The Dismantling Of The OIL AND GAS LAW on 3 projects to facilitate its adoption in Parliament !

[Goggles]

On 2/17/2018 at 5:38 PM, DinarThug said:

In parallel, the Ministry of Oil announced in 2017 completion of the draft law of oil and gas and sent to the Secretariat of the Council of Ministers, noting that the aim of the draft is to seek and work on the optimal investment of the national wealth of oil and gas. 

But the Kurdistan region refused to be prime minister at the top of the pyramid in the board of the oil file, including the oil and gas law, as well as differences with the oil-producing provinces made the passage of the bill or even the introduction of the first reading is difficult during the current phase.

Kurdistan region refused that?!  Intro of the first reading is difficult?! It's called WORK you idiots!!! Grow up and do the work and pass the law already!!! 

[DinarThug]

LINK

Iraq plans to export 6.5 million barrels of oil in 2022

 

 

2nd April, 2018

Iraq's cabinet on Sunday approved a plan to increase crude oil production in the country to 6.5 million bpd by 2022, a government statement said.

Iraqi Oil Minister Jabbar al-Luaibi said in January that the current production capacity is close to five million barrels per day.

Iraq produces more than 4.4 million bpd, in line with the 14-member Organization of the Petroleum Exporting Countries (OPEC) agreement and some outside producers, including Russia, to cut supplies to boost crude prices.

Iraq, OPEC's second largest producer after Saudi Arabia, plans to award oil and gas exploration and development contracts in 11 new concession areas on April 15.

Edited April 3, 2018 by DinarThug

[davis411]

12 hours ago, bostonangler said:

 

that's what we've all been doing for over a decade, and to think when I got in this I thought it was a get rich scheme!!! LOL

 

B/A

What u saying willis 

i cashed out 8 times 

[10 YEARS LATER]

Don't remember which DV'er said it here and I surely ( don't ever call me " Shirley "  ) won't take credit for it: " I didn't know waiting could take so long " [ hope that is the correct statement ].

 

Publish the 2018 Budget and PUSH that darn RV Button for crying out loud - 

[DinarThug]

LINK

Kurdish Deputy: There are positive signs to blur the differences between Baghdad and Erbil

 

 

5th April, 2018

Kurdistan Democratic Party (NDP) MP Najeeb Najib said on Thursday that there were positive signs that the differences between the governments of Baghdad and Erbil would be blurred. 

Najib told al-Ghad Press that "there are intensive dialogues and meetings between the governments of Baghdad and Arbil can be described as good and positive to resolve and end the crisis, especially after the lifting of the ban on airports in the Kurdistan region and pay the salaries of employees."

"The differences still exist and many things have not been resolved," she said, adding that "there are positive signs to zero in full, especially oil and gas files and financial files."

She pointed out that "ending the problems will be reflected positively on the security and economic aspects and promote the economy and serve Iraq and all Iraqis." 

She pointed out that "the acceptance of Baghdad to sit at the table dialogue with Arbil Shi important and positive and sends a real intentions to end the differences."

 

It is noteworthy that the federal government announced earlier, lifting the ban on the airports of the Kurdistan region in Arbil and Sulaymaniyah.

[Goggles]

4 hours ago, DinarThug said:

She pointed out that "ending the problems will be reflected positively on the security and economic aspects and promote the economy and serve Iraq and all Iraqis." 

Does this sound like the HCL??!!

[ChuckFinley]

5 hours ago, DinarThug said:

LINK

Kurdish Deputy: There are positive signs to blur the differences between Baghdad and Erbil

 

 

5th April, 2018

Kurdistan Democratic Party (NDP) MP Najeeb Najib said on Thursday that there were positive signs that the differences between the governments of Baghdad and Erbil would be blurred. 

Najib told al-Ghad Press that "there are intensive dialogues and meetings between the governments of Baghdad and Arbil can be described as good and positive to resolve and end the crisis, especially after the lifting of the ban on airports in the Kurdistan region and pay the salaries of employees."

"The differences still exist and many things have not been resolved," she said, adding that "there are positive signs to zero in full, especially oil and gas files and financial files."

She pointed out that "ending the problems will be reflected positively on the security and economic aspects and promote the economy and serve Iraq and all Iraqis." 

She pointed out that "the acceptance of Baghdad to sit at the table dialogue with Arbil Shi important and positive and sends a real intentions to end the differences."

 

It is noteworthy that the federal government announced earlier, lifting the ban on the airports of the Kurdistan region in Arbil and Sulaymaniyah.

Well, that is the most positive thing  I read today. Now we need to see the follow through.  

[ChuckFinley]

12 minutes ago, Goggles said:

Does this sound like the HCL??!!

Sure does.  

[ChuckFinley]

On 4/2/2018 at 8:56 AM, bostonangler said:

 

that's what we've all been doing for over a decade, and to think when I got in this I thought it was a get rich scheme!!! LOL

 

B/A

I have been in this for 15 years and my butt is the size of the Grand Canyon waiting for this to RV.  

[DinarThug]

Legal Oil and Gas and the National Oil Company - The story of the life of two workshops

 

Saeb Khalil 

05/04/2018

 

Many ask: Does a national person object to the establishment of a "national company"? Does anyone object to the development of an oil and gas law?

