy Kurdistan oil, they can buy it really cheap if they can pretend to be local buyers!💰
Https://www.iraqinews.com/iraq/oil-flows-from-kirkuk-fields-to-daura-refinery-resumed/
"If they have balls and confidence, they'd do a lot more... Weatherdon didn't have any and that's why he was pushed out."
No need for 'balls and confidence', just common sense and the fullfilment of their duty to act in the best interest of shareholders given that they have been authorised and 'encouraged?' by the shareholders themselves to do so!
AGM after AGM there were resolutions passed almost unanimously to authorise the BOD to buyback c. 10% of GKP's common shares AND an additional resolution "THAT the Company be generally and unconditionally authorised to make market purchases of its Common Shares."
Such resolutions were left unexecuted year after year!
Best Regards ValueS
"And don't double count the arrears and the CRP as most of the arrears is CRP."
No double counting, if that point in the future when invoicing for an already invoiced but unpaid cost becomes necessary, it could simply be deducted from the past unpaid invoice(s)
Best Regards ValueS
"So model the CRP net of the receivables to estimate future invoices."
If that is the case then the R factor would be higher than 1.18! And all invoices after an unpaid invoice would be wrong!
The R Factor is calculated as a ratio of total payments to cumulative costs. I.e. to what actually happened regardless of whether invoices get paid or not.
Best Regards ValueS