Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
"Iraq's political breakthrough could spur oil spending"
Bachar Halabi, Argus media, 21 Oct 2022
..."The governing coalition deal has created uncomfortable bedfellows. Al-Maliki and the Barzani tribe that dominates the KDP have long been bitter rivals, with the latter allied to al-Sadr. Nonetheless, the pressure Baghdad has exerted on Erbil over control of the semi-autonomous Kurdistan region's oil resources in recent months might have altered Kurdish calculations. The deal could end up forging an improved relationship between them. A delegation from the Kurdistan Regional Government is set to meet officials from Iraq's federal oil ministry in Baghdad at the end of October"...
..."The formation of a new government should unblock oil sector investment, freeing up much-needed cash for postponed maintenance and expansion projects including work to increase crude export capacity by 150,000-200,000 b/d. It should also help to progress oil, gas and renewable energy projects covered by a $27bn deal signed with TotalEnergies in February".
hTtps://www.argusmedia.com/en/news/2382963-iraqs-political-breakthrough-could-spur-oil-spending
CPECC Wins $386m Contract at Rumaila 20th October 2022 in Iraq Oil & Gas News By John Lee. China Petroleum Engineering & Construction Corp (CPECC) has reportedly signed a contract for the design, procurement, construction and testing of new crude oil processing facilities at Iraq's giant Rumaila oilfield. According to a report from the China International Contractors Association, the facility in Mishrif Qurainat (MQ) is the first new crude oil processing facility project in the oilfield in the past 10 years. Each of the two units is said to have a capacity of 120,00 barrels per day (bpd). The award was made by the Basra Energy Company Limited (BECL), which was set up last year to operate the field. According to a statement at that time from the Minister of Oil, PetroChina and BP are shareholders in BECL, along with SOMO and Basra Oil Company (BOC). PetroChina is a subsidiary of the China National Petroleum Corporation (CNPC), which also controls CPECC.The contract is valued at about $386 million, and construction is expected to take three years. (Sources: China International Contractors Association, Teller Report, Upstream Online
. Bloomberg Reporter Calls Biden Out for Releasing More Oil From Strategic Petroleum Reserve as ‘Ploy’ Ahead of Midterms (VIDEO) By Cristina Laila Published October 18, 2022 Joe Biden is set to announce another release of more oil from the Strategic Petroleum Reserve ahead of the midterms in an effort to (artificially) bring gas prices down. “The White House will release 10 million to 15 million barrels from the reserve as part of an existing plan, announced in March, to release 180 million barrels of crude oil into the market throughout the year, according to two industry people granted anonymity to discuss confidential discussions with the administration. There are about 15 million barrels remaining in the original release authorized by the White House.” Politico reported. Bloomberg News reporter Jennifer Jacobs on Tuesday asked White House Press Secretary Karine Jean-Pierre why Joe Biden is announcing another release of oil before the midterms. “Can you explain why…you mentioned that gas prices are going down again so why would the U.S. need another SPR release from that 180 million barrels that you already announced? Why would you need that now if [gas] prices are already dropping?” Jennifer Jacobs asked KJP. The Bloomberg reporter followed up with: “Any response to those who would say or criticizing the White House saying it seems like a ploy ahead of the midterms?” After waging a war on domestic energy production, Joe Biden is now draining the Strategic Petroleum Reserve. Biden released millions of barrels in these reserves but the beneficiaries were Asian countries and Europe. Last month Bloomberg reported Joe Biden wants to fill the Strategic Reserves with $80 per barrel oil. Just two years ago the Democrats blocked President Trump from filling the Strategic Oil Reserves at $24 per barrel. ----------- From The Gateway Pundit .
