Kurdistan Oil & Gas Development

[burnsss]

ERBIL, Kurdistan Region -- Chevron’s acquisition of Reliance is part of a new wave of major oil and gas deals with Erbil and with these developments Baghdad policy of deterring Oil and gas investments in Kurdistan has ended for good.

Reliable sources (from diplomatic, political and industry circles), who prefer to remain anonymous, have confirmed to Rudaw that several top league international oil companies are following ExxonMobil and have signed or are about to sign big new contracts with Kurdistan.

In addition to the Chevron deal, which was announced by the US company today, new deals are in the pipeline with the French company Total; a Russian state controlled company; and possibly the Norwegian company Statoil. Both Total and the Russian company are believed to have some other investments in the south of Iraq under contracts signed with Baghdad, but Statoil has already pulled out of a big oil field in Basra due to poor contracting conditions and have said they prefer to work in Kurdistan instead.

The Chevron deal involves the acquisition of the Kurdistan operated assets of the Indian Reliance Company, plus possibly the acquisition of many other unnamed interests from the KRG, as Chevron, just like ExxonMobil, sees itself becoming a large player in the Region. The details of the Total deal are still secretly guarded, but Rudaw’s well-informed industry sources are pointing to an agreement between Total and Marathon of the US, which has four contracts in the Region.

The Russian state controlled company comes as a big surprise, and its deal involves a direct contract with the KRG for KRG’s remaining share of interest in the blocks operated by Western Zagros.

These developments come soon after the recent decision of the Turkish authorities to grant permits for an oil and products trade with KRG, and the import of natural gas by the Siyahkalem company for power generation in Turkey. The gas import will be at 700 million cubic meters initially starting in the year 2014, which will gradually increased up to 3.2 billion cubic meters.

According to the Rudaw sources close to Ankara decision makers, the scale of Turkish involvement in the KRG energy sector is gradually becoming clearer. These sources point to the existence of a major exploration deal between a Turkish state owned company and the KRG. It is understood that KRG has already agreed to award several contracts and approved other contractual partnerships in favour of an unnamed Turkish state company. Rudaw believes that TPIC is the main players in the deal.

Potentially, this Turkish - KRG deal could be far larger than the deal forged late last year with ExxonMobil. These TPIC contracts point to a well-planned Turkish strategic policy shift towards the KRG to underpin its own energy security by accessing the large resources so close to its own borders, and to cement Ankara’s rapidly developing and growing economical and political ties with Erbil.

For sure, KRG has now become potentially a big energy player in the region. Critics and doubters may be silenced by these latest KRG achievements, as these appear to vindicate KRG’s consistent and determined contracting and investment policies.

These new waves of major contracts, are likely to embarrass the anti-KRG oil policy makers in Baghdad who will struggle to explain the IOC’s vote of confidence in Kurdistan. A senior oil executive told Rudaw: “They will now realize that their tactics to deter investments from Kurdistan have totally failed, the KRG oil policy is here to stay, and to put it simply Erbil has won, and Baghdad oil policy makers have lost the argument.”

Source: Rudaw

[hevalo27]

so the chevron deal is confirmend by the company, what is with total?

[alan131210]

Chevron is in , total still negotiating ExxonMobil begins its work in Jan ,

[alan131210]

 
ERBIL, July 20 (AKnews) - Kurdistan Region's Parliament will host Ashti Hawrami, natural resources minister, today at 11.00 a.m., Awene news said.

The minister is expected to expand on the file of selling Kurdistan oil and its revenues.

In this session the minister is especially required to comment on oil exports to Turkey which is spotlighted by the local and international media, Ismael Galali told Awene news.

Kurdistan recently began exporting 10 tankers of crude oil to Turkey. Baghdad protested to the move in the same way it protested to the previous oil investment contracts by the Kurdish region and labeled them "illegal."

[alan131210]

RUDAW EXCLUSIVE:

ERBIL, 21 July (Rudaw) - Chevron’s acquisition of Reliance is part of a new wave of major oil and gas deals with Erbil and with these developments Baghdad policy of deterring Oil and gas investments in Kurdistan has ended for good.

