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Report: production capacity of Kurdistan oil will reach the end of this year and 419 thousand barrels per day
2012-01-22 21:17:31
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Arbil (Iba) ... A report that Iraq's oil production capacity of Kurdistan oil will reach 419 000 barrels per day, the end of this year and the production of 7 fields.
The report, published on the site of the Government Avljem Kurdistan into Iraqi Kurdistan will be a great season in the wake of the entry of giant companies will capture the oil sector in the region, especially after the announcement of a Turkish company British proximity to lay hands on the largest shares in the oil production in the region.
The report said the company Genel Energy announced this week it was in talks to acquire the entire share of the foreign sector Jiasorg in the Kurdistan region of Iraq, to become one of the largest operators petroleum in the north of the country, and will launch a new phase of oil development for the benefit of the Kurdish region, the semi-autonomous ..
The report added that until recently, was focused on the Kurdish contracts with foreign companies to hold dozens of exploration; and now, with the openness of open space almost completely, it is likely that the region is entering a season of gains and endure.
The report revealed that the Turkish companies, medium-sized British, led by chairman of British Petroleum British Tony Howard, following the merger of Howard and the company name Valaris Turkish Armed with Genel Energy fund the purchase of a billion and 900 million U.S. dollars. This is a bet on the ability of the Kurdistan Regional Government to overcome a number of challenges and continuing to climb the steep path of development which would refer the company's early investment in the oil sector in the region rising to the large property.
He went on Howard for what we consider a very good price, give us 80 percent of the assets of high quality in one of the largest oil provinces available to global investors.
The report went on to that investment in Kurdistan did not come without significant risk, what is still the Kurdistan Regional Government closed in conflict with the central government, which sees it as the only authority empowered the conclusion of oil contracts has described the contracts the Kurdish Balla legitimate.
The report indicates that the government of Kurdistan, in spite of this friction, and set a target production line up to a million barrels per day during the 5 years, on her way up to more than 310 000 barrels a day by the end of this year, an increase on the current production of around 180 000 barrels per day. This number varies depending on various estimates of the infrastructure and political issues at the national level; as according to a new report developed by the company's Canadian oil of Western Zagros, the production capacity of Kurdistan is now the 254 000 barrels per day, and will reach 419 000 barrels per day, the end of this year, the production of 7 fields. .
The report said the company Genel will have a hand in much of this, the largest projects in Kurdistan so far is the Taq Taq field oil, which is working Genel to develop in the framework of a joint venture with Sinopec Addax, under a contract the first time in 2002, and now produces the least 75 thousand barrels. The crude product is sold in both domestic market and to carry loads to the point of entry in the export pipeline in the North Khurmala Arbil, or been carried out in the province of Dahuk, to issue to Turkey.
Pending the approval of the Kurdistan Regional Government and the companies involved, will raise the Genel share of 20 to 80 percent, through the purchase of the assets of two companies by taking a stake of Longford Energy of Canada, against 68 million dollars (26 million dollars, of which will go to pay the bills to the Government of Kurdistan), and the purchase of a share of 20 percent owned by the Turkish Oil Company house for 26 million dollars, and will remain for the Kurdistan government's share of 20 percent.
Said Genel that there is much that awaits exploration, the company said in a statement that there are an estimated 300 million barrels of oil equivalent, as he emphasized Hayward said in a statement that the operations are carried out to explore the well (in the region) this year, adding expect to continue drilling over the the next two years, We also conduct a comprehensive exploration program to develop a full assessment of the sector.
Genel also owns a small stake in the Tawke field, operated by Norwegian DNO proximity, has an average production of about 70 thousand barrels a day now, but it aims to reach 100 thousand barrels per day, at least in the current year. Eight Genel is the operator sector Beer Bar, and the junior partner of Dohuk sector occupied by the company and the sector approach of Miran Company's Heritage.
The report points out that, despite the enthusiasm of investors, but there is the question of the President caused the slow development in Kurdistan is the contractors dues payments.