The fact is that the National Oil Company Law, like the Oil and Gas Law, is not two names, but two stories of conflict between one side that wants to preserve what remains of the nation's money for the people and those who want to plunder and share it.

To understand these two stories, we must identify the following outlines:

First, there is a bitter conflict that has been going on since the occupation until today, within the corridors of the Ministry of Oil, the Council of Ministers, the Council of Representatives and the Government of Kurdistan, to determine the oil laws, such as the oil and gas law and the law of the National Oil Company, although this conflict is not visible to non-observers.

Second, the conflict is generally between two fronts: a national front represented by Professor Fuad Al-Amir, Ahmad Musa Jiyad, Hamza Al-Jawahiri and others. The Foreign Companies' Front, which is coordinated by Kurdistan and its most important figures in Baghdad, are Adel Abdul Mahdi, Ibrahim Bahr Al-Ulum and Sheikh Adnan Al-Janabi.

Thirdly, those who reject the law are not motivated by the refusal to establish a national oil company. On the contrary, they are the ones who sought to put such a law.

Fourth, the current law has nothing to do with the law of the old national oil company nor the ministry's proposal for the law, but it was adopted on a dark night in the corridors of the committees of the House of Representatives. It was passed in the name of the previous law in ways that have not revealed its secrets until today.

Fifth, the law was passed in an unusually quick way, benefiting from the chaos of the parliament, the ignorance of the deputies and the added chaos caused by the end of the legislative term and budget discussions. The President of the Republic also signed it at a remarkable record speed, and upon his arrival to the presidency! Note that the President is known to delay any law, especially if it is necessary and useful to the nation!

Sixth, with regard to the oil and gas law, thanks to the honesty, professionalism and professionalism of the front, the front of the companies - or the occupation was unable to destroy the oil sector as was the case in other sectors such as banks, industry and others. The oil sector remained stubborn except in Kurdistan, where the company is given four times as much as the contracts of the federal government because it signed contracts of "sharing production" notorious, and other scandals revealed by Professor Fouad Prince and wrote about in the past ..

All the licenses contracts are "service contracts", which are good contracts that do not have any major problems, despite all that has been distorted in the media in a feverish attempt to change them to the formula of " Production participation "as in Kurdistan. I recently wrote three articles to explain this to those who like to read. It should be mentioned here that the National Front has been able to expose production sharing contracts to such an extent that it is impossible for the members of the corporate front to defend them, so that they take the stand in favor of service contracts in public and seek all possible tricks to pay production sharing contracts or the like.

Summary of life story of oil and gas law

The conflict over the oil and gas law has started, as we have mentioned since the beginning of the occupation, and the United States intervened at times directly and sought to sign as many laws as possible before the Iraqis noticed what was happening under the carpet.

In an article titled "Iraqi Oil and Questions on Privatization, Investment and Big Corporate Contracts" in 2006, I published a transcript of Crick Muttit, one of the most important followers of Iraq's oil file: "Things seem to be moving fast now." During President George W. Bush's recent visit to Baghdad Oil was one of the main issues he discussed, and last week, Bush's Energy Minister Sam Bodman called for an Iraqi oil law that would spell out private investment laws.

"At the moment, the US Embassy and other elements of the US administration are intensifying their efforts to influence the drafting of the oil law - while 130,000 US troops are still stationed in Iraq." This is illogical, and perhaps illegal, "In such circumstances, it is impossible for the government to reach a deal for the benefit of the Iraqi people, but if the contracts are concluded, Iraq will have to comply with them for decades to come."

Mutait said the International Monetary Fund was pressing Iraq to enact an oil law before the end of the current year to sign contracts with the "big oil companies" of the type "production sharing agreement" notorious, which is "a subject of great controversy because of the small revenue provided to the state" That the same individuals who have encouraged the signing of production sharing agreements in Russia and other countries such as Kazakhstan and Azerbaijan are pushing for their use in Iraq. " Four contracts have already been signed between the KRG and Norwegian, Turkish and Canadian companies. And because production sharing agreements usually last for thirty or forty years, they are betting the country's future with foreign hands and sacrificing its sovereignty over its resources once and for all. "

In 2006, the Kurdistan Regional Government drafted a draft oil and gas law for the Kurdistan region and adopted the formula of "production participation" as the basis for its contracts. It managed to exploit the many loopholes in the Iraqi constitution to the greatest degree possible, in addition to relations, to establish the independence of the territory and to control " "

Baghdad did not complete the draft federal law for oil and gas except in 2007, and was not published, but was traded in a very limited and very "confidential". The Kurdistan Alliance aborted that draft as "Baathist and nationalist", because it did not achieve all his demands despite injustice, he wanted more. Kurdish bloc deputies, were unable to get any support was their worst draft in the history of Iraq, as described by Fouad Prince.

The oil and energy committee, headed by Adnan al-Janabi, tried to pre-empt the draft of the good oil ministry and to submit to the House of Representatives a vote, the draft closest to the ambitions of companies (though not bad draft Kurdistan). The dispute has given the National Alliance deputies the time needed to study the issue and drop the proposal to withdraw from the meeting and so "to rid Iraq of the saddest and most harmful formula of Iraq to the law of oil and gas." According to Professor Fouad Al-Amir.