Reliable sources (from diplomatic, political and industry circles), who prefer to remain anonymous, have confirmed to Rudaw that several top league international oil companies are following ExxonMobil and have signed or are about to sign big new contracts with Kurdistan.

In addition to the Chevron deal, which was announced by the US company today, new deals are in the pipeline with the French company Total; a Russian state controlled company; and possibly the Norwegian company Statoil. Both Total and the Russian company are believed to have some other investments in the south of Iraq under contracts signed with Baghdad, but Statoil has already pulled out of a big oil field in Basra due to poor contracting conditions and have said they prefer to work in Kurdistan instead.

The Chevron deal involves the acquisition of the Kurdistan operated assets of the Indian Reliance Company, plus possibly the acquisition of many other unnamed interests from the KRG, as Chevron, just like ExxonMobil, sees itself becoming a large player in the Region. The details of the Total deal are still secretly guarded, but Rudaw’s well-informed industry sources are pointing to an agreement between Total and Marathon of the US, which has four contracts in the Region.

The Russian state controlled company comes as a big surprise, and its deal involves a direct contract with the KRG for KRG’s remaining share of interest in the blocks operated by Western Zagros.

These developments come soon after the recent decision of the Turkish authorities to grant permits for an oil and products trade with KRG, and the import of natural gas by the Siyahkalem company for power generation in Turkey. The gas import will be at 700 million cubic meters initially starting in the year 2014, which will gradually increased up to 3.2 billion cubic meters.

According to the Rudaw sources close to Ankara decision makers, the scale of Turkish involvement in the KRG energy sector is gradually becoming clearer. These sources point to the existence of a major exploration deal between a Turkish state owned company and the KRG. It is understood that KRG has already agreed to award several contracts and approved other contractual partnerships in favour of an unnamed Turkish state company. Rudaw believes that TPIC is the main players in the deal.

Potentially, this Turkish - KRG deal could be far larger than the deal forged late last year with ExxonMobil. These TPIC contracts point to a well-planned Turkish strategic policy shift towards the KRG to underpin its own energy security by accessing the large resources so close to its own borders, and to cement Ankara’s rapidly developing and growing economical and political ties with Erbil.

For sure, KRG has now become potentially a big energy player in the region. Critics and doubters may be silenced by these latest KRG achievements, as these appear to vindicate KRG’s consistent and determined contracting and investment policies.

These new waves of major contracts, are likely to embarrass the anti-KRG oil policy makers in Baghdad who will struggle to explain the IOC’s vote of confidence in Kurdistan. A senior oil executive told Rudaw: “They will now realize that their tactics to deter investments from Kurdistan have totally failed, the KRG oil policy is here to stay, and to put it simply Erbil has won, and Baghdad oil policy makers have lost the argument.”

http://www.rudaw.net/english/kurds/4974.html

[alan131210]

poor shahri and milky

[unitedkurdistan]

2012 GKP AGM - the animation

http://www.youtube.com/watch?v=XcntHF0_c9g&hl=en&fs=1&rel=0&hd=1   

[alan131210]

21/07/2012 15:52:00 RUDAW

Rudaw Analysis:

Iraq's federal prime minister Nuri al Maliki claimed on July 19th that U.S. President Barack Obama had sent a letter to him that supported Al Maliki’s opposition to Exxon Mobil's oil deal with the Kurdistan Region.

As part of his ongoing campaign against the oil rights of the Kurdistan Region, al Maliki had previously written to Obama to request the order Exxon to stop exploring for oil in Kurdistan.

Let us first ignore the misleading headlines associated with the letter from President Obama to Prime Minister Maliki and examine the facts as reported. The letter has not been published anywhere, so all we know is what Prime Minister Maliki’s office has said in a written statement, which, according to Reuters, was the following:

“We would like to confirm that the letter was positive and convincing and stresses its respect for the constitution and Iraqi laws, in the same manner as the Iraqi government is seeking.”

