Category: Cash

Gazprom Neft not to Cut Production at Badra

By John Lee.

Russia’s Gazprom Neft has said it expects production at the Badra oilfield to stay between 85,000 and 90,000 barrels per day (bpd) in 2018.

Deputy chief executive Vadim Yakovlev (pictured) told Reuters that Baghdad has not asked the company to curtail production, despite reports that the Oil Ministry had asked foreign producers to cut investment to reduce the cash-strapped government’s contribution in shared ventures.

Yakovlev added that production at Badra is expected to plateau as high as 110,000 bpd in the future.

(Source: Reuters)

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GKP Confirms Shaikan Operating Securely

Gulf Keystone Petroleum (GKP) confirmed on Friday morning that its operations in Kurdistan continue safely and securely with the Company achieving average production of 34,525 bopd from Shaikan since the beginning of October 2017.

Shaikan is performing as expected with cumulative production from the field now at 42.4 million barrels, an average of 35,966 bopd in 2017. The Company is on track to meet gross production guidance of 32,000-38,000 bopd for the year.

In line with the Ministry of Natural Resource’s crude export strategy, Shaikan crude production is still being exported via trucks to Turkey. Trucking operations continue uninterrupted with approximately 200 trucks loaded daily.

Following the recent payment for the October 2017 Reinstated Notes coupon of $5 million, the Company’s current cash position is $147.2 million.

Gulf Keystone will keep the market appraised of any changes to its normal operations.

Commenting on today’s announcement, CEO, Jón Ferrier, said:

“We remain committed to ensuring safe and secure operations in Kurdistan, and we continue to monitor the geo-political situation closely. Despite the challenges facing the region, we are maintaining stable operations.”

(Source: Gulf Keystone)

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Iraqi Dinar/US Dollar auction results 10-29-17

Iraqi Dinar/US Dollar auction results 10-29-17 The results of the foreign currency sale window on Sunday, 22-10-2017, and executed on Thursday 19-10-2017 Announcement No. (3552) The date of sale – Sunday 22-10-2017 and the port on Thursday 19-10-2017 the details: Amount Total sales for the purposes of strengthening assets abroad (transfers, credits) 98,155,000 Total cash […]

Genel Energy Updates on Kurdistan Operations

Genel Energy has issued a trading and operations update for Q3 2017. The information has not been audited and may be subject to further review.

Murat Özgül (pictured), Chief Executive of Genel, said:

During the quarter Genel executed a landmark settlement agreement with the KRG over historical receivables, which we expect to materially enhance our cash flows going forward. Ahead of those payments commencing we continued to generate meaningful free cash flow, resulting in a further 13% reduction in net debt during the period.

“Our operations in the Kurdistan Region of Iraq are progressing as normal – exports are continuing from Taq Taq and Tawke, payments are being received on time, and operations are proceeding at both fields, with testing now underway on the TT-29w well.

Q3 2017 OPERATING PERFORMANCE

  • Q3 2017 net production averaged 33,810 bopd, with production for the nine months ending September 2017 averaging 36,030 bopd
  • Production and sales by field during Q3 2017 were as follows:

  • Tawke PSC (Genel 25% working interest)
    • Tawke PSC production in Q3 averaged 110,460 bopd, including long-term test production from the Peshkabir-2 well of 4,670 bopd.
    • In 2017 to date, the Tawke partners have drilled ten wells, including the Peshkabir-2 and 3 wells, four Cretaceous producers, three Jeribe producers and a Jeribe water injector
    • A further four development wells are planned on the Tawke PSC by year-end 2017 – two Cretaceous producers, one Jeribe producer and a Jeribe water disposal well
    • Peshkabir-3 well operations are ongoing, with results expected later in Q4. The Peshkabir early production facility remains on track to be installed by the end of 2017
  • Taq Taq PSC (Genel 44% working interest)
    • Taq Taq field production in Q3 averaged 14,080 bopd, and production has averaged 13,570 bopd during October 2017 to date
    • The TT-29w well, which is appraising the northern end of the Taq Taq field, reached target depth of 3,100 metres in early September 2017. A testing programme is now underway. Further development of the Cretaceous reservoir has been deferred pending results of the TT-29w testing programme
    • The EDC-24 rig has moved to the TT-30 well location, with two shallow horizontal wells set to be drilled in the Pilaspi reservoir before the end of the year

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Iranian Universities enter Iraq

By Zep Kalb for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News.

