Kurdistan Oil & Gas Development

[ideas]

Why can't someone ban Sinjar? I think he is an Arabic spy xD

Not intelligent enough to be a spy.

[Sinjar]

it's you who isn't intelligent enough to understand that we should move on as we are far out of the topic's subject.

It's like I'm talking to a wall... Stick to the subject..

[ideas]

it's you who isn't intelligent enough to understand that we should move on as we are far out of the topic's subject.

It's like I'm talking to a wall... Stick to the subject..

Fixed. Consider it, the first free lesson, tomorrow we'll learn about cows.

[Sinjar]

it's you who isn't intelligent enough to understand that we should move on as we are far out of the topic's subject.

It's like I'm talking to a wall... Stick to the subject..

Fixed. Consider it as the first free lesson, tomorrow we'll learn about cows.

I was typing fast and the "i" button is next to "o" but thanks anyway.

[alan131210]

Tue 4:09 am by Jamie Ashcroft

Gulf Keystone Petroleum (LON:GKP) shares today advanced around 5 per cent as its latest appraisal results buoyed investors.

It revealed this morning that the Shaikan-6 well encountered oil at the deepest point in the field so far, below the depth originally prognosed as the Jurassic oil/water contact level.

Meanwhile Shaikan 5 has also encountered oil in a number of intervals. And the findings so far are consistent with the results in the Shaikan-4 well, as well as other wells in the field, GKP said.

This update comes after the recent Shaikan 4 well result, which was described as the best so far on Shaikan.

“In addition to the outstanding 24,000 bopd results achieved with the Shaikan-4 appraisal well, Shaikan-6 has cored oil 150 metres below what we previously assumed to be Jurassic oil/water contact level for Shaikan,” said chief operating officer John Gerstenlauer.

“Both Shaikan-5 and Shaikan-6 continue to appraise this massive structure down the flanks and we plan to test and evaluate its deeper oil potential.”

On AIM this morning GKP shares gained 11.75p, or 5.18 per cent, trading at 238.75p each.

“Today’s announcement has provided some good clarification of the status of its operations in Kurdistan," Seymour Pierce analyst Dougie Youngson said in a note to clients.

“The company is clearly making good progress across its drilling operations with some key drilling results due to be announced in the short term.”

Youngson repeated a ‘buy’ recommendation on the stock, targeting 524p a share. He also highlighted that he would be among a group of analysts attending a site visit in Kurdistan this week.

As well as ongoing appraisal results GKP also updated investors on its production activities, which are part of the extended well testing operation.

The EWT facility is connected to the Shaikan 1 and Shaikan 3 wells, and oil is being produced from the Jurassic formations in both wells.

Since the turn of the year GKP’s gross output has now reached 442,592 barrels - 187,884 and 156,428 barrels of oil being produced respectively in March and April.

“Stable output from the Shaikan extended well test has now surpassed our initial target of 5,000 bopd and is set to increase with work underway to upgrade the existing EWT facility and design and construct a new facility for Shaikan-2,” Gerstenlauer added.

It is planned that Shaikan 4 will now be completed as a production well, and it will be tied into the existing EWT facility.

Meanwhile work continues on plans to upgrade the existing EWT facility, as well as the planning of a second EWT facility, which would be located near the Shaikan 2 well.

Work also continues on the planning of the Shaikan field export pipeline. GKP is currently carrying out a technical evaluation of the tender bids for the materials procurement part of the infrastructure project. And the tender process is still underway for the site construction and installation elements.

The pipeline will be significant milestone in the company’s development. But much of the current operational emphasis is on appraisal drilling across the group’s portfolio.

Shaikan 6 has now been drilled to a depth of 3,455 metres. And some analysis has now been carried out at for the reservoirs encountered so far.

GKP says the findings indicate a continuous oil column in the Jurassic Barsarin, Sargelu, Alan and Mus formations and extending into the Butmah formation. And it is indicated that hydrocarbons are present in both the Kurre Chine-A and Kurre Chine-B formations.

The well is still being drilled down to a depth of 3,800 metres.

Shaikan 5 has been sidetracked and at 3,400 metres it has been analysed.

Preliminary well logs indicate a continuous oil column in the Jurassic and hydrocarbon presence in the Triassic Kurre Chine-A and Kurre Chine-B, GKP said. This is consistent with the results in the Shaikan-4 well, and others in the field.

Drilling continues at Shaikan 5 down to an estimated total depth of 3,750 metres.

Following the completion of Shaikan 4 the Discoverer-4 rig will be moved over to the Sheikh Adi block, where it will drill the Sheikh Adi-2 exploration well. Spudding is expected in June.

GKP has an 80 per cent stake in Sheikh Adi, which is located to the immediate west of Shaikan. The block is currently believed to contain between 1 and 3 billion barrels of oil-in-place.

