Latest news with #Iraq-TurkeyPipeline
Iraq Business
2 days ago
- Business
- Iraq Business
"Catch 16" and the Resumption of Oil Exports from Kurdistan
By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund , for the London School of Economics (LSE) Middle East Centre. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News . Catch 16: The Issue Bedevilling the Resumption of Crude Exports through the Iraq-Türkiye Pipeline The standoff over the resumption of crude exports through the Iraq-Türkiye pipeline (ITP) continues with no end in sight, with each side claiming that exports could resume, if it were not for the other side. The last meeting, between Iraq's Federal Ministry of Oil (MoO) and the International Oil Companies (IOCs) operating in the Kurdistan Region of Iraq (KRI), eight of which are represented by the Association of the Petroleum Industry of Kurdistan (APIKUR), ended with no resolution, much as all prior meetings did. Click here to read the full article. Tags: Ahmed Tabaqchali, Ceyhan, cl, featured, Iraq Oil Exports News, Iraq Oil Production News, Iraq-Turkey Pipeline (ITP), KRG, Kurdistan News, oil contracts, oil revenues, Turkey, Turkiye
Iraq Business
08-05-2025
- Business
- Iraq Business
Genel Energy issues Trading and Ops Update
By John Lee. Genel Energy has issued a trading and operations update relating to Q1 2025. Regarding the company's operations in Iraqi Kurdistan, it said: Kurdistan Region of Iraq Operations Gross production of 82,081 bopd in Q1 2025 (increased from 74,140 bopd in Q4 2024) from the Tawke license Working interest production of 20,520 bopd (up from 18,540 bopd in Q4 2024) Q1 2025 sales price remained consistent at around $35/bbl Exit from Sarta and Qara Dagh licenses has been approved by the Kurdistan Regional Government (KRG) Tawke PSC (Production Sharing Contract) continues to deliver consistent production and generate significant cash flow despite discounted domestic sales prices Tawke and Peshkabir fields demonstrate strong operational performance and cost efficiency compared to other fields in the region Financial Matters Related to Kurdistan Balances with KRG have changed: Gross reported nominal receivables decreased to $99 million (from $107 million at YE2024) Payables reduced to around $40 million (from around $50 million at YE2024) Arbitration costs award made by the Tribunal for amounts owed to the KRG by Genel Energy Miran Bina Bawi Limited is approximately $27 million (reduced from $36 million claimed by KRG) GEMBBL has appealed this costs award to the High Court Iraq-Turkey Pipeline Situation Talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing No material progress has been made since March 2025 The timing of the resumption of exports remains uncertain Full statement from Genel Energy: Genel Energy plc ('Genel' or 'the Company') issues the following trading and operations update relating to Q1 2025, ahead of the Company's Annual General Meeting, which is being held today. Paul Weir, Chief Executive of Genel, said: " In line with expectations, the Tawke PSC continues to deliver consistent, reliable production and generate significant cash flow even at the discounted domestic sales prices. The operational performance delivered from the Tawke and Peshkabir fields, together with the significant cost efficiency, continues to set these fields apart from others in the region. "Our entry into Block 54 in Oman is expected to complete in the coming weeks, with first substantial work programme activity commencing around the end of the year. "We continue to work towards diversifying our production, both through expansion of our footprint in Oman as well as the purchase of new assets in other preferred jurisdictions. We addressed the maturity of our bond debt by calling the old bond and issuing a new $100 million bond, thereby increasing available cash and putting in place a capital structure that can provide funding towards delivery on our strategic objectives, regardless of whatever uncertainties may face the business at the macro-economic level. " KURDISTAN Gross production of 82,081 bopd in Q1 2025 (Q4 2024: 74,140 bopd) from the Tawke licence where performance continues to be robust and domestic sales demand reliable Working interest production of 20,520 bopd (Q4 2024: 18,540 bopd) Q1 2025 sales price has been consistent with the previous quarter around $35/bbl Exit from the Sarta and Qara Dagh licences has now been approved by the KRG, in the form of relinquishment and termination agreements with minimal residual potential liabilities OMAN As previously announced, we are delighted to have entered Oman through the award of an interest in Block 54 Royal Decree is expected in the coming weeks and we are working with OQEP, the operator, on planned activity for the second half of the year SOMALILAND On SL10B13 in Somaliland, we continue to work towards achieving