Those words “stresses its respect for the Constitution and Iraqi laws” are laudable and we agree with them. Those words do not in any way back the Federal Government’s efforts to deprive the Kurdistan Region and the Producing Governorates from their rights as set out under Articles 112 and 115 of the Constitution; quite the opposite, they offer implicit support for those rights by stressing respect for the Constitution.

As for the letter being “positive and convincing,” that merely suggests that it was couched in diplomatic language. President Obama has most likely explained that under the US political and market-driven economic system, private companies make their own business decisions, beyond the reach of government control, hence the President will not be able to interfere with their decisions.

This would appear to be the most likely message of the letter. But if indeed it says more than that, enabling Baghdad to claim that the US government backs Baghdad against Erbil, supports Baghdad’s desire not to share oil revenues, and agrees with Baghdad's desire to impose centralized decision-making on all oil activities in Iraq, then we respectfully invite Prime Minister Maliki’s office to publish the full text of the letter for purposes of transparency.

Otherwise, this issue should remain an internal political and constitutional matter for all Iraqis to resolve by themselves, without dragging foreign governments in to the argument.

Finally, actions speak louder than words. The arrival of Chevron as a new investor in Kurdistan on the same day as the partial content of a letter from the US President was released in order to further a certain political agenda in Iraq, only serves to validate the explanations stated above.

http://www.rudaw.net/english/kurds/4980.html

[diako_ber]

Prime Minister Nouri al-Maliki has issued his starkest warning yet to ExxonMobil, threatening to block the company from moving forward with its controversial deals in the semi-autonomous Kurdistan region.

"The government will take all necessary measures to enforce the law and prevent the company from implementing those contracts," Maliki said in a statement released Wednesday.

Maliki claimed to have the backing of U.S. President Barack Obama, who sent a written response to a letter in which Maliki asked him to help reign in Exxon.

"We would like to stress that the response (from Obama) was positive and convincing, and stresses respect for the Constitution and laws of Iraq, in the same direction of the Iraqi government," Maliki's statement said.

Sources close to the Obama administration, however, said the communication from the White House is being distorted. Although the White House has urged Exxon to reconsider its KRG deals due to the political stress they have caused, the president has reportedly decided not to intervene directly with Exxon.

"In our economic system, private companies make their own business decisions, largely beyond the reach of government control," said a senior Obama administration official.

U.S. officials would not comment on the specific content of the letters exchanged between Obama and Maliki, and neither government has made those letters public.

The renewed outcry over Exxon comes as tensions are rising between Baghdad and the Kurdistan Regional Government (KRG). This month, Kurdistan began trading crude directly with Turkey and signed contracts with the American super-major Chevron – actions which violate the central government's prerogatives.

But it was the KRG's signing of Exxon, on Oct. 18, 2011, that caused a seismic shift in Iraq's oil sector. Until then, only small and mid-sized oil companies had signed contracts with Kurdistan; the super-majors had remained wary of the political risk associated with defying Baghdad.

By landing Exxon, Kurdistan gained substantial political clout. Exxon's willingness to do business in the north, despite Baghdad's policy that the KRG's contracts are illegal, marked an implicit vote of confidence in Kurdistan's legal arguments and future prospects.

Ever since then, the central government has tried to counter the deals using both diplomacy and threats.

Both Maliki and Deputy Prime Minister for Energy Hussain al-Shahristani have sent letters to and met with top Exxon executives, outlining their legal complaints with the deals. They have claimed that Exxon agreed to freeze its work in the north, to give the semi-autonomous Kurdish region and the central government time to work out a political solution, but the company -- which has declined requests for comment -- has given several indications it has no intention to stop its work.

Exxon has not begun any seismic testing or exploratory drilling, but it is preparing to do so. The company has opened up offices in the Kurdish capital of Erbil, and has held meetings with local leaders as part of pre-exploration assessments.

In response, Baghdad has barred Exxon from bidding on new contracts in southern Iraq, and removed the company as operator of a key water pipeline project. Central government leaders have also threatened to remove the company from the super-giant West Qurna 1 oil field, which Exxon is developing under a 2010 contract, but they have yet to take action.