The Life Story of the National Oil Company Law

The Iraqi National Oil Company was established in 1964 to serve as the nucleus of a national effort to exploit Iraqi oil wealth, which has regained its territory in Law 80. In 1987, the Revolutionary Command Council canceled the company and merged it with the Ministry of Oil where "there is no justification for its existence."

According to Dr. Fuad Al-Amir, in a recently published document, after the occupation, based on Dr. Bahr al-Ulum's own remarks, the Oil and Energy Committee had been pressing the government for a long time to send a draft of the Iraqi National Oil Company to the House of Representatives for a vote. The draft law was finally sent to Parliament in April 2017.

However, the committee rejected this draft and worked for nine months on the preparation of the new law through a subcommittee headed by Dr. Bahr al-Ulum. In February 2018, the committee submitted its law and it seems to be discussed and approved despite its complexity and importance. Are less than one month!

Fouad Al-Amir is surprised that the Ministry of Oil (and the Council of Ministers) has not expressed any objection to changing the wording it has presented. But the Ministry has contributed to inspire people that what is voted on is its proposal for the law. The site of the Ministry of Oil published two reports on 5/3/2018 (ie on the same day the approval of the House of Representatives). The first was published in the morning, during which the Minister of Oil hoped to complete the quorum of the session of the House of Representatives to vote on the paragraphs of the law and approval. The minister said that "the Ministry of Oil completed earlier in last year draft law of the Iraqi National Oil Company and presented to the Council of Ministers, which voted on 14 March 2017 and was referred in turn to the House of Representatives for a vote and approval ... Honoring the role and efforts of the President and members The oil and energy parliamentary committee and their keenness to expedite the presentation of the subject to the House of Representatives to vote on it. "

The oil minister, welcomes, and speaks as if the House of Representatives is going to vote on the proposed law of the Ministry of Oil and Cabinet! The difference between the two vast and fundamental, and represents important additions and dangerous, some of which have already been discussed and rejected in the Ministry of Oil, not included in the draft, according to the Prince.

In the evening of the same day, the ministry confirmed its strange position and spread "congratulations and congratulations to the Iraqi people" to vote on the law, stressing that "the ministry will take measures and appropriate steps to implement the law!" (Although it has not been published in the Official Gazette yet to be effective, not even on the Council of Representatives page !!).

That is, we are here in front of a minister who does not know what happened to the law and this is unlikely, or that with this change and against the draft of his ministry and the Council of Ministers, he acts as a member of the lobby who pressed for the draft, and this adds another strange to the strangeness of this law!

We believe that the National Oil Company's law, whose text and the process of passing it, many questions, can only be understood as a stage in the silent oil conflict that we gave a brief overview of, .

link

[danielchu]

Stabilty is what is needed and the HCL will do that for Iraq.. as far as us???

[2fast4u2c]

1 minute ago, danielchu said:

Stabilty is what is needed and the HCL will do that for Iraq.. as far as us???

Agreed!  Now we wait on election process

[nannab]

 AH never mind 

[ChuckFinley]

28 minutes ago, danielchu said:

Stabilty is what is needed and the HCL will do that for Iraq.. as far as us???

 

26 minutes ago, 2fast4u2c said:

Agreed!  Now we wait on election process

I think with these two items addressed I am hoping for some traction for our investment. 

[ChuckFinley]

Thanks Thug for keeping this one updated.  

[DinarThug]

LINK

British and Chinese companies to operate the world's largest oil fields in Iraq

2018/4/6 20:32 

Iraq has signed a two-year contract with British companies Petrofac and Anton Oil Field to operate the Majnoon oil field in Basra, as part of the effort to raise the production capacity of the field, to 450 thousand barrels per day as a first stage, to reach one million barrels per day or more later .

Oil officials said the oil ministry signed a two-year contract with Anton and Petrofac Oilfield Services on Thursday to operate the giant Majnoon oilfield.  "The two companies are scheduled to operate the field in the south of the country on behalf of the Iraqi government's Basra Oil Company, which is receiving operations from Royal Dutch Shell, which announced its intention to leave the field at the end of June," they said, Crazy site with Anton and Petrovac can be renewed after two years. " 

The Majnoon oil field on the southern border of Iraq, the largest oil fields in the world, estimated reserves of about 42 billion barrels of crude oil, and about 4.5 trillion cubic feet of gas, while the current production of about 235 thousand barrels per day, and 70 million cubic feet of gas , Mainly involved in the supply and supply of Rumaila power station.

[DinarThug]

LINK

OIL WILL TOP AGENDA WHEN KRG DELEGATES VISIT BAGHDAD NEXT WEEK

7th April, 2018

A delegation from the Kurdistan Regional Government (KRG) will visit the Iraqi capital next week to discuss a number of topics, especially oil.

“The federal government sees that this needs to be resolved transparently and clearly,” Mahdi Allaq, secretary of Iraq’s Council of Ministers, told Rudaw, explaining that serious discussions on oil need to happen quickly.

Control over oil reserves and revenues is a contentious issue between Erbil and Baghdad.

When Erbil announced plans to sell oil independently of Baghdad in 2014, then-prime minister Nouri al-Maliki stopped sending the KRG its share of the federal budget.

