Cursor International executes projects and collaboration activities across several industries.
By John Lee.
The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks.
In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020.
(Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum)
By John Lee.
The Kurdistan Regional Government (KRG) has delayed payments to oil producers by several weeks.
In statements to the markets on on Thursday, Genel Energy, Gulf Keystone Petroleum (GKP) and Shamaran Petroleum said that payments relating to invoices for oil production in August and September, which were due to be paid in November and December, will be received in January 2020.
(Sources: Genel Energy, Gulf Keystone Petroleum (GKP), Shamaran Petroleum)
By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Oil trail reveals Turkey funding Syrian Kurdish rivals
At the Halifax Security Forum, an annual event attended by high-powered government officials, business titans and assorted other movers and shakers from across the globe, national security adviser Robert O’Brien took the stage with PBS’ Nick Shifrin and let the cat out of the bag.
When the veteran correspondent grilled O’Brien Nov. 23 about President Donald Trump’s decision to keep US troops in northeastern Syria “for the oil,” noting that the Pentagon’s Syrian Kurdish allies were selling it to the Syrian regime in defiance of sanctions, O’Brien responded, “Some of it goes to the regime. Some of it is used locally. Some of it goes to Iraqi Kurdistan. Some of it goes to Turkey.
The key, though, is not where the oil goes but where the revenue goes.” The main thing, he concluded, was to ensure that none of it got to the Islamic State.
By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Oil trail reveals Turkey funding Syrian Kurdish rivals
At the Halifax Security Forum, an annual event attended by high-powered government officials, business titans and assorted other movers and shakers from across the globe, national security adviser Robert O’Brien took the stage with PBS’ Nick Shifrin and let the cat out of the bag.
When the veteran correspondent grilled O’Brien Nov. 23 about President Donald Trump’s decision to keep US troops in northeastern Syria “for the oil,” noting that the Pentagon’s Syrian Kurdish allies were selling it to the Syrian regime in defiance of sanctions, O’Brien responded, “Some of it goes to the regime. Some of it is used locally. Some of it goes to Iraqi Kurdistan. Some of it goes to Turkey.
The key, though, is not where the oil goes but where the revenue goes.” The main thing, he concluded, was to ensure that none of it got to the Islamic State.
Gulf Keystone Petroleum (GKP) has provided an operational and corporate update.
Operational
Corporate
Jón Ferrier, CEO, commented:
“The Company has made significant progress on a number of fronts; with the successful addition of SH-12 to the PF-2 production inventory and drilling of the gas appraisal well SH-9 where operations continue. The imminent start of export through the PF-1 pipeline means all production from Shaikan will now be exported directly via pipeline, benefitting safety, reducing environmental impact and improving netbacks.
“We are pleased to confirm that we are on track to achieve our initial average production guidance for 2019, and whilst the need to side-track SH-9 has slightly impacted our timing guidance for delivering 55,000 bopd, we remain on course to achieve further significant production growth in 2020.
“We are also pleased to announce the launch of a second $25 million share buyback programme, which is in line with our focus on returning value to shareholders, whilst retaining the capital necessary to grow the business.“
(Source: GKP)
Gulf Keystone Petroleum (GKP) has provided an operational and corporate update.
Operational
Corporate
Jón Ferrier, CEO, commented:
“The Company has made significant progress on a number of fronts; with the successful addition of SH-12 to the PF-2 production inventory and drilling of the gas appraisal well SH-9 where operations continue. The imminent start of export through the PF-1 pipeline means all production from Shaikan will now be exported directly via pipeline, benefitting safety, reducing environmental impact and improving netbacks.
“We are pleased to confirm that we are on track to achieve our initial average production guidance for 2019, and whilst the need to side-track SH-9 has slightly impacted our timing guidance for delivering 55,000 bopd, we remain on course to achieve further significant production growth in 2020.
“We are also pleased to announce the launch of a second $25 million share buyback programme, which is in line with our focus on returning value to shareholders, whilst retaining the capital necessary to grow the business.“
(Source: GKP)
Following the announcement of 16 May 2019, in which it was stated that Steve Whyte (pictured), Chairman of Genel Energy, would not be standing for re-election at the 2020 Annual General Meeting, the Company announces that Steve has now resigned with immediate effect.
George Rose, Senior Independent Non-Executive Director, will act as interim Chairman until the ongoing search for a permanent Chairman is completed.
George Rose, interim Chairman of Genel, said:
“When Steve joined Genel the Company had net debt of almost $150 million and unpaid oil receivables of over $400 million. He was a driving force behind the Receivable Settlement Agreement, which has transformed Genel’s financial position. We now have a stronger portfolio with exciting growth options and the right team to deliver them.
“Our highly cash generative oil production more than funds this growth, with sufficient cash left over to pay a material and progressive dividend. I would like to thank Steve for his efforts at Genel and look forward to seeing his future successes.”
(Source: Genel Energy)
Following the announcement of 16 May 2019, in which it was stated that Steve Whyte (pictured), Chairman of Genel Energy, would not be standing for re-election at the 2020 Annual General Meeting, the Company announces that Steve has now resigned with immediate effect.
George Rose, Senior Independent Non-Executive Director, will act as interim Chairman until the ongoing search for a permanent Chairman is completed.
George Rose, interim Chairman of Genel, said:
“When Steve joined Genel the Company had net debt of almost $150 million and unpaid oil receivables of over $400 million. He was a driving force behind the Receivable Settlement Agreement, which has transformed Genel’s financial position. We now have a stronger portfolio with exciting growth options and the right team to deliver them.
“Our highly cash generative oil production more than funds this growth, with sufficient cash left over to pay a material and progressive dividend. I would like to thank Steve for his efforts at Genel and look forward to seeing his future successes.”
(Source: Genel Energy)
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,014,772 barrels, giving an average for the month of 3.500 million barrels per day (bpd), up from the 3.447 million bpd exported in October.
These exports from the oilfields in central and southern Iraq amounted to 102,005,095 barrels, while exports from Kirkuk amounted to 2,381,065 barrels, and from Qayara 293,962 barrels. Exports to Jordan were 334,650 barrels.
Revenues for the month were $6.282 billion at an average price of $59.821 per barrel.
October export figures can be found here.
(Source: Ministry of Oil)
By John Lee.
Iraq’s Ministry of Oil has announced preliminary oil exports for November of 105,014,772 barrels, giving an average for the month of 3.500 million barrels per day (bpd), up from the 3.447 million bpd exported in October.
These exports from the oilfields in central and southern Iraq amounted to 102,005,095 barrels, while exports from Kirkuk amounted to 2,381,065 barrels, and from Qayara 293,962 barrels. Exports to Jordan were 334,650 barrels.
Revenues for the month were $6.282 billion at an average price of $59.821 per barrel.
October export figures can be found here.
(Source: Ministry of Oil)