Neither Maliki nor his office elaborated on exactly what further measures the government would take to prevent Exxon from implementing the Kurdistan contracts.

U.S. policy since 2003 has discouraged companies from signing deals with the KRG because of their affect on national reconciliation. Exxon's contracts are especially contentious because three of its six exploration blocks are in areas subject to a long-standing territorial dispute – perhaps the most explosive unresolved issue in modern Iraq.

"In Iraq, as in most places, the national government is responsible for trade and export policy," the senior Obama administration official said. "We advise American energy companies doing business in Iraq to consider the legal risks involved in signing deals with a region, against Baghdad's wishes, and are concerned that such deals could be destabilizing."

Another source involved in U.S. policymaking on Iraq said Obama would never back Maliki forcing Exxon out of Iraq, but also would not interfere in any legal procedures consistent with a country's rule of law.

Ben Lando and Ben Van Heuvelen reported from the United States. Iraqi staff reporting from Baghdad are anonymous for their security.

Source: Iraqoilreport

[alan131210]

Latest from KRG on Exxon deals is, Khalid Shwani an MP on KBC list told (nrttv) that "Exxon continues its work in KRG and the threats of Baghdad officials are ignored by Exxon because Exxon has read the constitution and are fully aware themselves of the lagality of the deals".

http://www.nrttv.com/dreje.aspx?jimare=19344


Game over milky stop wasting your time, indeed articles 111,112 give KRG full control over its oil its not our fault baghdad does not want to pass them into a law and continues saddam era centralized oil policy which by the way is expired, unconstitutional and a Ba'ath oil policy, i thought the Shiites hated Baathist and their laws? .Not only that, the 2nd US supermajor 'Chevron' has come and bought two blocks in Kurdistan, milky efforts are done and dusted, I wonder what trick is next he wants to pull to make iraqis busy with against KRG to cover up his failures and lack of public services ?

[alan131210]

Gulf Keystone Petroleum has revealed drilling has been started on the Gulak-1 exploration well on the Akri Bijeel block in the Kurdistan region.
The AIM-listed company holds a 20% stake in the block, which is operated by MOL Hungarian Oil and Gas. Gulf Keystone had previously expressed its intention to sell its stake, but work continues in the meantime.

Gulak-1 will target prospective intervals in the Jurassic and Triassic, drilling to a planned total depth of approximately 3,658 metres in the Triassic Kurra Chine formation.

It is the fourth exploration well to be drilled on the block and the first exploration well to target the Gulak anticline at the extreme eastern end of the block. The well is being drilled 21.4 kilometers to the east of the Bijell-1 discovery well and 28.3 kilometers to the east-southeast of the Bijell-3 appraisal well, which is also drilling ahead.

Source: kurdsat

[alan131210]

24/07/2012

RUDAW EXCLUSIVE

Farhad Atroshi is a member of the Oil and Gas Committee in Iraqi Parliament. He recently visited the Kurdistan Region at a time when Iraqi Prime Minister Nuri al-Maliki has accused the region of “smuggling” oil and threatened to cut its budget. Atroshi sat down with Rudaw to give his insight into the issue and the growing tensions between Erbil and Baghdad.

Rudaw: The Oil and Gas Committee visited the Kurdistan Region. What was the main purpose of the visit?

Farhad Atroshi: The Oil and Gas Committee recently proposed a visit to the Kurdistan Region to find a solution and work toward implementation of the oil and gas law. I told the committee that all efforts with regards to the implementation of law would be in vain, and that therefore we should visit the Kurdistan Region to find out what the problems are between Baghdad and Erbil around the exportation of oil. 

In Kurdistan, we met with the minister of natural resources. He provided the committee with a copy of all the contracts the Kurdistan Region has signed with foreign oil companies, so the region cannot be accused of not being transparent with these contracts.

We also found out that of the 700,000 barrels of oil a day the central Iraqi government refines from oil fields, only 400,000 barrels are actually being transported to Iraqi cities, so 300,000 barrels of oil are missing.

