Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Iraq And UAE Spearhead Downstream Expansion
Oilprice.com: (Mar 17 2023)
? Baghdad’s rapprochement with the KRG could stabilize oil production in the country’s North.
....." A more positive development this month is the rapprochement between Baghdad and the KRG, which have been at loggerheads about oil revenues from Iraq’s northern oil operations. According to Iraqi PM Mohammed Shia’ Al Sudani, Baghdad and the KRG government have reached an agreement to end the Baghdad – Erbil dispute over the Kurdistan region’s oil revenues. Al Sudani stated to the press that the Kurdish oil revenues will be put in a single account that both the PM and the Kurdistan PM will have control* over.
And the stakes in Iraq’s north are huge. Often dubbed as one of the last oil frontiers, the lifting cost for oil remains the lowest in the world at around U$2-3 per barrel, on a par with that of Saudi Arabia, and reserves are vast.
Genel, a major partner working in the Kurdish region oil and natural gas industry, has reported that year-end 2022 gross 2P reserves at its Tawke license (Genel holds 25% working interest) are 327 million barrels. According to DeGolyer and MacNaughton international petroleum consultants, production was 39 million bpd in 2022 with an upward technical revision of 9 million barrels.".....
hTtps://oilprice.com/Energy/Energy-General/Iraq-And-UAE-Spearhead-Downstream-Expansion.html
*Given the recent statements by the KRG, perhaps this should read "observance" rather than "control" regarding Baghdad, but its a positive report nevertheless.
"A joint account will be opened, but it will be managed by the KRG. The Iraqi government “won’t have access to do anything except observing,”
Iraq to have observer status over KRG oil revenue:
ERBIL, Kurdistan Region - In what could be a breakthrough in a longstanding dispute between Erbil and Baghdad, the Kurdistan Region’s oil revenues will be held in a joint account, but the Iraqi government’s access will be limited to observation, according to a government source.
An advisor to Iraqi Prime Minister Mohammed Shia al-Sudani announced the agreement on Thursday. “The high understanding and keenness of the federal government and the Kurdistan Regional Government resulted in what was stated in the federal budget, as for the first time since 2003 the region's oil revenues are in a known account and under the supervision of the federal government. And in light of that all other accounts were closed,” Hisham al-Rikabi tweeted.
A source within the Kurdistan Regional Government (KRG), speaking on condition of anonymity, confirmed to Rudaw English on Friday that a joint account will be opened, but it will be managed by the KRG. The Iraqi government “won’t have access to do anything except observing,” the source stated.
The KRG’s independent oil sales and revenue sharing between the regional and federal governments have been constant sources of friction between Erbil and Baghdad.
The President of Kurdistan Region, Nechirvan Barzani, confirmed multiple times, most recently on Wednesday during the Suli Forum, that for the first time in history, there is a written agreement between the KRG and the federal government over on-going issues.
hTTps://www.rudaw.net/english/kurdistan/170320232
As someone on another board has pointed out ( as a reminder )
" No one builds high capacity (extremely expensive) pipelines without intending to use them. - 36" diameter pipelines !
There has never been any incentive for the Kurds to increase production. All it would have meant is more interference from the ICG. IF the HCL is passed then all this will change. "
Iraqi government coneve to discuss 2023 budget bill
Iraq News
2023 Budget Bill
2023-03-13 07:30
Font
Shafaq News / The Iraqi government, under the leadership of Mohammed Shia Al-Sudani, convened a meeting on Monday to deliberate on the draft of the General Budget Law for the upcoming year of 2023.
In a statement issued by the Prime Minister's media office, it was reported that the Council held its customary session, with Al-Sudani presiding over it, during which the draft of the Federal General Budget Law was scrutinized and assessed.
Time : 2023/03/13 10:17:10
Member of the Parliamentary Energy: Almost unanimity on the oil and gas law and its passage after the adoption of the budget
Zainab Juma Al-Moussawi, a member of the Oil, Gas and Natural Resources Committee, explained on Monday that there is a quasi-political consensus as well as Kurdish convictions to pass the oil and gas law after the adoption of the 2023 budget.
Al-Musawi told Al-Furat News that "there are no concessions by the government towards the region, but there are ongoing understandings between Baghdad and Erbil on the oil and gas law."
She continued, "The law will join the oil relationship between Baghdad and Erbil, and the Oil, Gas and Natural Resources Committee pays great attention in order to reach the passage of this law, which will be fair and just in its provisions and does not allow any province to deviate from its contents and provisions."
Same judicial council that said all Kurdistan oil contacts were illegal ??
PM Barzani discusses Erbil-Baghdad relations with the Iraqi Supreme Judicial Council
The latest developments in Iraq and the steps taken to prepare the draft laws of the Federal Supreme Court and oil and gas were discussed in the meeting. Kurdistan 24
12 Hours
Prime Minister Masrour Barzani (right) during his meeting with Faiq Zidan, the President of the Supreme Judicial Council and Chief of the Federal Court of Cassation, March 8, 2023. (Photo: KRG)
Prime Minister Masrour Barzani (right) during his meeting with Faiq Zidan, the President of the Supreme Judicial Council and Chief of the Federal Court of Cassation, March 8, 2023. (Photo: KRG)
Kurdistan PM Barzani Faiq Zidan Iraqi Supreme Federal Court KRG
ERBIL (Kurdistan 24) – Masrour Barzani, the Prime Minister of the Kurdistan Region, on Wednesday received Faiq Zidan, the President of the Supreme Judicial Council and Chief of the Federal Court of Cassation in Erbil, according to a readout.