Drilling is already complete on the Ber Bahr block – a Genel Energy operated block in which GKP has a 40 per cent stake.

Genel has drilled the well to a depth of 3,930 metres and a well test is now underway. The results are expected in this summer. Ber Bahr is estimated by Genel to contain 1.5 billion barrels of oil initially in place.

GKP also told investors that the Akri-Bijeel appraisal well is currently being drilled by its partner MOL. The well is at a depth of 2,273 metres and it has a planned depth of 4,700 metres, subject to technical conditions.

The company is currently planning to sell its 20 per cent stake in the Akri-Bijeel venture.

[alan131210]

04/05/2012

BAGHDAD, May 4 (AKnews)- Kurdistan Blocs Coalition (KBC) renewed its calls on the Iraqi government for paying the dues of the investing companies in the oil sector of the Kurdistan Region.

The Federal government and Ministry of Oil should comply with the brokered agreement with the Kurdistan Regional Government (KRG) with regards to expending the dues of the oil companies in turn for KRG's commitment to exporting 175,000 barrels of oil per day, said Muayyad Tayyeb, KBC spokesperson.

Erbil suspended all its oil exports, 175 barrels per day, early April, in protest to the failure of Baghdad government in reimbursing the $1.5b due of the foreign investors in the past 10 months.

Baghdad had agreed to pay only $560m.

The gradual reduction in oil exports and its eventual suspension strained Baghdad-Erbil relations further.

Deputy Prime Minister for Energy Affairs Hussein al-Shahrestani accused Kurdistan of withholding large sums of income from illegal oil sale. Similar accusations were made against Iraqi Ministry of Oil for selling oil to Israel.

The tensions temporary calmed down when a call by KBC resumed Kurdistan oil exports.

By Raman Brusk

[burnsss]

Mr shahristani will not see a drop of oil before he sends the money. that will not matter when we are divorced with the unhappy and forced marriage with Iraq.

[brendar]

Mr shahristani will not see a drop of oil before he sends the money. that will not matter when we are divorced with the unhappy and forced marriage with Iraq.

Probably an arranged marriage like the Paki's

[alan131210]

06/05/2012 17:30

ERBIL, May 6 (AKnews) - The fourth round of energy licensing will not be successful in the absence of an agreement between Erbil and Baghdad, including oil policy in the country, said a member of Iraq’s Oil and Energy Committee.

"Deterioration in relations between Kurds and Arabs would hinder the implementation of the fourth round of energy licenses," committee member Furat al-Shara told AKnews.

He urged both the federal and regional government to solve their problems before, and in preparation for the fourth licensing round.

Last month, Iraq’s Oil Ministry decided to ban Exxon Mobil from its fourth auction for oil and gas fields in the country for an oil and gas deal it made with the Kurdistan Regional Government (KRG).

The company signed the contract for six oil and gas blocks in October 2011, and it became public in November.

By Jafar Wanan

HH/SS/AKnews

[alan131210]

08/05/2012

ERBIL, May 8 (AKnews) - Kurdistan Region's Minister of Natural Resources today visited the headquarters of the Gorran Movement, the major opposition party, to expand on Kurdistan oil policy and its oil issues with Baghdad.

The government arranged the visit, Qader Haji-Ali, Gorran's spokesman, told Wusha website, in which Ashti Hawrami met with Gorran General Coordinator Nawshirwan Mustafa.

Gorran officials reiterated that the Ministry of Natural Resources should answer to Parliament and the Kurdistan people "transparently" when it comes to oil and the rest of the natural resources.

By Omar Ali

AKnews

[Sinjar]

GKP Spud Bakrman-1 Exploration Well

Posted on 12 May 2012

Gulf Keystone has announced that the Bakrman-1 exploration well spudded on the Akri-Bijeel block in the Kurdistan Region of Iraq on 7 May 2012.

Bakrman-1, the third exploration well to be drilled on the Akri-Bijeel block, is located 32 km to the north-west of the Bijell-1 discovery well and 25 km to the north-west of the Aqra-1 appraisal well, which is currently being drilled to appraise the Bijell discovery.

The well is part of the operator’s extensive exploration and appraisal programme, which also includes the drilling of the Gulak-1 exploration well and three additional appraisal wells (Bijell-2, Qalati-1 and Qandagul-1). Bakrman-1 will target prospective intervals in the Jurassic, with a planned total depth of approximately 3,600 metres in the Lower Jurassic.