It's hard to know where to start, but let's start with this:- 825,520,500,000 dollars. That's 825 BILLION 520 MILLION and 500 thousand DOLLARS. Or 0.8255205 TRILLION DOLLARS. "Shafaq News/ A member of Iraq's legislative body uncovered evidence that ties the country's oil minister to a new financial corruption scandal. The rapporteur of the Communication and Transportation Committee in the Iraqi parliament, Zahra al-Bajjari, accused the discharged acting finance minister, incumbent oil minister Ihsan Abdul-Jabbar Ismail, of championing a scandal that is both "heavier and louder" than the 2.5 billion dollars embezzlement scheme. Citing an audit into contracts the oil ministry concluded under the current administration; lawmaker al-Bajjari said that Ismail reduced the share of the government partner (state-owned oil marketer, SOMO) to 6% from 25%, "which means that Iraq lost 19% of its share. These amendments have cost Iraq losses estimated at 825,520,500,000 dollars," she continued, "it requires international financial firms to precisely estimate the losses." And this is somebody who is dictating to the Kurds about what is legal and what isn't. hTTps://www.shafaq.com/en/Iraq-News/Lawmaker-uncovers-evidence-that-ties-oil-minister-to-800bn-dollars-of-wasted-public-funds In my opinion that scam, using SOMO, and fronted by this Iranian stooge, is what has enabled the Iranian regime to survive western sanctions, spread terror throughout the Middle East, finance their nuclear program, develop the drones that are now being used against Ukraine, finance their military and security apparatus which are currently being used to suppress Iranian protesters and all the other nefarious activities that Tehran is up to including all the Iranian backed militia that operate in Iraq. And well done Zahra al-Bajjari for exposing it.
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Shaikan Payments Update
Gulf Keystone confirms that a gross payment of $64.8 million ($50.7 million net to GKP) has been received from the Kurdistan Regional Government ("KRG") for Shaikan crude oil sales during June 2022.
Shafaq News/ A Turkmen woman Mrs. Hiyam Kaberlo has been appointed as Iraq's minister of finance in lieu of incumbent Oil Minister Ihsan Abdul-Jabbar Ismail. Rudaw - Alongside Ni’mat’s appointment, Kadhimi agreed to relieve the previous acting finance minister Ihsan Abdul Jabbar of his position, after the Iraqi parliament on Tuesday voted to remove him from the position. Hopefully the next step will be to chuck him out of the oil ministry as well and replace him with someone who is less hostile towards the Kurds, more concerned with the development of the Iraqi oil industry than with lining his own pockets and less in thrall to the regime in Tehran. hTTps://www.shafaq.com/en/Iraq-News/Turkmen-woman-takes-over-as-acting-Finance-Minister hTTps://www.rudaw.net/english/middleeast/iraq/151020222
"Breakthrough in Iraq: New President Elected" Simon Martelli (Energy Intelligence) Oct 14, 2022 hTtps://www.energyintel.com/00000183-d7a5-d7b9-a5a7-d7fdb22f0000 With specific regards to any meaningful movement towards the Oil & Gas Law, the hope is that in all of the political horse-trading between the ruling elites, the KDP has conditionally struck a deal with Maliki, as he needed Barzani on-board to move forward and form a government.
"To proceed with the planned workloads for the imminent PF-1 and PF-2 upgrades to 75k production plus additional plant upgrades." At the end of March we were told that the MNR had approved the FDP proposal to re-inject the gas, that a new re-injection well was to be drilled and that the proposal was currently being tendered. That was over 6 months ago. At the same time, we were also told that the MNR had approved the new well locations and that GKP had already started on the well pads. On the 12th of July we were told that the contract for the existing drilling rig was being extended and that we were tendering for a second drilling rig. Now we are told that the start of work to increase the capacity of the two production facilities to 75 kbpd is imminent. There's a lot going on. The next update should be interesting. If we get formal notification that the FDP has been approved along with movement on the Oil & Gas law then with the oil price back over $90 the share price could look very different by Christmas.
Piping Superintendent Development · Shaikan Field, Kurdistan Rotation - 6/2 Rate to man - $1000/day Job Purpose To arrange and manage suitable prefabrication, assembly, construction and hook-up of plant modifications in line with approved Projects Responsibilities and Key Objectives To proceed with the planned workloads for the imminent PF-1 and PF-2 upgrades to 75k production plus additional plant upgrades, the company requires an experienced Piping Superintendent capable of managing and leading contractor piping squads on behalf of the Company. The Piping Superintendent will be directed primarily by the Construction Manager and the FEC Manager. As an experienced Superintendent the individual is expected to work with limited supervision and undertake piping modifications as required using available piping isometric designs.
