Expectations of high oil production in Kurdistan

[yota691]

 

 

 

Iraq moves to cancel the oil licensing illegal

 

 

April 5, 2017

 

 

Although Iraq is the second largest oil producer in OPEC after Saudi Arabia, but he was unable to take advantage of this wealth because of the wars and  political divisions and corruption, as well as lower oil prices worldwide, according to experts. 

Iraqi officials are demanding the need for a review has begun oil policies in Iraq in the absence of the role of national companies, and in order to increase revenue after the decline in crude prices by more than two - thirds of its value over two years and a half, causing a doubling of the deficit 's annual budget, also called for a review of oil licensing illegal which concluded in times of political and security unrest. 

The officials said, in remarks to the agency "Anatolia", to re - review of oil policy must include oil reserves and gaseous estimates, and the issue of the development of joint oil fields between Iraq and Kuwait, with a focus on not waive the rights of Iraq 's oil. 

The oil reserves of Iraq is certain about 112 billion barrels, making it the second largest oil reservoir known in the world, with estimated proven reserves and the potential of about 150 billion barrels. 

Iraq occupies ninth place among the world 's rich natural gas after Russia, Iran, Qatar, Saudi Arabia, UAE, America, Nigeria and Venezuela. 

The proven reserves in which 143 trillion cubic feet of natural gas, with total reserves of gas associated with oil 98.3 trillion cubic feet. 

Iraq and wasting more than ten million dollars a day, because of the associated oil fields ,natural gas investment, as a result of the lack of strategic plans by the Iraqi government to invest, despite the fact that Iraq is still buying natural from neighboring countries of a raid. 

Oil reserves

, said Mehdi al - Hafez, a member of the Committee on Oil and Energy in the Iraqi parliament, and former Minister of Planning, said that there is a need to conduct a review of oil policy in the country, which relate to estimates of oil and gas reserves, and the issue of the development of joint oil fields between Iraq and Kuwait, that there be a focus on not to waive the rights of the Iraqi oil. 

He said Hafiz: "Alnaftyon experts believe that the service contracts Iraq signed with international oil companies through the oil licensing rounds, illegal, because they do not differ from production - sharing contracts, which allow investors by making their views about the development of oil projects that fall within their fields."
 

An oil facility in Iraq (Muhannad Falah / getty)

Oil share

his part, Adnan al - Janabi, head of the Oil and Energy Committee in the Iraqi parliament , said that there is a need to re - work the national oil company. 

The company "National Oil" was founded in the sixties of the last century , the decision of the former Iraqi regime during the Iran - Iraq war, and the responsible management of oil wealth across the country. 

Al - Janabi added: " the oil industry in the country need amendments , particularly with regard to the restoration of the national oil company to be independent in their work, stressing that talk about the granting of some oil - producing provinces share oil is not unfounded." 

The Minister  of Iraqi oil , Jabbar Luaibi, said days ago that Iraq plans to increase crude production capacity to five million barrels per day before the end of this year. Allaibi said, during the conference, said that Iraq will continue to parallel  exploration plans  in order to increase its reserves equivalent to 15 billion barrels in 2018, to reach 178 billion barrels. 

It is noteworthy that Iraq is mainly dependent on financial revenues on the export of crude oil by 97%, while currently working on activating the industrial, agricultural and commercial side to provide additional revenue. 

Iraq is suffering a financial crisis, after the decline in oil prices in global markets, and rising financial expenses related to the war against the "Islamic State" (Daesh) in the north and west of the country. 

(Anatolia, the Arab new)

[yota691]

Article is only access through being a paying member, here what does show... 

Iraq starts new oil contract review

The Oil Ministry plans to develop a new contract model for future projects and has contracted Iraqi-Norwegian consultant Farouk al-Kasim as it explores adjustments to existing TSCs.

