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Oil: The government is committed to pay the dues of oil companies and paid off most part


yota691
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Tuesday, 24 May 2016 12:36
 
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Ministry Tuesday is confirmed. Oil That the Government is Committed to pay the dues of oil companies, pointing to repay the most part, made it That facility clear in its Commitment to Enhance the confidence of the international community in Iraq .
 

He , by said ministry Spokesman Assem Jihad , in an interview with Alsumaria's News, "The Government is Committed to pay the financial dues to oil companies operating in Iraq," Noting That "curling Largest percentage of these entitlements, Including the 2015 and Deporting the rest to the budget in 2016 ".

 
 
By jihad by said, "The Government has worked on the programming of these dues on a regular basis by vBulletin® the ( Azan ) Software Oil Company About enterprise | (SOMO ) thru understandings with these companies," he by said, adding That "these shots are On Either by vBulletin® cash or by vBulletin® an equivalent of crude oil prices international mainstream. "
 
Jihad said that "Iraq's commitment to this aspect enhances the confidence of the international community in Iraq and reinforces his international stature," pointing out that "the granting of the loan by the IMF for Iraq serves as their confidence in the Iraqi economy and prestige. "
 
The Finance Minister Hoshyar Zebari Announced Earlier Reached Iraq into an Agreement with the World was Bank's Fund for a loan worth $ 5.4 Billion, Which will secure the additional financial aid reaches about 15 Billion, Noting That Among the conditions Imposed is to settle the dues of oil companies and avoid the accumulation dues.
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Iraq, May 28, 2016 

OSLO,— DNO ASA, the Norwegian oil and gas operator, reported on Friday receipt of USD 16.0 million from the Iraq’s Kurdistan Regional Government as partial payment to DNO and partner Genel Energy plc for April crude oil deliveries to the export market from the Tawke field, DNO said in a statement.

The total invoiced amount for April is USD 32.3 million, of which USD 27.1 million comprises the monthly entitlement and USD 5.2 million is towards the recovery of outstanding receivables for past deliveries.

Tawke production in April averaged 118,918 barrels of oil per day (bopd), of which 117,815 bopd were earmarked for export, up from an average of 74,546 bopd in March. 

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland.

 

http://iraqdailyjournal.com/story-z13211533

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Kurdistan delivers the British oil company $ 6 million

 

Arbil / Baghdadi News / .. ladder Kurdistan province on Saturday, a British oil company $ 6 million.

The company warned of lower production Sheikhan field in the current year if it is available to them between $ 71 million and $ 88 million to be invested in the field, its partners and the government did not agree to the plan Srie.anthy 21 / t

The statement added, "This money is obtained in exchange for oil exports, and costs related to the oil field Sheikhan."

A statement by the company Guelph Keystone oil seen by the British / Baghdadi News /, that "the region handed the company $ 6 million, part of a debt estimated at more than $ 150 million."

 

 

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Thanks Yota, I like to see these articles that everyone is getting paid. Obviously you must be credit worthy to go international :D and we know what Iraq want and needs :eyebrows: Another peace of the very big and intriguing puzzle falling into place. 

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Things are gonna pop soon. These loans that Iraq were given are temporary stop-gap measures.

I look at it like Iraq has a sucking chest wound. You can place a damp cloth and apply pressure over the wound as first aid  but surgical intervention with chest tubes inserted are necessary  to heal, survive & thrive.

Iraq's continuous hemorrhaging can only be stopped by precisely adding the true value to their currency and join the international community's commerce.

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20 hours ago, Laid Back said:

We are gonna to get pay really soon too.!

Fasten your seatbelt... This ride is getting to the final destination.

Go iraq

Go CBI

Go dinar

Go increase exchange rate

Go $1:1+

Go cashing

Go Give thanks

Go las vegas

Go party

 

 

:praying::bravo:

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  • 4 weeks later...