The report said that Prime Minister Nuri al-Maliki, agreed in January 2011, with Prime Minister of the Kurdistan Regional Government Barham Salih (who is likely that he was leaving his post within days or weeks) to begin the Kurdistan exporting an average of 100 thousand barrels per day, and receive a 50 percent of the proceeds of such exports to cover the costs of recovery of payments companies. And attached to these payments raises of 17 percent of general state revenues already allocated to the government of the province.
Under the agreement, the central government transferred some money to the cost of contractors. But commanders in Baghdad say it is the responsibility of the provincial government, as a signatory to the contract, to pay any profits to oil companies.
And Iraq's total output reached 2.7 million barrels a day last month, and looks forward to reach 3.5 million barrels per day this year, with the introduction of new export and increase production in Kurdistan.
The report noted that the budget for the year 2012 proposed, included an increase in exports of fields of Kurdistan to an average of 175 thousand barrels per day, but officials in the government of Kurdistan, said for the report of Iraq's oil, said drafts of new oil and gas law abolished the requirement re-distribution of the remaining 50 percent which will not be approved by officials in the government of Kurdistan.
Despite the lack of political clarity, investors become more enthusiastic to enter the Kurdistan in the wake of last November, after he signed Exxon Mobil contract post production on 6 sectors of Kurdish, while it has a huge deal with the central government to develop the Western Qurna 1 in the province Basra.
The central government has decided to put any company contracting with Kurdistan, in the black list to prevent them from doing business in the rest of Iraq, but that the movement of Exxon Mobil in Kurdistan, represented a gamble for the company that emphasizes policy Baghdad will not last. And given the controversy caused by this is certainly both Baghdad and Erbil, an incentive to reconcile these two sectors of the oil in Iraq.
The report shows that Exxon's decision to sign contracts with Kurdistan, not only confirms confidence in this region, but also stressed the urgent need opportunities. If it was the biggest profit company in the world to invest in Kurdistan, and if available in the sectors declining, then this is a good reason to speed up the companies to enter into contracts before the end of everything. (End)
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2012-01-22 21:17:31
________________________________________
[-] Text [+]
Arbil (Iba) ... A report that Iraq's oil production capacity of Kurdistan oil will reach 419 000 barrels per day, the end of this year and the production of 7 fields.
The report, published on the site of the Government Avljem Kurdistan into Iraqi Kurdistan will be a great season in the wake of the entry of giant companies will capture the oil sector in the region, especially after the announcement of a Turkish company British proximity to lay hands on the largest shares in the oil production in the region.
The report said the company Genel Energy announced this week it was in talks to acquire the entire share of the foreign sector Jiasorg in the Kurdistan region of Iraq, to become one of the largest operators petroleum in the north of the country, and will launch a new phase of oil development for the benefit of the Kurdish region, the semi-autonomous ..
The report added that until recently, was focused on the Kurdish contracts with foreign companies to hold dozens of exploration; and now, with the openness of open space almost completely, it is likely that the region is entering a season of gains and endure.
The report revealed that the Turkish companies, medium-sized British, led by chairman of British Petroleum British Tony Howard, following the merger of Howard and the company name Valaris Turkish Armed with Genel Energy fund the purchase of a billion and 900 million U.S. dollars. This is a bet on the ability of the Kurdistan Regional Government to overcome a number of challenges and continuing to climb the steep path of development which would refer the company's early investment in the oil sector in the region rising to the large property.
He went on Howard for what we consider a very good price, give us 80 percent of the assets of high quality in one of the largest oil provinces available to global investors.
The report went on to that investment in Kurdistan did not come without significant risk, what is still the Kurdistan Regional Government closed in conflict with the central government, which sees it as the only authority empowered the conclusion of oil contracts has described the contracts the Kurdish Balla legitimate.