Lukoil Vice President Gati al-Jebouri (left) speaks on a panel about IOC investment at the Iraq Energy Forum in Baghdad, April 2, 2017. (Source: Iraq Energy Institute)

By BEN VAN HEUVELEN of Iraq Oil Report
Published Wednesday, April 5th, 2017

 

Iraq is undertaking a new review of its oil contracts in an effort to better align the interests of the government and international oil companies.Oil Minister Jabbar al-Luiebi said that, as the ministry solicits investment in new upstream projects, it is likely to move away from the technical service contracts (TSC) that have structured Iraq's relationship with oil companies since 2009."The future contracts, we will have different models," Luiebi said in an interview Tuesday with Iraq O...

[yota691]

Just now, yota691 said:

"The future contracts,

which will pay out on what the market rate at the time in which that barrel of oil was filled and ship....in another words the producers and all of Iraq will be on a level playing field when it comes to profit...and not just one side...and GM DV

[blueskyline]

Thank You Yota and GM DV's

[Wiljor]

"level playing field when it comes to profit" 

Morning Yota, I like the sound of that   

[Synopsis]

4 hours ago, yota691 said:

which will pay out on what the market rate at the time in which that barrel of oil was filled and ship....in another words the producers and all of Iraq will be on a level playing field when it comes to profit...and not just one side...and GM DV

And The Top of the Morning to You, Yota!

YOU THE MAN!!!

Go Moola Nova!

[Big_J]

GAN YOTA AND DV.

Edited April 5, 2017 by Big_J

[tigergorzow]

Yota Thanks,  DV,  Let's get on the same playing field and hit a "Home Run" for the Gipper and us here at DV.

GO RV / RI

[sandfly]

Thanks 

[yota691]

Norwegian DNO announces expansion of its investments in the Kurdistan Region

 

 

 arabic

 04/05/2017 - 14:36

economy

 

 

 

Announced the company DNO Norwegian oil and gas, on Thursday, expanding its investments in the Kurdistan Region, including the doubling of wells planned in 2017 Tawke field, on the back of the large profitability results achieved by the company in the first quarter of this year.

The company posted a net profit of US $ 15 million, as revenues rose by 83% to reach US $ 77 million on the production of an average user 115.900 barrels of oil per day.  

The oil and gas company Norwegian DNO focuses its investments on the Middle East and North Africa, it was founded in 1971 and is listed on the Oslo Stock Exchange, as well as ownership stakes in onshore and offshore licenses in various stages of exploration, development and production in Kurdistan, Oman, Tunisia and Yemen region.

[MyLadiesDaddy]

On 4/5/2017 at 2:35 PM, tigergorzow said:

Yota Thanks,  DV,  Let's get on the same playing field and hit a "Home Run" for the Gipper and us here at DV.

GO RV / RI

this just gets me so Gangnam style 

 

And for those that don't like this dude, TRY THIS

 

 

[tigergorzow]

11 minutes ago, ladyGrace'sDaddy said:

this just gets me so Gangnam style 

 

And for those that don't like this dude, TRY THIS

 

 

LGD, Nice.......😁😊😁

[USMCVET]

Oil.

[MyLadiesDaddy]

 

[yota691]

19/06/2017 (00:01 pm)   -   Number of readings: 137   -   Issue (3953)

 

 

Nroyjh company receives $ 41 million production and export from Tawke field benefits

 translation / Hamed Ahmed 
 

Oil and gas company operating in the Norwegian DNO Kurdistan region 's oil fields in a statement on Sunday announced that it has received an amount of $ 41.26 million from the provincial government for its dues in exchange for the production and export of oil from the field Tauki oil markets for the month of March in 2017. 
According to the Norwegian company statement that the money will be distributed between the two DNO and its partner Genel Aanerjee oil company, which includes 34.60 million dollars for the monthly of equipment as well as $ 6.65 million to settle outstanding receivables bonds. 
And it reached the production field Tauki rates in March , up to 108.853 thousand barrels per day, where equipped , including 108.513 thousand barrels per day for export via Turkey. 
The company DNO has received in the month of May to $ 41.40 million from the government of the Kurdistan region Casthakaqat for the production and export of oil from the Tawke field for the month of February in 2017. 
The show reports on the amount of product oil from the Kurdistan Region fields and fields located under the administration of the territory in Kirkuk, said that the province produces a day of oil around one million barrels of its value in each month billion, which fills this amount across the salaries of employees of the province according to the old system of salaries, with the survival of the amount of $ 350 million could be used for various projects and activities. 
 for the location of Ekord Daily