Also, Dr. Ashti Hawrami, Kurdistan’s minister of natural resources and a specialist in oil and gas, told us that when 100,000 barrels of oil are refined, only 5 percent goes to waste; however, the Iraqi government states that 50 percent goes to waste.

He said that Iraq sends refined oil to cities at a price of $10, yet that money is missing too. He showed us, with documents, how nearly 50 million barrels of oil have been sold recently, yet that money is also missing.

“I think the opinion of the Oil and Gas Committee toward Kurdistan has changed after this visit,”

He indicated that Iraq has cut the Kurdistan Region’s share of the oil budget, as the central government must provide Kurdistan 140,000 barrels of oil per day, because the region by law has a share of 17 percent of the overall Iraqi budget, yet they only provide 15,000 barrels of oil.

Basically, the outcome of the visit was that what the Iraqi government has been claiming is not entirely true.

Rudaw: Did you visit the Kurdistan Region’s oil fields and refineries?

Farhad Atroshi: The committee made two visits on the ground. First, we visited Kurdistan’s 1,000-megawatt electricity station that is run by 90 people. The Ministry of Oil provides 5,000 megawatts of electricity to the whole of Iraq with 100,000 public servants. Compared to Kurdistan, Iraq has spent $30 billion on electricity, yet still can only provide 5,000 megawatts. In the Kurdistan Region however, for 1,000 megawatts only $1 billion has been spent. And unlike Iraqi, that electricity has been provided by the private sector, not the government.

I think the opinion of the Oil and Gas Committee toward Kurdistan has changed after this visit, though still we cannot say that the oil and gas law will be passed and implemented in the near future, as Hussain Shahristani will continue with his politics against the Kurdistan Region.

Rudaw: Did you also talk about the exportation of crude oil to Turkey with Kurdistan’s minister of natural resources?

Farhad Atroshi: Yes, and he said only four tankers of crude oil are sent to Turkey to be refined so petrol, gasoline and other materials are provided for the Kurdistan Region. And that is due to Iraq’s central government cutting Kurdistan’s budget. He also emphasized that, without Iraq, the Kurdistan Region has to do whatever it can to provide people with their necessities.

Rudaw: Baghdad is busy buying weapons and Iraqi officials say that Kurdistan does not have the right to buy weapons. Do you think the Kurdistan Regional Government [KRG] also has the right to buy weapons?

Farhad Atroshi: The problem is that Iraqi officials think that the KRG is part of the Iraqi government, which is wrong. The KRG is not part of [Iraqi Prime Minister] Maliki’s government; we are part of a federal state. The state is one thing; the government is another.

We have no problem with the fact that Iraq buys weapons, because Kurds also need to buy weapons and need to know what is going on. They fear what the central government is buying weapons for as they have managed to buy many of the latest American weapons, mainly for the anti-terror units directly under the control of Maliki. This is, in fact, dangerous. Iraq is now going through a political crisis while Maliki’s government is busy buying F-16 fighter jets. We are scared that one day these weapons and fighter jets will be used against those political rivals now in opposition to Maliki’s politics.

Rudaw: A Gorran MP said that Maliki has a plan to attack the Kurdistan Region in less than a year. Do you know about that plan?

Farhad Atroshi: Our analysis tells us that the leaders of the State of the Law Coalition and others close to Maliki think that because they are the majority they should stay in power. They all want Maliki to stay because they believe he is the guy who can handle the status of affairs in Iraq at this stage. Maliki provides a lot of money to the Iraqi media so they ruin the image of Kurdistan. He also provides a lot of money to buy Iraqi MPs.

“Iraq is now going through a political crisis while Maliki’s government is busy buying F-16 fighter jets.”

Rudaw: Do you have any sort evidence to back up that claim?

Farhad Atroshi: Yes, we have evidence.

Rudaw: Does he pay Kurdish MPs too?

