November 17, 2017 Mnt Goat News BriefHi Everyone,I bring you much news today.May ask me what is still to be done in order reinstate the Iraqi currency and move out of the program rate. This is a very good question and I don’t have all the answers for you…sorry! But I do remember the articles from the Finance Ministry in 2011 and 2012 and everything we are now witnessing for banking and financial
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Support your Republic because the RV COMES WITH IT.
THE BIG CALL WITH BRUCE THURSDAY, NOVEMBER 16, 2017, INTEL ONLYTRANSCRIBED BY PINKROSESBruce: Welcome Everyone to the Big Call tonight. We are a week from Thanksgiving. Our intention is not to do a call next Thursday night. Our plan is not to do a call Thanksgiving night.I do want to thank everyone for coming in and listening again to the call. We plan to continue doing this call until the
Compiled 12:01 am EDT 17 Nov. 2017 by Judy ByingtonA. Summary of GCR/GESARA Events From Early Sun Nov. 12 to Early Fri. Nov. 17: Restored Republic via a GCR Summary Update as of Nov. 16, 20171. Yosef: The new Eastern Financial System was released in Dubai without restraint as of 2am EST Sun. Nov. 12. It was released in Hong Kong 8pm EST Sun. night Nov. 12.2. Liz Crokin: Trump and Mueller Sting
Apmcrx: In November last year Iraq knew that iban will take effect January 17… pattern? IMO…yes
For information only.
iban registry swift
2.34 IQ – Iraq
Data element Description – Pattern – Example
Name of country Iraq
IBAN prefix country code (ISO 3166) IQ
Country code includes other countries/territories N/A
SEPA country No
SEPA country also includes N/A
By John Lee.
Sources have told Reuters that China’s state-run Zhenhua Oil will supply diesel (500 parts per million (ppm) sulphur) to Iraq’s State Oil Marketing Organization (SOMO) through a term contract for the first time.
It will supply 600,000 tonnes of the 2.37 million tonnes sought by SOMO in a tender for delivery in the 2018 calendar year.
The company is part of defence conglomerate China North Industries Group Corp (NORINCO).
BB Energy, Litasco (the international marketing and trading arm of Russia’s Lukoil) and Lima Energy (a joint venture between Litasco and SOMO) will also supply about 25 percent each.
ShaMaran Petroleum has announced its financial and operating results for the three and nine months ended September 30, 2017. (Unless otherwise stated all currency amounts indicated as “$” in this news release are expressed in thousands of United States dollars).
HIGHLIGHTS AND DEVELOPMENTS
- Oil production on the Atrush Block commenced in July 2017. Atrush is currently producing at approximately 26 thousand barrels of oil per day (“bopd”). In order to address certain production constraints the facilities were shut down in the beginning of October. These constraints have now successfully been resolved.
- One of the four production wells, Atrush 4, (“AT-4”) is currently shut in. The well was back-producing drilling fluid lost during drilling operations. In order to not upset the production system it was decided to clean up the well via temporary facilities upon the receipt of a flare permit from the Kurdistan Regional Government (“KRG”). This operation is now planned for Q4 2017.
- In October and November 2017 the Company received payments totalling $2.5 million representing its entitlement share of the $9.7 million in total payments received by the Atrush Non-Government Contractors from the KRG for July and August oil sales from Atrush and reimbursement instalments of the Atrush Exploration Costs receivable. 703 thousand barrels of oil were exported from Atrush for the months of July and August with an average netback price1 of $35.3 per barrel of oil. Total oil produced and exported from Atrush over the third quarter was 1.3 million barrels resulting in an average of 14.6 thousand barrels per day. The average netback price over the quarter was $36.86 per barrel and the average lifting cost was $8.54 per barrel.
- The Chiya Khere-7 (“CK-7”), which was spudded on September 17, 2017 reached a final depth of 1,861 metres in early November 2017. The reservoir section was encountered approximately 114 metres shallower than prognosis. The well was drilled on time and under budget. Testing and completion of the well will be performed in 2018 to coincide with installation of flow lines between the Production Facility and the Chamanke E location were the well is located. The main objectives of the well are to appraise the commercial potential of the Mus formation, to help reduce the uncertainty in the location of the medium to heavy oil transition zone and to serve as a further producing well.
- In September 2017 an agreement was concluded between the Atrush Non-Government Contractors and the KRG for the sale of Atrush oil whereby the KRG will buy oil exported from the Atrush field by pipeline at the Atrush block boundary based upon the Dated Brent oil price minus approximately $16 for quality discount and all local and international transportation costs. This discount is based on the same principles as other oil sales agreements in the Kurdistan Region of Iraq.
- The Final Completion Certificate for the Atrush Feeder Pipeline (“FCC”) was issued on October 31, 2017 which completes the obligation of the Non-Government Contractors to fund the KRG’s share of development costs and triggers the commencement of repayment of both the Atrush Feeder Pipeline Cost Loan and the Atrush Development Cost Loan. The first loan repayment instalments are due later in November 2017.
- Following the independence referendum held in Kurdistan on September 25, 2017, operations in the Atrush field in Kurdistan are continuing in a normal, safe and secure manner. Exports from Atrush are continuing via the Kurdistan Export Pipeline system and drilling operations on the CK-7 well are progressing as planned. Nevertheless, events since the referendum suggest an increase in the potential for political instability within the region.