[yota691]

Kurdistan, a Norwegian oil company received 40.66 million dollars

economy

 Since 06.07.2017 at 12:17 (Baghdad time)

Baghdad balances News

It announced that the Norwegian company DNO, on Thursday, received 40.66 million dollars from the Government of Iraq's Kurdistan region for payments of crude oil deliveries in April 2017 export market Tauki field license.

According to the company, that the funds will be shared proportionately between the DNO and its partner Genel Energy, including 34.10 million dollars for monthly deliveries and $ 6.56 million to cover the arrears, as reported Roeters.anthy 29

[yota691]

07/15/2017 (00:01 pm)   -   Number of readings: 138   -   Issue (3969)

 

 

The resumption of drilling operations in the oil patch Fishkhabour Kurdistan Region

 translation: Hamid Ahmed 
 

It announced the company DNO Norwegian oil, on Friday, resuming the excavation work evaluation in the area Fishkhabour exploratory province of Kurdistan within theoil field Tauki, and the announcement came after an examination of operations lengthy and testing of seismic testing and sites of oil reserves in a well Fishkhabour -2. 
The company has drilled a well Fishkhabour - 3 on July 8 as part of the rapid development of the field plan that includes the acquisition and installation of an early production facility will be ready for the production of oil by the end of 2017 followed by an oil pipeline linking plant Tauki for export in patch Fishkhabour. 
Evaluations of the three production wells have proven horizontal production rates stood at 3,800 thousand barrels per day and 4,000 thousand barrels per day and 1,100 thousand barrels per day respectively, during the examination of an evaluation program lasted for two weeks during the month of May. 
According to the company, the depth of the test drilling vertical wells Fishkhabour - 2 is estimated between 125 to 160 meters below ground .obulgt the amount of production from Tawke wells to date in July , up to 115 thousand barrels per day. 
The total proven oil reserves of the field Tauki operated by DNO Norwegian company now about (722.2) million barrels, with the share of the producing of which (447.7) million barrels . He said Bijan Muzaffarabad Rahmani , executive director of the Norwegian company DNO "with we received the expenses of exporting oil to sixteen operations consecutive months by the provincial government in accordance with the terms of the contract, we were able to complete the drilling of three wells are put into production now, within the area of exploration in Fishkhabour field. " 
The Norwegian company DNO owns 55 percent of the field Tauki shares, while the company owns Genel Enerji British Turkish, 25 percent of them, and the KRG remaining. 
The Norwegian company was among the first oil companies drilled an oil well in Iraq after the fall of former President Saddam Hussein 's regime. 
Many of the major oil and gas companies world concluded including Exxon Mobil , Shell, Chevron, Total and Russia 's Gazprom, for example , are not limited to (there are more than 40 companies from 17 countries operating in the Kurdistan oil sector), contracts for exploration and production of oil and gas with the Kurdistan Regional Government, which It raised the objection of the Federal government. 
And still the oil file Kurdistan irks the federal government in Baghdad, which opposes along the line, the region activity in this regard and prepared contrary to the Constitution, while the region sees the contrary , based on the constitutional reference itself, in the absence of legislation , a federal law for oil and gas so far. 
 About: Global Energy site

[yota691]