Farhad Atroshi: He hasn’t managed to buy Kurds yet, but he has other people who are members of the Iraqiya bloc who have been paid, given armored cars, guards and a villa. Izzat Shabandar, who is an MP for the State of the Coalition, is now a businessman and lives in Beirut. Other people sent by Shabandar meet ministers and make contracts that are worth $1 million.

Rudaw: Have any efforts been made to get negotiations going between Maliki and KRG President Massoud Barzani so they find a solution to the problems between Erbil and Baghdad?

Farhad Atroshi: No, no efforts have been made, because Maliki has got to go. If Maliki stays, it will not just be bad for the Kurds, it will be bad for the entire population of Iraq. If Maliki stays in power, that means internal conflict within the Shia population and Maliki controlling the Shia street.

Rudaw: What is the latest position of Kurdistan’s president on Maliki?

Farhad Atroshi: I had a meeting with President Barzani on Thursday, and he said to not stop what I have been doing but to continue with my work. 

Rudaw: Did the State of the Law Coalition and the Iraqi National Coalition ask to find a solution together?

Farhad Atroshi: They have asked several times, saying we are all friends and can find a solution together. However, let me be very clear here: if President Barzani had a personal problem with Maliki, that would be easily solved. If Barzani proposed anything to Maliki in that regard, he would not refuse. But the dilemma is not about that. It is not personal; it is a problem of the Kurdish people with the Iraqi government. A top Iraqi official told me that Maliki said if Barzani was to change his position, they would agree to all of his other conditions.

Rudaw:  You mentioned conflict between Sadrists and Maliki. Is that based on fact or only your opinion?

Farhad Atroshi: That is my opinion. In a meeting, Maliki said that if 40 members of the Iraqiya bloc were with them, he would slap the Sadrists and the National Coalition. There are hundreds of Sadrists in Iraqi prisons. Although there was an agreement that a member of the Sadrists would become leader of the Justice and Questioning Committee, he has yet to be put in that position.

Maliki has plans to get closer to the Iraqiya bloc now, especially with extremists who live in the disputed areas. He then can say that he represents all Iraqi people and so can remain in power. Some are saying now that “a strong Iraq can only be built at the hands of Maliki.”

Rudaw: But the Sadrists are not that insistent anymore that Prime Minister Maliki leave office?

“His current poor health won’t allow him to do what he was able to do in the past.”

Farhad Atroshi: No, that is not true. The Shia Coalition organized a reform committee, but the Sadrists retreated from it and said that the committee would only talk without putting anything into practice, and they were persistent that the three main branches of the Iraqi government should not be headed by the same people for more than two terms, which I think will be successful. But I don’t know if the federal judicial branch will accept that, because so far all of their decisions have been in the interests of Maliki.

Rudaw: Some are saying that if Iraqi President Jalal Talabani comes back, a solution to this problem will be easily found.

Farhad Atroshi: His current poor health won’t allow him to do what he was able to do in the past.

Rudaw: But Dr. Fuad Masoum, current leader of the Kurdistan Alliance, said that when Talabani returns, a national congress would be held where all the problems would be solved.

Farhad Atroshi: A national congress is not in the hands of Dr. Fuad Masoum. Some parties of the Kurdistan Coalition, as well as some people in the Iraqiya bloc, still have to make a decision on that, so it might not be so easy to hold a national congress.

Rudaw: There are talks of former Baathist officers returning to their jobs. Why have Kurdish MPs been silent on this issue?

Farhad Atroshi: Maliki has been in power for six years and is now trying to bring back those Baathist officers, but we do not want to open this highly sensitive and hot debate in parliament because it will eventually destabilize it. And Maliki wants that; he wants to weaken parliament, so debating that issue right now would be in his interests and could undermine the issue of him leaving office or being questioned in front of parliament.

Rudaw: You have been persistent about wanting Maliki to go, but Kurdish MPs have been quiet. Does that mean the topic has now been brought to an end?

Farhad Atroshi: No, it has not ended. We are working painstakingly to organize the cases that have been brought against Maliki. It is true that the process is time-consuming and people are disillusioned, but it will soon start to move and Maliki will soon be asked to be present in parliament for questioning.