The federal budget law, which was passed last month despite objections from Kurdish lawmakers, stipulates that the KRG will sell oil from its fields through the state-owned marketing company SOMO to cover half of its expenses, while Baghdad will send funds to cover the other half.

The two governments also need to hammer out an agreement with respect to oil from disputed Kirkuk province.

One possibility that has been discussed is for Baghdad to export Kirkuk’s oil through the KRG’s pipeline to Turkey’s Ceyhan port, with the condition that the federal government gives a share of revenues to the KRG and takes on responsibility for paying the owners of the pipeline for its use – including Rosneft, which owns the majority share of the pipeline within the Kurdistan Region.

Both sides spoke optimistically about improving relations ahead of next week’s meeting.

'The situation is improving with Baghdad. Discussions are continuous,' said Fuad Hussein, chief of staff of the KRG’s presidency.

A number of meetings between KRG Prime Minister Nechirvan Barzani and Iraqi Prime Minister Haider al-Abadi has helped to thaw tensions and resulted in Baghdad sending funds for salaries and reopening the airports.

Allaq said that “positive results” have been reached in some areas and talks are ongoing in other areas. Iraqi teams are still busy auditing the KRG’s payroll, he added, explaining that this is a matter Abadi wants resolved.

[skeetdog]

Thanks DT....

21 minutes ago, DinarThug said:

Iraqi teams are still busy auditing the KRG’s payroll, he added, explaining that this is a matter Abadi wants resolved.

....This could be one of the issues still remaining...This talks of auditing payrolls...Wonder what the status is in the progress with the auditors conducting the cincis for Art. 140???

[DinarThug]

5 hours ago, skeetdog said:

Wonder what the status is in the progress with the auditors conducting the cincis for Art. 140???

 

Those Backwards Frickin’ Iraqi’s Can’t Even Count On A Census !  

 

     

[DinarThug]

LINK

Black Dollar: How will it change the rules of the global economic game?

 

 

5th April, 2018 by Nada Ali

The oil and gas industry in the United States is slowly turning upside down. The sharp fall in US crude oil imports has shrunk the largest market for which OPEC producers have been dependent on for years. Now, the rise in US exports, mostly banned from Congress until the embargo was lifted just two years ago, is a challenge for OPEC in its recent region of Asia. US oil shipments to China have risen to create trade between the world's two largest powers. Are in place until 2016, and Washington is helping its efforts to reduce the huge trade deficit with Beijing.

This shift was reflected in the figures published in the past few days and showed that the United States is now producing more crude than Saudi Arabia, the world's largest oil exporter, which means that America is likely to overtake Russia to replace it in first place in oil production Worldwide by the end of the year.

The growth was a surprise even for US Energy Information Administration officials, who last week raised their forecast for US oil production in 2018 to 10.59 million bpd, up 300,000 bpd from a previous forecast just a week ago.

When the United States began exporting crude oil in 2016, the first shipments went to South Korea and Japan, Washington's partners in the FTA. Few expect China to become a major buyer.

Data from the Thomson Reuters Aikon platform show that US crude shipments to China started from zero before 2016, hitting a record 400,000 barrels per day (bpd) in January, worth around $ 1 billion. In addition, China received half a million tons of US LNG worth about $ 300 million in January.

It is noteworthy that the United States is going to become a major source of oil because of increased production, in a development that changes the infrastructure of the US and the face of the global oil market, and the United States currently produces more than 10 million barrels of oil per day, becoming the second largest oil producer in The world after Russia and before Saudi Arabia. This increase was due to the surge in oil from the new drilling and production methods.

In anticipation of this increase, the United States canceled by the end of 2015 its ban on oil exports imposed since the 1970s when the world was hit by an oil shock. Oil companies used the cancellation to export 1.1 million barrels per day to 37 countries in 2017. Canada is the largest importer of US oil, but the United States is exporting more to Asia, which has long been the main market of the Organization of Petroleum Exporting Countries ) And Russia.

Data show that China is the second largest export market in the US, and over the past decade, US oil imports have dropped from 10 million barrels per day to eight million, but the United States remains the main importer of crude oil. This is because US refineries are not Designed to refine the lighter oil produced by oil fields. Many of the refineries are built to refine the heavier oil coming from Canada, Mexico and Venezuela, and the cheaper ones that are entitled to large profits after refinement to gasoline.

Prior to the oil boom of 2010 or 2011, the United States was planning a new expansion of the oil pipeline to allow the import of more crude oil from Canada. But the change in the oil export scene in the United States has also changed the outlook for energy infrastructure. US companies are now focusing on adding local oil lines and export berths in the Gulf Coast region to export US oil abroad.

Experts believe that US oil exports could increase by four to five million barrels a day in the medium term, which raises questions about the markets that will buy additional oil. In the near term, John Coleman of Wood McKinsey Consulting expects most of the oil exports to reach Europe, Based on the oil consensus with the refineries on the continent, after 2022 the outlook is ambiguous, in part because new refineries will emerge in Africa and the Middle East, limiting their exports.

If the United States is able to maintain the competitiveness of the price to compensate for the extra time and the cost of transport, it could turn to Asia, and confirmation of the International Energy Agency said that the production of US rock oil over the next five years to acquire a portion of the share OPEC producers in the market and the United States, which was at one time the largest importers of oil in the world, to achieve self-sufficiency.