Warning of the stops oil output If you can not pay the dues of foreign companies


06/21/2016

Warning of the stops oil output If you can not pay the dues of foreign companies

 

 

BAGHDAD / JD / .. of the Committee on Economy and Investment parliamentary warned, stopped production and export of Iraqi crude oil in the event of the inability of the Iraqi government from the payment of international oil companies, the end of the year.
A member of the committee MP Ahmad al-Kanani told / KD / that "everyone knows the Iraqi economy a yield dependent on oil revenue, a unilateral In the impact affects the extractive industry will impact heavily on the national economy."
"The World Bank committed Iraq to pay dues international oil companies, amounting to about two billion dollars at the end of this year," stressing that "If you can not the government pay those dues will stop the extraction operations and this will lead to significant economic disaster in the country," .anthy / 8 /
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Thanks Yota,

Looks like the WB also has the pressure on to keep Iraq's dues to international oil companies current,  PAY OR ELSE. This will also enhance their credit rating and show the world that Iraq is a good bet. Slowly but surely they are coming around DV, we are not there yet but definitely moving in the right direction. 

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J p

J p

Twilight News / met Finance Minister Hoshyar Zebari on Monday, CEO of BP (BP) Michael Townsend and his accompanying delegation.

According to a statement issued by the ministry that during the meeting, they reviewed examine the role of oil companies operating in Iraq, in the rehabilitation of the infrastructure of the oil industry and its development so as to ensure the achievement of increasing the quality of production.

The statement added that he was stressed the keenness of the government to fulfill its commitments to the benefits of international oil companies and service contracts concluded with them.

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On 6/22/2016 at 4:12 AM, yota691 said:

Warning of the stops oil output If you can not pay the dues of foreign companies


06/21/2016

Warning of the stops oil output If you can not pay the dues of foreign companies

 

 

BAGHDAD / JD / .. of the Committee on Economy and Investment parliamentary warned, stopped production and export of Iraqi crude oil in the event of the inability of the Iraqi government from the payment of international oil companies, the end of the year.
A member of the committee MP Ahmad al-Kanani told / KD / that "everyone knows the Iraqi economy a yield dependent on oil revenue, a unilateral In the impact affects the extractive industry will impact heavily on the national economy."
"The World Bank committed Iraq to pay dues international oil companies, amounting to about two billion dollars at the end of this year," stressing that "If you can not the government pay those dues will stop the extraction operations and this will lead to significant economic disaster in the country," .anthy / 8 /

Imagine that they had to force them to pay their bills. crooked Cheapskates

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Iraq plans to reimburse oil companies operating in the country

June 28, 2016 5 0

 

Our economy / Baghdad

The Iraqi government plans to reimburse the oil companies operating in the country, through an agreement with the International Monetary Fund, with deputies and experts ruled out the economy and the fulfillment of government obligations as the size of the debt is greater than the loan provided by the Fund's value.

He announced an economic advisor to Prime Minister Haider al-Abadi, the appearance of Mohammed Saleh, in a press statement that «Iraq is planning to settle all the outstanding dues of foreign oil companies by the end of this year, as agreed with the International Monetary Fund states».

He pointed out that «the decision is part of the measures approved by the government last week to secure $ 5.4 billion worth of loans from the IMF during the three years», without revealing the size of the arrears.

Seeks Iraq, a member of «Organization of Petroleum Exporting Countries» (OPEC), to obtain support for its budget from the international community after shrinking revenues due to falling oil prices, which led to the widening budget deficit and delayed dues operating in the oil sector companies exchange.

He ruled out a member of the economic and investment commission parliamentary MP Abdul Salam al-Maliki, the government's ability to meet its financial obligations to the foreign oil companies of investment, stressing that «these debts six times more than the first installment of the loan, which will get Iraq during the current year the volume, amounting to $ 3 billion».

He added: «oil data related to the work of these foreign companies, confirms that the size of the debt exceeds $ 18 billion». Maliki pointed out that «the federal budget for 2015 has allocated $ 9 billion to cover part of these benefits, which in 2014 without debt amounting to $ 9.6 billion, and that carried over to the current year as a result of falling oil prices».

The government hired treasury bonds to pay off the three batches of 4 distributed over the year according to the agreement between the parties for 2015, in addition to the remaining amount of the 2014 dues.

A source at the Oil Ministry that the «government paid full entitlements 2014 retained to the last year, and carried out adjustments to the 2015 dues, bringing the total amount paid to the companies $ 16.7 billion, and keeps the amount of two billion dollars over the current year, and will be added to the three payments of deferred».