Rudaw: When will he be asked?

Farhad Atroshi: The committee who is organizing it will ask the head of parliament to send an official letter to the prime minister’s office.

Rudaw: Do you have enough evidence to lead to a non-confidence vote and remove Maliki from his post?

Farhad Atroshi: We have very strong evidence. Any prime minister of any country in the world would resign straightaway if such evidence was held against him.

Rudaw: Would you say the dispute between the Kurdistan Democratic Party (KDP) and Patriotic Union of Kurdistan (PUK) ended up in Maliki’s interest?

Farhad Atroshi: I would not say “dispute,” but the two different perspectives on the matter delayed the process to say the least.

Rudaw: Has Maliki tried to divide the Kurds?

Farhad Atroshi: Yes, of course. What he did has led to disunity, as among Kurds a single united perspective does not exist anymore. 

 

[alan131210]

DNO International to Receive Fiscal Entitlements Pursuant to the Tawke Production Sharing Contract



Created on 24/7/2012. 2:15

International ASA ("DNO International"), the Norwegian oil and gas company, announced today that it has reached agreement with the Kurdistan Regional Government (KRG) to fully apply the fiscal terms and conditions of the existing Production Sharing Contract (PSC) covering the Tawke license moving forward, replacing temporary arrangements in place since start of operations.
The agreement also provides for a reconciliation of past accounts and application of contract fiscal terms from inception until 1 June 2012. As a result of this reconciliation, DNO International's share of Tawke oil sales over a period of about eight weeks will be allocated to the KRG for local consumption but the Company expects that its overall revenues for the year will remain unchanged. The reconciliation calculations do not include payments not yet received for exports through the Iraqi pipeline system in 2009 and again in 2011-12. When those payments are made, DNO International will receive its pro rata share as provided for under the PSC.

"We are very pleased with this outcome and the overall trend towards normalisation," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman. "The previous ad hoc arrangements put in place by the KRG provided us tremendous support during difficult and uncertain periods and allowed us to continue our investment programs," he added. "But now that we are firmly established, our shareholders benefit from greater clarity and transparency as to the status of the Tawke project and our other investments in the Kurdistan Region of Iraq."

DNO International ASA is an Oslo-listed, Middle East and North Africa focused oil and gas company holding stakes in 17 licenses in various stages of exploration, development and production both onshore and offshore in the Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the United Arab Emirates and the Tunisian Republic.

Source: peyamner.com

[alan131210]

(Reuters) - Iraq has decided to blacklist Chevron Corp (CVX.N) and bar it from signing any oil deals with the oil ministry after the U.S. major purchased stakes in two blocks in Kurdistan, the oil ministry said in a statement on Tuesday.

"In line with Oil Ministry policy based on the constitution, the Oil Ministry announces the disqualification of Chevron company and bars it from signing any deals with the federal Oil Ministry and its companies," the statement said.

Chevron Corp (CVX.N) confirmed last week its purchase of 80 percent of two blocks in Kurdistan, as the second-largest U.S. oil company follows Exxon Mobil Corp (XOM.N) into an area where oil rights are a subject of fierce dispute.

Chevron is purchasing the Sarta and Rovi blocks from India's Reliance Industries Ltd (RELI.NS), where it will be the new partner of Austria's OMV AG (OMVV.VI) - holder of the other 20 percent interest.

Baghdad has a long-running dispute with Kurdistan regional government over oil, lands and sharing revenues and insists that it has the sole authority to manage oil fields and sign deals in the north.

"The reputation and credibility of Chevron and other companies are being tested today and we are fully confident the result of its test is a total failure and it should feel ashamed of its action," the statement said.

[alan131210]

Kurdistan, 24 July (Peyamner) - according to the letter Obama sent to Maliki, he has told the Iraqi PM that the US oil companies are free in their work and US Government does not interfere into their work.

He has also added that "Kurdistan oil and gas reserves can not be overlooked, thus they need to be developed so that they can participate at supplying the world with the energies required in various fields".

Source: Peyamner.com