The latest developments in Iraq and the steps taken to prepare the draft laws of the Federal Supreme Court and oil and gas were discussed in the meeting, according to a readout from the Kurdistan Regional Government (KRG).
Both sides agreed that there is a positive progress to resolve outstanding issues between Erbil and Baghdad, in accordance with the Iraqi constitution, the readout added.
Iraq’s Energy Imports From Iran May Come To An End
By Simon Watkins - Feb 28, 2023, 6:00 PM CST
Iraq may end gas and electricity imports from Iran within 3 years.
Iraq has historically been dependent on Iran for around 40 percent of its power needs.
Iraq is set to capture associated gas from its oil fields to generate power while at the same time reducing flaring practices.
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Iraq’s recent announcement to end its importation of gas within the next three years will be carefully watched by Washington, as it would also mean the end to Iraq’s long-running dependence on Iran for gas supplies. In this context, when the U.S.-Iraq War ended in 2011, Washington wanted to keep open the possibility that it could rebuild its influence across the country, albeit in a more subtle way than had gone before. Part of this was to be done through acting essentially as Iraq’s lender of last resort, giving money to each new prime minister of Iraq who came asking for it regularly every year. The other part was trying to allow for a gradual weaning off in Iraq’s dependence on Iran for gas and electricity supplies - Iraq has historically been dependent on Iran for around 40 percent of its power needs. Washington hoped that by employing these two tactics, the historical broad and deep ties between Iraq and Iran might be reduced and that the U.S. might be able to reassert its presence in Iraq over time.
Kurdistan Region's share in the 2023 federal budget is 12.67 percent: Iraqi lawmaker
She reported that the Kurdistan Regional Government (KRG) and the Iraqi federal government have reached a final agreement on the budget issue. Kurdistan 24
Ikhlas Sabah Al-Dulaimi, a member of the Finance Committee of the Iraqi Parliament from the KDP, speaking to Kurdistan 24, Feb. 28, 2023. (Photo: Kurdistan 24)
I
Kurdistan Budget KRG Iraqi federal government Ikhlas Sabah Al-Dulaimi
ERBIL (Kurdistan 24) – Ikhlas Sabah Al-Dulaimi, a member of the Finance Committee of the Iraqi Parliament from the Kurdistan Democratic Party (KDP), on Tuesday revealed the allocated share of the Kurdistan Region agreed to by the Iraqi government to Kurdistan 24.
She reported that the Kurdistan Regional Government (KRG) and the Iraqi federal government have reached a final agreement on the budget issue. The expenses (salaries and financial entitlements) of the Peshmerga forces will come from the civilian budget.
She also stated that until a new census in Iraq is conducted, the Kurdistan Region’s share of the federal budget will be 12.68%. After a census is completed, however, the allocation percentage will change to reflect the results of the population census of the Kurdistan Region.
Iraq’s budget for 2023 is nearly 200 trillion dinars, the largest budget in its history. The price of oil in the draft budget is estimated between $55 to $65 for 2023.
Iraq's oil minister meets a KRG delegation for talks on hydrocarbons law
Shafaq News/ Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister, Thamir Ghadhban, on Thursday chaired a meeting with a delegation from the Kurdistan Regional Government (KRG) visiting Baghdad.
The meeting, according to a statement issued by the ministry, aimed to discuss and review a draft for the oil and gas law.
The Kurdish delegation headed by the region's minister of Justice, Firsat Mohammed, included high-profile officials from the Kurdistan Regional Government and the region's ministry of natural resources, the statement said.
The meeting was attended by the deputy minister for distribution affairs at the federal oil ministry, Laith al-Shaher, and officials from relevant departments at the ministry's headquarters.
Earlier today, KRG spokesperson Jutiar Adel said that a legal delegation from the region will be visiting Baghdad soon to contribute to drafting the 2023 budget and hydrocarbons bill.
KRG seeks to be a true partner in chalking Iraq's oil policy: spokesperson
Kurdistan
Jutiar Adel
2023-02-23 12:18
Shafaq News/ The Kurdistan region seeks to be a true partner in chalking Iraq's oil policies, spokesperson Jutiar Adel said in his weekly press conference on Thursday.
Adel refuted media reports claiming that the Kurdistan Regional Government (KRG) is bound to a 50-year oil deal with Ankara.
"The region's government has responded to those claims on many previous occasions. We do not sell our oil to Turkey; we have an agreement to transit it via pipelines in its territory," he said.
"There is no such a deal in the oil Market," he explained, "who knows what would happen to the prices in five decades? Can anyone guarantee that the Kurdistan region has enough oil to honor such a long-term agreement?"