1 This includes a discount to Dated Brent for oil quality and all local and international transportation costs.
- On January 30, 2017 the Company completed the issue of 360 million common shares of ShaMaran on a private placement basis (the “Private Placement”) at a price per share of CAD 0.10 (equal to SEK 0.67) which resulted in gross proceeds to the Company of $27.3 million ($26.4 million net of transaction related costs). Zebra Holdings and Investments SARL, Lorito Holdings SARL and Lundin Petroleum BV, the Company’s major shareholders, subscribed for 43,463,618 shares, 16,984,621 shares and 17,800,000 shares, respectively, in the Private Placement.
- In February 2017 the Company reported estimated reserves and contingent resources for the Atrush block as of December 31, 2016. Reserves and resource estimates have remained unchanged from those reported for the prior year. Total discovered oil in place in the Atrush Block is a low estimate of 1.5 billion barrels, a best estimate of 2.1 billion barrels and a high estimate of 2.8 billion barrels, with Total Field Proven plus Probable (“2P”) Reserves on a property gross basis estimated at 85.1 MMbbl and Total Field Unrisked Best Estimate Contingent Resources (“2C”) on a property gross basis estimated at 304 million barrels oil equivalent (MMboe). 2 3
2 “MMbbl” means million barrels and “MMboe” means million barrels of oil equivalents. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 million cubic feet (“Mcf”) per one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
3 This estimate of remaining recoverable resources (unrisked) includes contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered.
||In the fourth quarter of 2017 it is planned to produce the AT-4 well until clean via temporary facilities and bring Atrush production up to the facilities’ design capacity of 30,000 bopd.
||Plans for Atrush for 2018 include:
||continue with program to identify bottlenecks in order to maximise output from the Production Facility;
||testing and completion of the CK-7 well;
||install the CK-7 flow line and bring CK-7 into production;
||drilling, testing and completion of Chiya Khere (“CK-10”), a sixth development well;
||drilling and completion of Chiya Khere (“CK-9”), a dedicated water disposal well; and
||conducting extended testing of the CK-6 well which is located on the eastern side of the Atrush Block and which is outside the 2P reserve area of Atrush. This would involve the installation of temporary production facilities near the Chamanke–C well pad and the delivery by truck of oil to the main Phase 1 Production Facilities.
||Following the results of the CK-7 and CK-10 wells, the extended well testing in CK-6 and sustained production from the Phase 1 Production Facilities the Company expects to be in a position to further assess the significant undeveloped Atrush resource base.
||The political situation in the Kurdistan region will be monitored continuously and the market will be appraised of any material impact on operational activity.
By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
In a Nov. 14 press conference, Iraqi Prime Minister Haider al-Abadi warned the Kurdistan Regional Government (KRG) authorities that he will not wait long to take control of the Kurdistan region’s border crossings with Turkey and Iran. “We will regain control of border areas without escalation. But our patience will run out. We will not wait forever. We will take action,” Abadi said.
Turkish Minister of Customs and Trade Bulent Tufenkci ssid previously that his country has reached an agreement with Iraq’s central government to open a border crossing through Ovakoy in Sirnak province, southeast Turkey. Being out of the reach of the Iraqi Kurdistan Region, the crossing in Ovakoy is a strong economic and political blow to Kurdistan Region authorities.
The border dispute is a result of the desire of Baghdad, Turkey and Iran to keep Kurdish influence at bay. Kurdish authorities have been delaying the handover of the borders, and the Iraqi forces have threatened to start operations to gain control over the crossings.
Meanwhile, the United States and its Iranian opponent are both interested in the Faysh Khabur strategic crossing. The United States is trying to avoid a conflict and it is working on setting a “common security strategy” for all areas of conflict, including the crossing. This explains why the United States has suggested the presence of representatives from its US-led coalition at the crossing.
The Popular Mobilization Units have expressed interest in reclaiming the crossing, which would connect them with their allies in Syria. Moreover, the location links the Kirkuk-Ceyhan oil pipeline to Turkey and acts as an important and lucrative economic passage between Iraq and its neighbors.
By Nahwi Saeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.
Although Baghdad imposed its authority on Kirkuk on Oct. 16 and appointed a new temporary governor, Kurds still hope to reach an agreement with Baghdad that will allow them to appoint a Kurdish governor in the disputed province between Baghdad and Erbil.
In the latest development, the Patriotic Union of Kurdistan (PUK) nominated a Kurdish candidate (the former head of the provincial council, Zarkar Ali) on Nov. 12, and demanded that the provincial council hold a meeting to vote on the new governor.
The Kurds’ proposal is one of several options on the table.
The first option is appointing a military governor. Some members of the Arab and Turkmen communities in Kirkuk proposed this before and after the Kurdish referendum. For Kurds, appointing a military governor, even if for a while, means Kirkuk’s restoration to the pre-2003 era and the reminder of bitter memories when the Kurds were the most aggrieved and affected group in the city.
The central government may be powerful enough to hold Kirkuk for now, but appointing a military governor would push the Kurds to one side, which is likely to prove both provocative and unsustainable. Election results indicate that the Kurds are larger than other groups in the province, although there has been no official and reliable census for some time.
Kurds will reassert their claim on Kirkuk at the first available opportunity — both for the symbolic reason that many Kurds regard Kirkuk as their “Jerusalem,” and for the economic reason that control of Kirkuk’s oil would play a big role in any future Kurdish independence bid.
The upshot is that Kirkuk was and remains a “disputed territory”; as a US State Department statement said Oct. 20, “The reassertion of federal authority over disputed areas in no way changes their status — they remain disputed until their status is resolved in accordance with the Iraqi constitution.”