The report indicates that the government of Kurdistan, in spite of this friction, and set a target production line up to a million barrels per day during the 5 years, on her way up to more than 310 000 barrels a day by the end of this year, an increase on the current production of around 180 000 barrels per day. This number varies depending on various estimates of the infrastructure and political issues at the national level; as according to a new report developed by the company's Canadian oil of Western Zagros, the production capacity of Kurdistan is now the 254 000 barrels per day, and will reach 419 000 barrels per day, the end of this year, the production of 7 fields. .
The report said the company Genel will have a hand in much of this, the largest projects in Kurdistan so far is the Taq Taq field oil, which is working Genel to develop in the framework of a joint venture with Sinopec Addax, under a contract the first time in 2002, and now produces the least 75 thousand barrels. The crude product is sold in both domestic market and to carry loads to the point of entry in the export pipeline in the North Khurmala Arbil, or been carried out in the province of Dahuk, to issue to Turkey.
Pending the approval of the Kurdistan Regional Government and the companies involved, will raise the Genel share of 20 to 80 percent, through the purchase of the assets of two companies by taking a stake of Longford Energy of Canada, against 68 million dollars (26 million dollars, of which will go to pay the bills to the Government of Kurdistan), and the purchase of a share of 20 percent owned by the Turkish Oil Company house for 26 million dollars, and will remain for the Kurdistan government's share of 20 percent.
Said Genel that there is much that awaits exploration, the company said in a statement that there are an estimated 300 million barrels of oil equivalent, as he emphasized Hayward said in a statement that the operations are carried out to explore the well (in the region) this year, adding expect to continue drilling over the the next two years, We also conduct a comprehensive exploration program to develop a full assessment of the sector.
Genel also owns a small stake in the Tawke field, operated by Norwegian DNO proximity, has an average production of about 70 thousand barrels a day now, but it aims to reach 100 thousand barrels per day, at least in the current year. Eight Genel is the operator sector Beer Bar, and the junior partner of Dohuk sector occupied by the company and the sector approach of Miran Company's Heritage.
The report points out that, despite the enthusiasm of investors, but there is the question of the President caused the slow development in Kurdistan is the contractors dues payments.
The report said that Prime Minister Nuri al-Maliki, agreed in January 2011, with Prime Minister of the Kurdistan Regional Government Barham Salih (who is likely that he was leaving his post within days or weeks) to begin the Kurdistan exporting an average of 100 thousand barrels per day, and receive a 50 percent of the proceeds of such exports to cover the costs of recovery of payments companies. And attached to these payments raises of 17 percent of general state revenues already allocated to the government of the province.
Under the agreement, the central government transferred some money to the cost of contractors. But commanders in Baghdad say it is the responsibility of the provincial government, as a signatory to the contract, to pay any profits to oil companies.
And Iraq's total output reached 2.7 million barrels a day last month, and looks forward to reach 3.5 million barrels per day this year, with the introduction of new export and increase production in Kurdistan.
The report noted that the budget for the year 2012 proposed, included an increase in exports of fields of Kurdistan to an average of 175 thousand barrels per day, but officials in the government of Kurdistan, said for the report of Iraq's oil, said drafts of new oil and gas law abolished the requirement re-distribution of the remaining 50 percent which will not be approved by officials in the government of Kurdistan.
Despite the lack of political clarity, investors become more enthusiastic to enter the Kurdistan in the wake of last November, after he signed Exxon Mobil contract post production on 6 sectors of Kurdish, while it has a huge deal with the central government to develop the Western Qurna 1 in the province Basra.
The central government has decided to put any company contracting with Kurdistan, in the black list to prevent them from doing business in the rest of Iraq, but that the movement of Exxon Mobil in Kurdistan, represented a gamble for the company that emphasizes policy Baghdad will not last. And given the controversy caused by this is certainly both Baghdad and Erbil, an incentive to reconcile these two sectors of the oil in Iraq.
The report shows that Exxon's decision to sign contracts with Kurdistan, not only confirms confidence in this region, but also stressed the urgent need opportunities. If it was the biggest profit company in the world to invest in Kurdistan, and if available in the sectors declining, then this is a good reason to speed up the companies to enter into contracts before the end of everything. (End)
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