Kurdistan oil company received about 40 million dollars

Oil field in the Kurdistan region

Economy News Baghdad:  The Kurdistan Regional Government (KRG) handed over part of its financial dues to the Norwegian company DNO. Arbil has handed over 39 million and 600,000 US dollars of financial dues to Norway's DNO, according to an online news site published on Wednesday. The site pointed out that this amount is the maturity of the company in return for the extraction and export of oil from the fields of Tawki and Taqih, adding that 33 million and 210 thousand dollars is a new debt and 6 million and 390 thousand dollars of previous debts.   Views 24   Date Added 08/09/2017

[yota691]

The Kurdistan Regional Government signs an oil agreement to settle its debts

 

 

 

Number of readings: 118 24-08-2017 02:10 PM

 

 

24-08-2017 02:10 PM 

 

DNO and Norway-based Ginal Energy, the two main oil producing companies in the Kurdistan Region of Iraq, signed agreements with the territorial government to settle debt collection and restructure future oil export payments. 

DNO said its agreement with the regional government includes increasing its stake in the oil field to 75 percent by acquiring the government's stake. 

Genel Energy said its agreement included the company getting a larger share of revenues of 4.5 percent of the oil sold from the Tawke field. 

Shares of the two companies jumped after the announcement, with DNO up 6.5 percent at 0848 GMT and Genel up 6.9 percent.

[blueskyline]

http://www.basnews.com/index.php/en/economy/kurdistan/373383........

KRG Agrees Settlement of Receivables Owed to DNO, Genel Energy

 

ERBIL — The Kurdistan Regional Government (KRG) has assigned its 20% interest in the Tawke filed to the Norwegian oil and gas operator DNO, said Ministry of Natural Resources.

The KRG “has reached definitive binding agreements on the settlement of all historical outstanding receivables owed to DNO ASA, the operator of Tawke Field (DNO), and Genel Energy plc, which has participating interests in both Taq Taq and Tawke,” reads a statement by the ministry, issued on Thursday.

The KRG has also removed Genel’s obligation of 30% Capacity Building Bonus payments from the Tawke license.

“DNO and Genel shall make no further claims on all historical outstanding Tawke license receivables from the Government,” reads the statement. Genel has also agreed to the settlement of its claims for its share of historical outstanding Taq Taq license receivables from the Government.

The Government has exercised its audit rights and made provisions to its own satisfaction with respect to the Tawke license for the period up to the 31st July, 2017 and has no further claims on DNO or Genel. It has also exercised its audit rights and made provisions to its own satisfaction with respect to Genel’s past entitlements in the Taq Taq license for the period up to the 31st July, 2017 and has no further claims on payments booked or received by Genel in this regard, the ministry said.

“In addition, DNO and Genel will receive 3% and 4.5% respectively of gross Tawke license revenues each month from the Government over a five-year period, effective as of 1 August, 2017.”

 

 

 Basnews English

 24/08/2017 - 14:31

Kurdistan

 

 

 

[yota691]

Norwegian company announces receipt of $ 34.75 million from Kurdistan for the field of oil Tawke

 

 Since 2017-09-14 at 11:13 (Baghdad time)

Baghdad Mawazine News

Norwegian company DNO announced on Thursday that it had received payments from the Kurdistan region for the deliveries of the Tawke field.

The company said it had received $ 34.75 million from the Kurdistan Regional Government (KRG) to share with Genel Energie.

She added that "the amount received from the region, is the payments on deliveries last June, the export market of the field license Tauki in Kurdistan."

"The money will be shared by DNO and its partner, Genel Energy," the company said.

[yota691]

Erbil pays $ 10 million to a global company and complains of the financial crisis

October 12, 2017

12

 

  

Knozmedia

GENEL Energy Energy said on Wednesday that its partners in the Taq Taq field received a total of $ 10.39 million from the Kurdistan Regional Government (KRG) for oil sales for July 2017.

"The net payment share of Jinl Energy was $ 5.71 million, while the average oil sales from the Taq Taq field in July 2017 were about 14,873,000 barrels per day, including exports and deliveries to the refinery of Bazian," Jinel Energy said in a statement on Thursday.