He added that «Some believe that the benefits of foreign companies too large and cumbersome for the country, but this is not true, as the cost and profitability of the wages paid to the contracting companies amounted to $ 926 million, including government partner's share amounting to $ 373 million». Iraq is linked to two types of agreements with foreign companies, the first development of old fields and number four decades, and the second production contracts, which contributed to the increase in production to 3.4 million barrels per day.

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Kurdistan Regional Government responds to Dana Gas and Petroleum Kreenst on compensation
Kurdistan Regional Government responds to Dana Gas and Petroleum Kreenst on compensation

Roudao - Arbil 

received Ministry of Natural Resources in the Kurdistan Regional Government, on Thursday, the Dana Gas and Crescent company, on the subject of the report published by Bloomberg Foundation and demanding compensation days before officials.

Was Dana Gas UAE company which invests in projects for the production and marketing of natural gas in the region announced , its claim to the provincial government $ 11 billion in compensation for losses suffered in the failure of the Kurdistan region 's commitment to the contract signed between the two sides in 2007 to invest in the fields of energy. he said Majid Jafar , Executive Director of the Crescent Group of companies and (Crescent Petroleum) , which owns a quarter of the shares Dana gas United Arab Emirates, said that " the two companies Dana gas and Kreenst Petroleum Rfta a complaint with the international Court in London to demand that the provincial government in the amount of compensation up to $ 11 billion , " and predicted that the court rules in favor of Dana gas before the end of the year 2016. the two companies Dana gas and Crescent may students several months the government before the region of $ 11 billion as compensation for the loss of the right as a result of non - payment of the provincial government financial dues for previous years, as it has been able in the past year in 2015 to earn another lawsuit by against the provincial government in London, got under the amount of two billion dollars incompensation for lack of the provincial government 's commitment to the terms of the contract signed by the company with them to invest in the fields of energy in the province. in the same context, the Ministry of natural resources announced in the Kurdistan Regional Government the following clarifications: 1. did not take the Bloomberg organization claims Kurdistan Regional Government against the giants Dana gas and Kreenst Petroleum into consideration, Fmtabanna the losses and damage to us, due to suspension of these two companies for work and production. 2. the Kurdistan Regional Government announced on 11.22.2015, that the court 's decision does not affect , in particular, the rights of anti-asked the provincial government against Dana gas and other companies in the case that have not yet been resolved, it is scheduled to hold a hearing in the ninth month of this year , and discussions are still going on in this case. 3. according to a statement issued by the Kurdistan Regional Government on 08.12.2015, there is no basis of Health to claim the provincial government $ 11 billion incompensation for losses suffered, they are dreaming so no more. 4. The Kurdistan Regional Government will continue its demands and to compensate for damages and losses suffered by them.

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  • 2 weeks later...
GENEL ENERGY GIVES OPERATIONAL UPDATE
Iraq, July 9, 2016

Genel Energy has announced that the TT-27x side-track well has been successfully drilled and completed in the Cretaceous Shiranish reservoir at the Taq Taq field (Genel 44% working interest, joint operator).

 

The TT-27x side-track was the first well in the 2016 Taq Taq work programme, which aims to more evenly distribute the production rate over the wider field. 

 

The well, which is currently in the latter stages of the post-drill clean-up phase, is flowing at c.3,000 bopd. The well continues to clean-up and is within the anticipated production rate of 1,500-5,000 bopd.

 

The VT-03 rig has now been moved to drill the TT-07z well, a side-track of the TT-07 well, which is set to appraise the southern flank of the field. If successful, this well will also aid the wider reservoir management effort and increase production from the flank of the field. The TT-07z well is expected to take c.60 days to drill.

 

Future Taq Taq development activity will continue to evolve based on reservoir performance, with an overall strategy of drilling development wells to offset field declines. The current outlook for 2016 incorporates the drilling of three side-tracks from existing development wells (inclusive of TT-27x and TT-07z). 

 

Key technical indications from Taq Taq year to date are in line with those underlying the ultimately recoverable reserves described in the Competent Person’s Report issued on 25 April 2016. Full year 2016 data from Taq Taq will be incorporated into a new Competent Person’s Report which the Company intends to issue in Q1 2017.

 

(iraq-businessnews)

 

http://iraqdailyjournal.com/story-z13490146

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