US oil production hit a record high late last year and is expected to grow by 2.7 million barrels per day to 12.1 million bpd by 2023, as the increase in production from the shale oil fields compensates for a decline in conventional supplies and even surpasses them.

Last year, the Energy Agency forecast US oil production growth of 1.4 million barrels per day by 2022 with oil prices reaching $ 60 a barrel and up to three million barrels with the price of oil $ 80.

The growth of shale and shale oil production in the United States and other countries that seek to rely on alternative energy sources has become one of the most important challenges for many oil exporting countries, especially OPEC countries, which fear the decline in global demand for oil and gas, which will negatively affect the economy. Those countries that rely mainly on oil, according to some experts, who stressed that the production of shale oil in the coming years will push oil prices to decline and slow the rates of global demand for supplies, which may cause the creation of many economic problems, and in this N Experts believe that shale oil production could pose a threat to oil exports to the countries of OPEC, which has gained thanks to the black gold a pivotal role in global markets and geopolitical importance.

The United States is going to become a major oil exporter

"The option was to invest in the more expensive and more complex oil refineries that cost much more money because you get oil at lower prices," said Harry Chilingerian, oil market strategist at BNP Paribas Global Markets. "Since the construction of a refinery takes five to seven Years, you can not move quickly. "

"The United States can not become completely independent of external oil," says Chilingerian, adding that in this context, President Donald Trump's idea of "energy dominance" or "the golden age of American energy" is not only about reducing imports but also " Share of the market outside the country. " According to AFP.

Perhaps the most symbolic project is the restructuring of the Louisiana oil port, the only oil port in the United States capable of serving super containers. The port used oil exports rather than oil for the first time in February and to the west, the Corpus Christi port in Texas is expected to become a major hub for crude exports and is planning a $ 327 project to expand and deepen the port canal. Coleman says the issue of US oil infrastructure is " Is still a mystery. It is an important issue today, and although there has been a lot of investment being announced, we still need more. "

Obey OPEC's market share within 5 years

US oil production is expected to grow over the next five years to capture a share of OPEC producers in the market and the United States, once the world's largest oil importer, is likely to achieve self-sufficiency, the IEA said. In its annual report "Oil 2018", which reviews the prospects for the next five years, the historic agreement to reduce production in 2017 between OPEC and other producers, including Russia to reduce the surplus supply led to improve the chances of other producers in light of the sharp rise in oil prices throughout the year .

The report predicted that with the increase in US supplies, the demand for oil from the Organization of the Petroleum Exporting Countries (OPEC) will fall below the current production level in 2019 and 2020, indicating the return of excess supply if OPEC production remained stable. According to Reuters.

"The United States will put its mark on the world oil markets in the next five years," said Perahul, speaking at a briefing at the Syracuse Energy Conference in Houston. Oil above $ 60 a barrel.

He said he expected oil production to continue to grow, regardless of OPEC policies, and said that FAO and other major producers need to reconsider future growth plans in the light of the "huge growth" of US shale oil. And natural gas liquids will add 1 million barrels per day to US supplies to 4.7 million barrels per day by 2023. Total American fluid production is expected to reach 17 million bpd in 2023, up from 13.2 million in 2017 To become a state T is the world's largest producer of oil liquids by a large margin.

Production growth from the United States, Brazil, Canada and Norway will meet global oil demand growth by 2020 and beyond, according to the agency, adding that more investment will be needed to boost production later.

Production from non-Opec producers is expected to rise by 5.2 million bpd by 2023 to 63.3 million bpd, and the United States alone will account for about 60 percent of global supply growth. The Energy Agency said production in 2017 rose 670,000 bpd With the addition of 200 oil drilling platforms "beyond all expectations."

OPEC is struggling

OPEC's output will slow down considerably, the agency said, adding that Venezuela's output is expected to slow to offset the impact of Iraq's increased production. Perol said Venezuela's production prospects may have to be cut in coming years.

As a result, OPEC's capacity will increase by only 750,000 bpd by 2023, the agency said, adding that with the increase in oil and non-OPEC supplies, the demand for OPEC oil as well as the drawdown of stocks would reach 31.80 million bpd in 2019, 1.8 million barrels per day below its previous medium-term forecast.

This is less than the expected demand in 2018 of 32.3 million barrels per day, and below OPEC's latest estimate of OPEC output at 32.16 million barrels per day. With OPEC's 36.3 million barrels per day forecast, Opec will cover less than 35 percent of world demand by 2023 compared to its usual About 40 percent.

World oil demand will increase by 6.9 million barrels per day (bpd) by 2023 to 104.7 million bpd, supported by Asia's economic growth and the US petrochemicals sector, the agency said.

Despite large increases in non-OPEC supplies, the Energy Agency warned that the decline in mature field production means the need for more investment around the world after 2020. "The upstream sector investment shows little sign of recovery from its 2015-2016 recession, Concern over whether adequate supplies would be available to compensate for natural declines in the fields and to meet strong growth in demand after 2020. "

Russia surpassed in 2019

The United States will overtake Russia as the world's largest oil producer by 2019 at the latest as the country's rocky oil sector continues to flourish, the International Energy Agency (IEA) said on Saturday. Next year "if not this year.