U.S. expresses readiness to cooperate with Iraq's President and PM Kurdistan Baghdad U.S. Ambassador 2022-10-13 19:58 A- A A+ Shafaq News / The U.S. ambassador to Baghdad, Alina Romanowski, expressed her country's readiness to cooperate with the new Iraqi President and Prime Minister. The ambassador said in a tweet today, "We look forward to a collaborative relationship w/ Iraq’s newly elected President Abdul Latif Rashid & PM-designate @mohamedshia al-Sudani and to continue to work closely together under the new govt to create jobs, combat climate change, & ensure the enduring defeat of ISIS." Iraq’s parliament elected Abdullatif Rashid as the country’s new president. Following his election, Rashid gave the largest bloc's candidate for the premiership, Mohammed Shiya'a al-Sudani a nod to proceed with assembling a new cabinet.
Al-Sudani: combatting corruption is a priority Iraq News Mohammed Shiya'a al-Sudani 2022-10-13 23:18 A- A A+ Shafaq News / Iraq's Prime Minister-designate, Mohammed Shiya'a al-Sudani, said on Thursday that it is time to restore the state prestige and put an end to the spreading chaos. Al-Sudani's remarks came during a speech he delivered following his designation as a new Prime Minister of Iraq. "It is an honor to hold such a great responsibility, serving the people, performing our duties, and paying Iraq and its people's debt." The new Prime Minister expressed readiness to cooperate with all political parties, adding, "We will not allow exclusion and marginalization. Disagreements created gaps inside state institutions, and made Iraqis miss out on many development and construction opportunities." He said, "I announce full readiness to start a serious dialogue and a new chapter to serve our people and end its suffering", pledging to put all efforts to form a strong government." Al-Sudani pointed out that his mission has started since the first hours of his appointment, and will be based on a clear government plan that includes economic reforms that enhance the agricultural and environmental sectors. "Combatting corruption will be a priority", the new Prime Minister said, noting that the government work will work to address the pending differences between Baghdad and Erbil based on the Iraqi constitution. He reiterated his will to prepare for a parliamentary election according to a transparent, just electoral law. The new Prime Minister addressed neighboring countries saying, "Our message is a cooperation, understanding, and coordination message, based on a patriotic independent perspective that respects mutual interests and sovereignty." "We have great challenges and concerns, but also a great determination. We will fulfill our responsibilities with a sincere patriotic spirit and clean hands", he concluded.
U.S. welcomes election of new Iraqi President and PM Iraq News U.S Abdullatif Rashid Mohammed Shia' al-Sudani 2022-10-14 06:42 A- A A+ Shafaq News / The U.S. Department of State welcomed today, Friday, the election of Abdullatif Rashid as a President of Iraq, and Mohammed Shia' al-Sudani as Prime Minister. Spokesperson Ned Price said in a statement, "Today, after more than a year of government formation negotiations, the United States welcomes the Iraqi Council of Representatives?7; election of Abdul Latif Rashid as the President of Iraq. President Rashid named Mohammed Shia al-Sudani as the Prime Minister-designate." "As Iraq’s political leaders form a new government, we encourage them to bear in mind the will of the Iraqi people, who voted for a government responsive to their needs. The United States urges all parties to refrain from violence and to resolve differences amicably and peacefully through the political process", he added. The statement concluded, "The United States reiterates its commitment to partnering with the people and government of Iraq to advance our many shared priorities. We look forward to continuing the strong cooperation between our countries."
This message was posted up yesterday on another board - maybe false - but maybe not !
"I was talking to an Iraqi national and owner of an O&G services firm today and he says it's for real this time in terms of oil and gas law and we shouldn't have long to wait - we've all heard that particular record before but fingers crossed"
well if GKP are such a crock of useless **** with no future - just why exactly are you still here ?
You just CANNOT miss out on any opportunity to kick GKP.
A blind man can clearly see your agenda..............