Gulf Keystone has a 20 per cent working interest in the Akri-Bijeel block, operated by Kalegran Ltd., a 100 per cent subsidiary of MOL Hungarian Oil and Gas Plc., which holds an 80 per cent working interest in the block. The operator’s P50 resource estimate for the Bijell discovery is 2.4 billion barrels of oil-in-place, while the ongoing 2012/13 exploration and appraisal programme is targeting existing and identified hydrocarbon prospects in the Akri-Bijeel block.


iraq-businessnews

[alan131210]

13/05/2012 15:37

BAGHDAD, May 13 (AKnews) - Baghdad's Karkh Court today dismissed the lawsuit that deputy PM for Energy Affairs Hussein al-Shahrestani filed against a Kurdish MP over the media statements he made against Shahrestani about oil smuggling.

Iraqi Oil Minister Hussein al-ShahrestaniOn May 5 Shahrestani's office said that it will file the lawsuit against Kurdish Blocs Coalition (KBC) MP Farhad Atrushi after he accused Baghdad officials of smuggling oil to Israel.

The judge rejected the case "on the ground of issues related to formalities of the lawsuits," Atrushi said.

Atrushi attributed the rejection to Shahrestani's lawyer and his office's "lack of experience... as the lawyer was talking on the behalf of Shahrestani in the name of the government while Shahrestani allowed him a personal proxy."

The deputy PM demanded 100m IQD ($86,000) in the lawsuit as compensation for the slander case.

Farhad AtrushiOn May 5 Atrushi said the lawsuit includes three points. Firstly is with regard to statements over smuggling oil into Iran and secondly over smuggling oil into Israel. The third point is in details "that I have accused Shahrestani of standing in the way of ratifying the hydrocarbon bill".

Atrushi described the lawsuit as "ridiculous… because as a member of the oil and energy committee I have the right to comment on oil and energy".

The MP was surprised that despite his legal immunity the court was intending to try him. Then he said that he would discuss the issue with speaker for the House of Representatives Osama al-Nujaifi.

Atrushi accused officials in Baghdad of smuggling 150,000 barrels of oil into Israel through Jordan after Shahrestani accused Kurdistan of smuggling oil into neighboring countries and withholding its revenues.

The incrimination followed the Kurdistan Region's decision on April 1 to suspend all of its oil exports - 175,000 barrels per day - as Baghdad failed to pay what it owed to oil companies investing in the region.

Baghdad has always accused Kurdistan of a lack of transparency with regard to the procedures and income of its oil sector investments. It does not recognize Erbil oil contracts as legal.

AKnews

[alan131210]

May 14, 2012

LONDON, — Oil company Genel Energy is to acquire a 23 per cent stake in the Bina Bawi exploration licence in Iraq's Kurdistan for $175 million to build on its existing presence in the region.

The Bina Bawi licence lies alongside Genel's already producing Taq Taq oilfield, whose current potential output is about 80,000 barrels a day, and is projected to rise to about 200,000 barrels a day.

"What we are acquiring is very high-quality acreage in an area immediately adjacent to Taq Taq, one of our major established fields which we plan in due course to link by a pipe line to the region's main export pipeline from Kirkuk to Ceyhan," said Tony Hayward, chief executive of Kurdistan-focused Genel and former boss of the British oil and gas group BP.

The acquisition of the licence stake would be made through the purchase of A&T Petroleum Company Ltd, current holders of the stake.

"Our estimate is that the Bina Bawi discovery has contingent resources of some 500 million to 1 billion barrels of oil and oil equivalent, with some additional prospective upside," Hayward said.

Reuters

[alan131210]

4/05/2012

ERBIL, May 14 (AKnews) - The Kurdistan Region's Minister of Natural Resources Ashti Hawrami revealed with confidence that the region's oil production capacity could easily reach 300,000 barrels per day (bpd).

Ashti HawramiIn an interview with Iraq Oil Report Hawrami said annual income from that much oil and at today's prices could replace a lot of cash from Baghdad.

"The Kurdistan Regional Government (KRG) can grow oil and gas production quantities much higher than current production capacity," Hawrami added.

According to Hawrami, the KRG is currently fueling the refining sector with at least 100,000 bpd, which is generating some income and supplying the domestic market with fuel.

The region stopped exporting 175,000 bpd in March after a financial dispute with the Baghdad government.

The KRG decided to reduce its exports to 50,000 bpd and threatened to stop exports completely if Baghdad did not pay the dues of oil companies investing in the region. The total dues amounted to some $1.5bn (1.7tr IQD).

AKnews

[Cewlik]

I thik the current price per barrel is 100$, but I am not sure.

So if it was 100$, a indipendent south Kurdistan will get over 10 billion Doller per year only from the Oil, if they export 300,000 bpd. That is the same budget like Kurdistan get it from Iraq now. So a independence will Economically not hurt us.

And I talk only from the Oil exports, but Kurdistan can also develop his industry and agriculture and who knows how much money Kurdistan can make with that?