"US rock oil growth is very strong, the pace is very strong," he told Reuters separately. "The United States will become the first oil producer soon." US crude production rose above 10 million barrels per day late last year for the first time since the 1970s, The US Energy Information Administration said earlier this month that US production would exceed 11 million bpd by late 2018. This would lead the United States to outperform Russia, the world's largest producer of crude, And A supply is barely below this level, and Bierol said he did not expect US production to reach the peak level before 2020 and did not expect a decline in the next four to five years.

The increase in US supplies comes at a time when other major producers, including Russia and members of the Organization of the Petroleum Exporting Countries (OPEC), are constraining production levels to help prices rise, and US crude exports, including to the world's largest and fastest growing Asian markets, Market for Russia and OPEC.

What about China?

US supplies will help reduce China's huge trade surplus with the United States and may help refute claims by US President Donald Trump that Beijing is doing unfair business practices.

"Under Trump's management, there is considerable pressure on China to balance accounts with the United States," said Marco Donand, chief executive and co-founder of Mercatoria Commodity Trading. "The purchase of US oil will clearly contribute to this goal and reduce the imbalance."

As energy exports soared, China's trade deficit with the United States shrank in January to $ 21.895 billion from $ 25.55 billion in December, according to official Chinese figures released Thursday.

US energy sales to China are still modest compared to the $ 9.7 billion in oil the Organization of the Petroleum Exporting Countries (OPEC) shipped to China in January. But it has already captured a market share dominated by countries such as Saudi Arabia and Russia, with a threat of more competition in the future.

"We see US crude as a complement to our large crude base" from the Middle East and Russia, said a refinery manager at Sinopec, a large Chinese oil firm, who asked not to be named because he was not authorized to speak to the media.

Obstructing high oil prices!

The International Energy Agency (IEA) said in its monthly report on oil markets on Tuesday that the increase in US production restrains the price of crude, which has recently recovered after a long decline due to the large quantities offered globally.

"The rise in oil prices has stopped and is moving in the opposite direction," the report said, adding that "at the moment, the momentum that pushed crude oil prices to $ 70 a barrel has stopped."

After oil prices peaked at $ 115 a barrel in 2014, they fell back to less than $ 35 in early 2016. But markets have shifted since then, with prices rising from $ 44 in 2016 to $ 54 in 2017 to about $ 70 in January. Last January.

One of the main factors behind the agreement was the agreement between the Organization of Petroleum Exporting Countries (OPEC) and other oil-producing countries such as Russia to limit production, and was extended until the end of 2018, but the producers of rock oil, especially in the United States, which did not participate in the agreement increase production Hoping to benefit from the rise in crude prices, but this puts the delicate balance that has been reached in the markets at risk.

The report said that "the rapid production of non-OPEC countries in 2018, led by the United States, will probably increase more than demand," adding that crude oil production in the United States increased significantly within three months until November 846 000 barrels a day "and will exceed Saudi Arabia's output quickly," adding that the possibility of "ahead of Russia to become the first in the world."

[DinarThug]

If This Doesn’t Look Like Somebody Passing The Gas Then I Don’t Know What Is !  

 

     

 

 

 

LINK

Financial Kurdistan: the region to hand over oil imports to the
federal government

 

 

7th April, 2018
Vice President of the Finance Committee of the Parliament of Kurdistan, Ali Hama Saleh, Saturday 7 April 2018, that the system of distribution of salaries in the region was not based on any law for distribution, in what he described as outside the law.

Saleh said in an interview with local media that "after the publication of the Iraqi budget law, the Kurdistan Regional Government is bound by the budget law for 2018," noting that "the federal government will be obliged to pay what is the responsibility of the salaries of the staff of the region."

He added that "imports of oil in the Kurdistan region is not clear so far," calling for "the handover of the Kurdistan Regional Government oil imports to Sumo to pay the federal government salaries of employees and retirees in the region."

In the past two weeks, the Kurdistan region's employees have demonstrated for 10 days to demand the full distribution of salaries and the savings system imposed by the provincial government on employees, claiming that their imports are insufficient.

The demonstrations prompted the provincial government to announce a new schedule of savings, which reduced the rates of salaries of staff salaries significantly, in line with the wishes of the Kurdish street.

It is noteworthy that the capital Baghdad required the region to deliver its oil exports in order to spend its share of the budget, which was in the past years 17%, but fell in the financial budget this year to 12.67%.[/b]

[DinarThug]

The increasing dependence of the Iraqi government on international companies to develop the oil industry
Mustafa Al - Obaidi
Apr 07, 2018

 

