Cursor International executes projects and collaboration activities across several industries.
By John Lee.
The director of the China National Offshore Oil Corporation (CNOOC) has presented his company’s plans for the development of the Bazergan [Buzurgan] oil field in Maysan to Iraq’s Oil Minister Ihsan Abdul-Jabbar.
In a separate meeting on Wednesday, the Minister also received the CEO of Lukoil in Iraq, Igor Zubarev, who gave a summary of the company’s activities and plans in Iraq.
(Source: Ministry of Oil)
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for June of 84,490,194 barrels, giving an average for the month of 2.816 million barrels per day (bpd), down from the 3.212 million bpd exported in May.
These exports from the oilfields in central and southern Iraq amounted to 81,007,685 barrels, while exports from Kirkuk amounted to 3,482,519 barrels.
Revenues for the month were $2.861 billion at an average price of $33.864 per barrel.
May’s export figures can be found here.
(Source: Ministry of Oil)
Gulf Keystone Petroleum (GKP) has announced that Jón Ferrier (pictured), Chief Executive Officer, has informed the Board of his intention to retire from the Company upon appointment of a successor and after a period of handover.
The Company is now commencing a formal, externally facilitated, search process and will provide an update as and when appropriate.
Jaap Huijskes, Chairman of the Company, said:
“Jón Ferrier took the helm five years ago, immediately leading the Company through its financial restructuring and breathing new life into GKP as an attractive investment proposition. He has brought us the experience he gained over a long and distinguished career, resulting in GKP meeting the highest standards across all aspects of its business.
“Today, Gulf Keystone is a highly respected and successful E&P Company, for which Jón deserves considerable credit. On behalf of the Board and everyone within the Company I would like to thank Jón for his leadership and resolute commitment over the past five years. We will be sad to see him step down when a successor is found and wish him all the best for his retirement.”
(Source: GKP)
You are invited to help IBBC and World Bank to introduce Iraqi SME’s to FREE business training courses
WHEN: 29th June, 6pm to 8pm Iraq time
Please share this free business training initiative and the course registration with any SME in your network, however small, and encourage them to sign up.
Arabic version for sharing with your contacts here
WebEx Link: Join Using WebEx
YouTube Livestream: https://www.youtube.com/watch?v=RxeuaarijuE
The Iraq Britain Business Council (IBBC) has been asked by the World Bank to support them in the promotion of business resilience and training courses for SME’s in Iraq.
The driver behind this initiative is to give Iraqi SME’s support to ride out and survive the business effects of COVID-19 pandemic and the effect it has particularly on the smaller businesses in the economy.
The support is in the form of four free business training courses that SME’s can take via Webex or Youtube, provided they sign up.
As a partner to the World Bank, IBBC is contacting our Chambers of Commerce and Union contacts, and those businesses we can alert.
The courses cover four topics :
We recognise that your suppliers are most likely to be already well prepared, but if there are some who may be finding the current economic climate challenging, these courses will provide a good sense check to best practice.
Please follow this link for the WebEx how-to manual in English
Please follow this link for the WebEx how-to manual in Arabic
Please let us know if there are any further questions by contacting london@webuildiraq.org
We very much hope that your teams will be able to share these courses with your supplier and business ecology.
(Source: IBBC)
By John Lee.
Iraq’s Ministry of Oil has announced finalised oil exports for May of 99,585,283 barrels, giving an average for the month of 3.212 million barrels per day (bpd), down from the 3.438 million bpd exported in April.
These exports from the oilfields in central and southern Iraq amounted to 96,039,852 barrels, while exports from Kirkuk amounted to 3,545,431 barrels.
Revenues for the month were $2.136 billion at an average price of $21.450 per barrel.
April’s export figures can be found here.
(Source: Ministry of Oil)
By John Lee.
Genel Energy has announced the appointment of Canan Ediboğlu as an Independent Non-Executive Director, with immediate effect.
Canan has significant industry, financial, and corporate experience. She has been a non-executive board member of ING Bank in Turkey since 2010, and Tupraş since 2017. Canan was formerly non-executive Board member of Aygaz between 2011 and 2017, and a non-executive Board member of Pyrsmia Turkey between 2013 and March of this year.
Prior to this, Canan spent almost 30 years at Royal Dutch Shell, culminating in her role as the country chair and CEO of Shell Turkey, roles she held between 2001 and 2009. She was previously CFO of Shell Turkey, preceded by a series of positions at the company across numerous aspects of the business, notably marketing, treasury and planning. During her tenure as CEO and country chair, she was involved in leading a significant number of acquisitions and nurtured the growth of Shell in Turkey.