On the other hand, the Norwegian DNO companies and the operators of the field Tauki announced that "they received a payment of $ 39.50 million from the Kurdistan Regional Government until July 2017 to deliver crude oil to the export market under the field license Tauki and the money will be shared proportionally by my company DNO and Gianl Energie "

[yota691]

Norwegian company DNO receives $ 46.53 million from Kurdistan and announces the flow of crude oil in a field in northern Iraq

By

 rami

 -

November 12, 2017

11

0

 

 

 

Norwegian company DNO has received $ 46.53 million from the Kurdistan Regional Government (KRG), the company said in a statement.
The company explained in a statement that this is in exchange for the crude oil deliveries last August to the export market with the supply license from the field “Tawke”.
In addition, the company received $ 4.27 million from the Government of the Territory, representing 3% of the revenues of the “Tawke” license.
The company will, according to the statement, share that amount with its partner, Jinil Energy Limited.
In mid-October, DNO received $ 39.55 million from the territorial government from previous shipments in July.
The Kurdistan government signed agreements at the end of last August with the companies “DNO” and “Jinl” to settle their dues.
The company also announced that the oil flow rates amounted to 3000 barrels of oil per day from the first area in the well Bechkapir / 3 in northern Iraq, while the other nine oil regions and a gas area to be tested in a horizontal shape along the 1.5 km in the reservoir Cretaceous and Jurassic oil.
“The company has been tracking rapid development in this area, and the production facility will be operational early next year, and the production of a well of Bashkabir 2 about 4700 barrels per day since last May, while the field produced more Tawke,” the Norwegian company DNO said on Sunday. From 100 thousand barrels at a time when the operations of DNA and without interruption in Kurdistan. ”
“The company had received export payments from Kurdistan amounting to 297 million dollars, an increase of 210 million dollars over 2016, and with the continuation of export payments, the company will increase investments in Kurdistan in 2018.”
The company reported a third-quarter operating profit of $ 469 million during the quarter. This comes after the recognition of $ 556 million in other revenues after the settlement agreement with the Government of Kurdistan in August of 2017.

[yota691]

 

Norwegian company receives $ 53.7 million from Kurdistan for oil services

Economie

14:32

Last updated

The time now is 02:45 PM

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Follow - up / Tomorrow 's Press: 
announced "DNO" Norwegian company received 53.71 million dollars from the Government of the Kurdistan region. 
The Norwegian DNO said in a statement that "the company received $ 53.71 million from the Kurdistan Regional Government," noting that "in exchange for deliveries of crude oil for the month of October for the export market with a license from the field," Tawke. "
"It will share that amount with its partner, Jinil Energy Limited," the company said in a statement.

In addition, the company received 3% of the revenues of the license "Tawke" during the month of October. 
In mid-December, DNO received $ 54.32 million from the regional government from previous shipments in September. 
It is noteworthy that the Kurdistan government signed agreements at the end of last August with the companies "DNO" and "Jinil" to settle their dues.

[yota691]

The Kurdistan government pays $ 7.05 million to Genel Energy

15:03 - 20/02/2018

0

 

  

Information / Translation

GENEVA - British oil giant Genel Energy said on Tuesday it had received a $ 7.05 million payment from the Kurdistan Regional Government (KRG).

"This amount represents 4.5 percent of the Tawke field for the month of November 2017 according to the terms of the settlement agreement with the provincial government," the company's website said in a news release.

He added that "these payments have been announced in addition to the payment of the monthly benefit of the field of Taqtaq, where the payments of the company Jinl Energie for the month of November 2017 amounted to a total of 26.81 million dollars."

It is noteworthy that the Northern Iraqi government did not pay the salaries of its employees on the pretext that it does not have liquidity, while the reality indicates otherwise, where the government Kurds deal billions of oil payments smuggled, according to politicians.