BAGHDAD - The Iraqi government aims to increase exports of crude oil in the future and reduce the import of oil and gas derivatives by encouraging investments in oil and gas projects and signing more contracts with specialized international companies to explore new oil and gas fields and invest the existing oil refineries.
The Iraqi cabinet approved a plan last week to increase the country's crude oil production capacity to 6.5 million bpd by 2022. Prime Minister Haider al-Abadi, during his visit to Tokyo in early April, The Japanese investment in the oil sector, where he received the President of the Japanese company Gabicis Heidechi Okada and the accompanying delegation, and discussed with him investments in the oil sector, especially in the province of Nasiriyah and increase to 4.5 billion dollars, which will provide jobs for citizens in the province, in addition to the establishment of training centers and development Experience Iraq.
This came in conjunction with the announcement of the Iraqi Oil Ministry, «The rate of oil exports and revenues achieved for the month of March last, amounted to more than 107 million 50 thousand barrels, with revenues of more than 6 billion and 418 million dollars», indicating that «the daily average of exports amounted to 3 million And 453 thousand barrels and the average price per barrel about 60 dollars. These statistics do not include the export of Kirkuk fields in northern Iraq, which exceeds 250 thousand barrels per day ». 
Iraq's oil minister, Jabbar al-Luaibi, said last January that Iraq's current production capacity was close to five million bpd. 
The Iraqi Oil Ministry is currently moving on several tracks, including developing the export capacity of crude oil and gas, increasing the newly discovered fields, and putting several oil refineries for investment and development, in addition to increasing the investment of gas associated with the extracted oil to reduce the importer. 
In the context, the Ministry of Oil held a promotional conference in Baghdad aims to put 11 areas of exploratory border for development and rehabilitation under renewed service contracts, located on the border between Iraq and Iran and Kuwait in addition to a patch of sea on the Arabian Gulf.
Undersecretary for Extractive Affairs Karim Hattab said that the exploratory placards offered by the ministry for development and rehabilitation included the border exploration pits with Kuwait, namely Khader al-May, al-Sannam, al-Faw, and al-Qarqat areas on the Gulf. For the exploratory patches with Iran, the sands included Sindbad, Hawizah, Shehabi, Zarbatiya, In the province of Diyala are Kalabat and Khashm al-Ahmar. The Director General of the Department of Contracts and Petroleum Licenses, Abdul-Mahdi Al-Amidi, said that the ministry presented a detailed presentation to the qualified companies that bought the information bags, explaining the basic features of the contract and the amendments that have taken place, adding that the wording of the contracts will be "service contract with minor modifications to it" For the presentation of the technical information of the aforementioned border exploratory patches. 
The number of international companies that bought the bags of information 13 companies in addition to three companies announced their intention to buy the information bag to become 16 companies competing for the development and rehabilitation of the patches of the 26 companies eligible to participate in the competition carrying different nationalities, including two Arab companies. The companies are supposed to submit bids to the ministry on April 15.

Contracts with international companies

In order to benefit from the global experience, Iraq recently signed several new contracts with international companies to process the natural gas associated with the process of extracting crude oil as part of efforts to end this phenomenon by 2021. 
The Ministry of Oil has signed a contract with the «Baker Hughes» and « General Electric to deal with the natural gas associated with crude oil extracted from the fields of Nasiriyah and Gharraf in the south of the country. 
"The contract is one of the important contracts in the field of gas investment, and there are many contracts for gas investment in other provinces," Oil Minister Jabbar al-Allaibi said, stressing the need to build and build housing complexes for workers in the oil sector.
The minister said that this contract represents an important addition to the gas sector in the province of Dhi Qar in particular and for Iraq in general, and investment rates of the two fields will reach more than 200 million standard cubic feet of gas per day, through the development using the latest equipment and advanced technology and advanced in the world, Adding that the project will also provide more than 1,000 tons per day of liquid gas and more than 900 cubic meters of condensate, as well as providing more than 500 jobs. 
Iraq signed another gas treatment contract with US company Orion in January. 
He also received Oil Minister Jabbar Ali Al-Allaibi, director of Shell in Iraq Marcos Antonini, and his accompanying delegation, and discussed with him the development of the gas sector in the country. The minister said his ministry looks forward to enhancing cooperation opportunities and developing work with Shell to develop the gas industry.
The Ministry of Oil also discussed with the delegation of the Korean company Kokaz ways to enhance joint cooperation to develop the gas sector in Iraq, the steps taken by the company and the arrangements made to resume work in Akkas field, stressing the importance of creating the right environment for work. 
In the same context, the Libyan Minister of Oil received the President of the Chinese company "Genghua" Lu Yigiang, and the accompanying delegation, and discussed ways to enhance joint cooperation and development field in eastern Baghdad. 
According to World Bank estimates, Iraq is losing the gas associated with the extraction of oil, revenues estimated at 2.5 billion dollars annually, which are sufficient to meet most of the shortage of gas required to operate power plants.