In the aftermath of the US-led invasion of Iraq in 2003, the country’s educational system all but collapsed. Illiteracy rates have exploded. Universities have turned into sectarian battlegrounds.

Systemic violence — including beatings, rape and death threats — has forced students and faculty out of campuses. As state provision of higher education has receded, private donors have set up alternative institutions, often with a sectarian and religious twist. Foreign actors have also stepped in to fill the void.

Before the US-led invasion, education indicators in oil-rich, Baathist-controlled Iraq improved similarly as in other middle-income countries, and in several ways even more so. The country’s first university, Baghdad University, opened its doors in 1957. In 1968, the government made education free and compulsory at all levels.

In 1977, the eradication of illiteracy was made legally binding. The developmental push appeared to be working. By 1980, Iraq had already achieved near universal primary school enrollment.

Saddam Hussein’s devastating eight-year war with Iran in the 1980s and the sanctions imposed by the West over his invasion of Kuwait in the 1990s slowed these gains.

By 2000, the literacy rate of youth aged 15-24 years old stood at 84.8%, slightly higher than that of regional neighbor Egypt. The gender gap was also narrowing: Female literacy rates stood at 80.5% in 2000, a figure Egypt reached only in 2006. At the same time, underinvestment in education by a cash-strapped government led to an aged and creaking infrastructure.

For all its ills, the collapse of the Baathist regime in 2003 and its replacement with a US-installed government wrecked the country’s educational system. Junior, inexperienced American officers who failed to understand the complexities of maintaining peace between the sects were put in charge of higher education.

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Iraqi Dinar/US Dollar auction results 10-17-17

Iraqi Dinar/US Dollar auction results 10-17-17 The results of the foreign currency sale window on Wednesday 18-10-2017 and implemented on Tuesday 17-10-2017 Advertisement No (3550) Date of sale – Wednesday 18-10-2017 and the port on Tuesday 17-10-2017 the details: Amount Total sales for the purposes of strengthening assets abroad (transfers, credits) 105,430,000 Total cash sales […]

Iraqi Dinar/US Dollar auction results 10-16-17

Iraqi Dinar/US Dollar auction results 10-16-17 The results of the foreign currency sale window on Tuesday 17-10-2017 and executed on Monday 16-10-2017 Announcement No. (3549) The date of sale – Tuesday 17-10-2017 and executed on Monday 16-10-2017 the details: Amount Total sales for the purposes of strengthening assets abroad (transfers, credits) 101,915,018 Total cash sales […]

Iraqi Dinar/US Dollar auction results 10-15-17

Iraqi Dinar/US Dollar auction results 10-15-17 The results of the foreign currency sale window on Monday 16-10-2017 and the port on Sunday 15-10-2017 Announcement No. (3548) Date of sale – Monday 16-10-2017 and port on Sunday 15-10-2017 the details: Amount Total sales for the purposes of strengthening assets abroad (transfers, credits) 100,693,364 Total cash sales […]

Iraqi Dinar/US Dollar auction results 10-12-17

Iraqi Dinar/US Dollar auction results 10-12-17 The results of the foreign currency sale window on Sunday, 15-10-2017 and executed on Thursday 12-10-2017 Announcement No. (3547) The date of sale – Sunday 15-10-2017 and the port on Thursday 12-10-2017 the details: Amount Total sales for the purposes of strengthening assets abroad (transfers, credits) 104,913,095 Total cash […]

Iraqi Dinar/US Dollar auction results 10-11-17

Iraqi Dinar/US Dollar auction results 10-11-17 The results of the foreign currency sale window for Thursday, 12-10-2017, and executed on Wednesday 11-10-2017 Announcement No. (3546) The date of sale – Thursday 12-10-2017 and the port on Wednesday 11-10-2017 the details: Amount Total sales for the purposes of strengthening assets abroad (transfers, credits) 138,103,890 Total cash […]