Following her retirement from Royal Dutch Shell, Canan advised Accenture on the setting up of their energy business in Turkey, and spent nine years advising Maersk and APM Terminals on their port investments and improving their networking in Turkey. She is the former President of PETDER (Turkish Association of Petroleum Industrialists) and Chair of the Oil Industry Council Turkish Union of Chambers and Commodity Exchanges.
Canan is also an active member of various NGOs, and is a board member of the Turkish Autism Society, the Global Relations Forum, and Embarq – the Centre for Sustainable Transport, having previously been a Board member of WWF Turkey for a number of years.
With the appointment of Canan to the Board, the commitment made by the Company to return the Board to an equal balance of independent versus non-independent Directors has been fulfilled.
David McManus, Chairman of Genel, said:
“We are delighted to welcome Canan to the Board. She has a wealth of relevant industry and financial experience, as well as extensive work with NGOs. Canan will bring further insight and perspective to the Board as we aim to fulfil our goal of generating significant shareholder value, while acting as a socially responsible contributor to the global energy mix.”
No information is required to be disclosed under Listing Rule 9.6.13R.
Genel instructed independent board search and advisory consultants Russell Reynolds in connection with the appointment.
(Source: Genel Energy)
By John Lee.
According to Bloomberg Law, a group of bondholders of Shamaran Petroleum has reportedly appointed restructuring specialists Akin Gump Strauss Hauer & Feld LLP to advise on ongoing debt talks.
ShaMaran Petroleum said last week that that it continues to examine alternatives to address a breach of financial covenant and liquidity shortfall, and that difficult discussions with its largest independent bondholders are continuing.
The Canadian company has a 27.6 percent direct interest in the Atrush Block production sharing contract in Iraqi Kurdistan.
More here (subscription required).
(Sources: Bloomberg Law, Shamaran)
Iranian Oil Minister Bijan Namdar Zangeneh and his Iraqi counterpart Ihsan Abdul Jabbar discussed ways to promote cooperation between the two neighbors in the oil industry.
In a telephone conversation, Zangeneh and Abdul Jabbar called for the expansion of oil cooperation between the two Muslim neighbors.
The Iranian minister congratulated Abdul Jabbar on taking office as the new oil minister of Iraq after formation of a new government under Prime Minister Mustafa Al-Kadhimi’s leadership, according to the Iranian government’s official website.
Abdul Jabbar said Iraq’s daily export of crude in June has reached 2.8 million barrels.
The Iraqi oil minister also emphasized that it would be in Iraq’s interests to abide by a production cut agreement between OPEC and its allies, known as OPEC+, saying the Iraqi Kurdistan Region has been directed to comply with the OPEC+ deal and cut its share of oil output.
The OPEC members, Russia and other oil producing nations agreed in April to cut output by around 10% of global supply to support oil prices amid the coronavirus pandemic.
(Source: Tasnim, under Creative Commons licence)
By John Lee.
Gulf Keystone Petroleum (GKP) has provided an operational and corporate update in advance of Friday’s Annual General Meeting:
Jón Ferrier, Gulf Keystone’s Chief Executive Officer, said:
“In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business. We are now well placed to weather the current environment and are able to move quickly back to growth at the right time.
“Our cost reduction initiatives have been thorough, and I am grateful to our staff and contractors for their commitment and support. Whilst uncertainty around the timing of the end of the crisis persists, the partial oil price recovery gives us some grounds for optimism about the future and our return to delivering the significant untapped value in Shaikan.“
Operational
Financial
Corporate
Outlook
(Source: GKP)
By John Lee.
Petrel Resources has said that its operations in Iraq, which had been dormant for some time, are “once again showing life“.
In its Preliminary Results for the Year Ended 31/12/19, the company said:
“Our Iraqi, director, Riadh, is actively promoting our ongoing interest in participating in the development of the many oil opportunities in Iraq. It remains the best place on earth to find and produce oil.
“The political situation is finally stabilising. We have reconnected with people who assisted us between 1999 – 2010 when we were active in the country. Though only a small company, we have a track record in Iraq, we worked there for more than a decade and have a wealth of data on the oil geology of the country.
“We are hopeful that we will get an opportunity to play a part in developing the oil industry.”
(Source: Petrel Resources)