Rehabilitation of destroyed fields

The Ministry of Oil cadres are making efforts to rehabilitate and repair the oil fields and their facilities in the areas liberated from the organization «Daash». 
The Libyan Minister of Oil announced that the national efforts resulted in the rehabilitation and completion of the first phase at a time and record time for the oil field of Ajil, after this field was subjected to sabotage and mass destruction by terrorist gangs, where the volume of destruction of facilities and pipelines, pumping stations and generation to large proportions, As well as the destruction and burning of a number of oil and gas wells. 
He pointed out to the start of experimental operation of the field after the completion of the rehabilitation and linking of a number of oil wells and start production operations at rates ranging from 5000 barrels per day up to 17000 thousand barrels. 
The Minister of Oil, said that the efforts of his ministry employees resulted in the production of gas from the field of Ajil to more than 100 million standard cubic feet per day and directly equip the North Gas Company in quantities required to add a new capacity of gas to national production. 
In the framework of increasing the production of oil derivatives, the Ministry of Oil announced the achievement of new achievements in the liquidation sector and access to production capacity of the Chinese refinery in Salahuddin to 30 thousand barrels per day after the rehabilitation of a new unit in the refinery, as well as access to production capacity of modern refinery to 20 thousand barrels per day After the completion and rehabilitation of a new unit by the employees of the North Refineries Company and its backers, praising the national efforts that achieved a lot, despite the challenges and difficult circumstances.
The Ministry of Oil has also put forward a number of refineries for investment and development, including an investment refinery in Wasit Governorate / Kut with a capacity of 100,000 barrels per day, an investment refinery in Diwaniyah province of 70,000 barrels / day, Day, in addition to direct the project Maysan investment refinery, a capacity of 150 thousand barrels per day, which is important projects and works with modern technology.
Many economists, including objections to the policy of the Iraqi government to sign contracts with international oil companies to invest in oil fields and facilities or development. The most prominent objections that these contracts bear the current and future governments, huge debt burdens for the benefit of international companies due to service contracts for oil installations, and that the Iraqi Oil Ministry, run by the Shiite alliance, is unique to draw oil policy and contracting with international companies amid a political environment controlled by corruption, The lack of reliance on Iraqi cadres and expertise in this vital industry, and the timing of signing contracts with the end of the period of the House of Representatives and the lack of audit, raises many reservations and fear of mortgage the most important wealth in Iraq, which is the second country in the production of the Organization You, however, international companies and whales corruption.

http://www.alquds.co.uk/?p=912396  

[DinarThug]

LINK

Oil prices rise to $ 67

 

 9th April, 2018

Oil prices rose to $ 67 per barrel on Monday, amid the global trade dispute between China and the United States.

By 0735 GMT, the benchmark Brent crude for June delivery rose 0.3 percent to $ 67.32 a barrel.

Nymex crude futures for May delivery rose 0.2% to $ 62.18 a barrel.

US crude hit a heavy loss last week, as the trade dispute between the United States and China intensified and fell 4.4 percent.

Last week, China applied customs tariffs on US imports worth $ 50 billion in response to a similar US decision on Chinese imports. 

[DinarThug]

LINK

Federal Court to hear a lawsuit to challenge the export
of the Kurdistan Region oil extracted from it

 

 

6th April, 2018
The Federal Supreme Court, on Monday, a lawsuit to challenge the export of Kurdistan Region oil extracted from the region and export directly. 

"The Federal Supreme Court held its session today under the chairmanship of Judge Medhat al-Mahmoud and the presence of all members, and considered a lawsuit filed by the Federal Minister of Oil, in addition to his job, against the Minister of Natural Resources in the Kurdistan Region / In addition to his job. "

 

He added that "the court decided to enter the Federal Prime Minister and the Federal Minister of Finance and the Prime Minister in the Kurdistan region / in addition to their functions third persons in the lawsuit to stand for them what is necessary to resolve them because the lawsuit has a constitutional side, political and financial."

 

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LINK

Federal Court intervened Abadi and Barzani in the case of
exporting oil of the region

 

2018/4/9 12:21

The Federal Supreme Court considered a lawsuit to challenge the export of Kurdistan Region oil exported from the region and export directly.

"The court decided to introduce the Prime Minister of the Federal and Federal Minister of Finance Agency [Haider Abadi], and the Prime Minister in the Kurdistan region [Nechirvan Barzani] in addition to their jobs third people In the lawsuit to stand for them what is necessary to resolve it because the lawsuit has a constitutional side, political and financial. " 

"The Federal Supreme Court held its session today under the chairmanship of Judge Medhat al-Mahmoud and the presence of all members, and considered a lawsuit filed by the Federal Minister of Oil, in addition to his function, against the Minister of Natural Resources in the Kurdistan region," in addition to his job. 

Samok added that "the parties to the lawsuit attended the hearing, which saw the prosecutor's request to issue a ruling including stopping the export of oil directly from the Kurdistan region to outside Iraq, and return the amounts sold in the past, because oil belongs to the entire Iraqi people." He explained that "for the purpose of providing legal time for all parties to do what they have postponed the appeal to 6/5/2018."

[DinarThug]

LINK

Abadi reveals the allocation of 20% of the oil profits of the
producing provinces

10:01 - 09/04/2018  

 

A member of the Committee on oil and energy parliamentary, MP Zaher Abadi, on Monday, the allocation of 20% of the profits of oil and surplus on the budget for oil-producing provinces, stressing that the amounts will be used in service projects, health and career degrees and the installation of contracts.

"The budget was based on the price of a barrel of oil, $ 46, while the price of a barrel today amounted to more than $ 65 with the end of the first quarter of the year," Abbadi said in a statement. , Where offset the deficit through oil revenues above the amount planned for the budget, that is the amount of a barrel in the budget $ 46 and more than that amount is considered profit and is used to fill the budget deficit.

He explained that "the strategic projects can not be implemented according to the current rise in oil prices based on profits, because prices may fall to less than $ 46 per barrel," stressing that "the central government will use the increase obtained from oil revenues after a year, The budget according to the distribution of amounts and oil profits surplus budget to the oil-producing provinces. "

Abadi pointed out that "the provinces have developed service projects and healthy strategic and may develop degrees of employment and are being installed for contracts in accordance with the amounts obtained from high oil prices."