"The KRG was forced into a deal with Turkey under pressure from Baghdad that cut the region's share in the federal budget in 2014," he added.
Adel also dismissed allegations about Baghdad rejecting 75% of Erbil's proposals to address their differences as unfounded. "On the contrary, some negotiations are progressing well toward a conclusive agreement, like the oil and gas bill."
"They did not reject our proposals, nor did we. There is a good agreement between the two sides," he concluded, "we want to be a true partner in drawing the country's oil policy. We are confident that we might play a crucial role here."
US encouraged by KRG’s recent visit to Baghdad, says top diplomat
“Encouraging successful visit by @Kurdistan Regional Government delegation to Baghdad for talks with @IraqiGovt on budget and hydrocarbons.”
(Kurdistan 24: Feb 21 2023)
"The United States is encouraged by the “successful visit” by a Kurdistan Regional Government (KRG) high-ranking delegation to Baghdad to discuss resolving outstanding issues between the regional and federal governments, according to the country’s top diplomat.
A KRG delegation headed by the minister of finance and economy on Sunday visited Baghdad. The two sides agreed to form a joint committee to draft a new oil and gas law as required by the Iraqi Constitution.
“Encouraging successful visit by @Kurdistan Regional Government delegation to Baghdad for talks with @IraqiGovt on budget and hydrocarbons,” US Ambassador to Iraq Alina L. Romanowski tweeted on Tuesday.
Resolving the outstanding issues between the two governments that center around the management of oil and gas as well as the Kurdish share in the federal budget would benefit the “Iraqi national interest” and contribute to “energy independence” and “regional stability,” the envoy added.
The KRG Spokesperson Jotiar Adil said in a statement on Tuesday that negotiations with Baghdad are ongoing.
Sunday’s visit was the second of its kind, following a ruling by the Federal Supreme Court (FSC) in January, that prevented the Baghdad government from releasing the Region’s financial entitlements for the last two months of 2022.
Kurdistan Region Prime Minister Masrour Barzani paid an official visit to Baghdad on Jan. 11 this year, where he met with the country’s top officials to discuss the long-standing issues."
hTtps://www.kurdistan24.net/en/story/30748-US-encouraged-by-KRG%E2%80%99s-recent-visit-to-Baghdad,-says-top-diplomat
TotalEnergies extends deadline to conclude $27bn Iraq deal
(Draw Media: Feb 18 2023)
"After negotiations nearly fell apart two weeks ago, the French firm gave until Feb. 15 to finalize a deal — a deadline now extended by one month.
TotalEnergies has agreed to extend a deadline to finalize a $27 billion package of energy contracts with Iraq, creating more space for negotiations after the deal nearly fell apart earlier this month.
The two sides have kept the deal alive through a long period of political limbo by issuing a sequence of two-month extensions, the latest of which was set to expire Feb. 15. That deadline has now been extended by one month, according to two Iraqi oil officials and one industry official familiar with the negotiations."
hTtps://drawmedia.net/en/page_detail?smart-id=12143
Getting close
Baghdad, Erbil to form a joint committee to write the hydrocarbons law
Iraq News
Federal Government
Regional Government
2023-02-19 14:07
Shafaq News/ Iraq's new hydrocarbons law will be written by a joint committee between the federal and regional governments, the latter's media department said in a press release on Sunday.
A delegation from the Kurdistan Regional Government (KRG) convened a meeting with the federal oil ministry in Baghdad this morning, the press release said.
The meeting, according to the press release, agreed to form a joint committee from both sides to prepare and write a new bill on oil and gas.
The KRG delegation is scheduled to hold a series of meetings with government officials in Baghdad to resolve issues relevant to the budget, financial administration, and contested territories.
KRG delegation to arrive in Baghdad Sunday for talks with the federal government: official
Kurdistan
2023-02-18 20:28
Shafaq News/ A delegation from the Kurdistan Regional Government (KRG) will arrive in the Iraqi capital city, Baghdad, on Sunday to resume talks with the federal government.
KRG's cabinet secretary, Omed Sabah, said in a statement that tomorrow's talks will address unresolved disputes between the federal and regional governments.
Last week, a KRG delegation held a series of meetings with federal officials in Baghdad over the region's share of the 2023 budget, hydrocarbon law, and a spectrum of issues of mutual interest.
Big pressure to get the deal done cut out all the legal nonsense start working together and get things moving.
"Iraqi gas could be new energy source for Europe: Polish PM"
"Right now, we are going to replace 180 billion cubic metres of Russian gas, and we need new sources of gas. And the gas coming from Iraq could be one of those new sources. This could be a win-win situation for Poland and Europe, and Iraq and Kurdistan as well," he told Rudaw's Alla Shally.
Morawiecki added that he had a meeting with Kurdistan Region Prime Minister Masrour Barzani in Dubai recently and they discussed strengthening energy ties.
The Kurdistan Region exports close to half a million barrels of oil per day to the international market. It also has as much as 5.67 trillion cubic metres of natural gas reserves, which the Kurdistan Regional Government has said could put the region in a prominent position in global gas markets.
hTTps://www.rudaw.net/english/world/180220231