conditions that support drilling of the highly prospective Toosan-1 exploration well MOROCCO We have informed ONHYM that we will not be extending beyond the Initial Period of the Lagzira licence to the First Extension Period, and consequently will be abandoning the licence in June 2025 FINANCIAL Net cash of $135 million at 31 March 2025 (YE2024: $131 million) Q1 2025 free cash flow of $5 million (Q4 2024: $1 million free cash outflow) Ahead of guidance due to higher production and some timing differences on spend Tawke free cash flow expected to cover organisational costs this year No spend to date on Oman Cash of $201 million at 31 March 2025 (YE2024: $196 million) In April the Company called $66 million of bonds maturing October 2025 and issued a new $100 million bond maturing April 2030 Balances with KRG Both receivable and payables have reduced as a result of the exit from Sarta and Qara Dagh Gross reported nominal receivables of $99 million, reduced from $107 million at YE2024 Payables of around $40 million, reduced from around $50m million at YE2024 The arbitration costs award made by the Tribunal for amounts owed to the KRG by Genel Energy Miran Bina Bawi Limited ("GEMBBL") is circa $27 million, reduced from the circa $36 million claimed by the KRG GEMBBL has appealed this costs award to the High Court on the grounds that, because the KRG did not provide any breakdown of the amounts claimed by reference to any items of work, the Arbitration Tribunal was unable to assess the reasonableness and proportionality of the recoverable costs and consequently did not have jurisdiction to make an award OUTLOOK Tawke free cash flow at current production and prices is expected to continue to cover organisational costs, with net cash at year-end expected to be about the same as the start of the year Following our entry into Oman, there will be some direct capital investment this year as we work towards testing previously discovered resource Talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing, but no material progress has been made since March and the timing of the resumption of exports remains uncertain (Source: Genel Energy)
Iraq Business
20-04-2025
- Business
- Iraq Business
Baghdad / Erbil / APIKUR Meeting "Collapses Before Takeoff"
From Kurdistan24. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Tripartite Energy Meeting Collapses Before Takeoff According to a source from Iraq's Oil Ministry, the Iraqi side informed participants of the decision just hours before the meeting was due to begin, offering no new date for rescheduling. Click here to read the full article. Tags: Association of the Petroleum Industry of Kurdistan (APIKUR), Ceyhan, featured, Genel Energy, GKP, Gulf Keystone Petroleum, Iraq Oil Exports News, Iraq Oil Production News, Iraq-Turkey Pipeline (ITP), KRG, Kurdistan News, Ministry of Oil, oil contracts, oil revenues, OPEC, State Oil Marketing Organization (SOMO), Turkey, Turkiye
Iraq Business
24-02-2025
- Business
- Iraq Business
APIKUR calls for Written Sales and Lifting Agreements
By John Lee. The Association of the Petroleum Industry of Kurdistan (APIKUR) has said its member companies are ready to restart oil exports from Iraqi Kurdistan once agreements are in place. In a statement on X, the association called for written sales and lifting agreements with Baghdad and Erbil ensuring payment transparency and protection from political interference. The statement follows the Ministry of Oil's confirmation on Saturday that procedures for resuming the export of oil produced in the Kurdistan Region through Ceyhan Port have been completed. Full statement from APIKUR: " As we have repeatedly stated, APIKUR member companies stand ready to resume oil exports through the Iraq-Türkiye pipeline, after agreements are reached that uphold our member companies existing contractual, commercial, and economic terms. "We seek written sales and lifting agreements, with the Government of Iraq and Kurdistan Regional Government, that provide payment transparency and surety without political interference. "APIKUR member companies remain focused on working with all stakeholders to secure a prompt and mutually beneficial resolution. We agree with Iraqi Prime Minister Al Sudani's statement on Feb. 22, that expediting oil exports through the ITP will, "...strengthen Iraq's economy, and meet the needs of its citizens." (Source: APIKUR) Tags: Association of the Petroleum Industry of Kurdistan (APIKUR), Ceyhan, cg, featured, Genel Energy, GKP, Gulf Keystone Petroleum, Iraq Oil Exports News, Iraq Oil Production News, Iraq-Turkey Pipeline (ITP), KRG, Kurdistan News, Ministry of Oil, oil contracts, oil revenues, OPEC, State Oil Marketing Organization (SOMO), Turkiye
Iraq Business
18-02-2025
- Business
- Iraq Business
IBBC Conference: Iraq Prioritises Gas Investment to Boost Growth
By John Lee. Iraq's Minister of Oil, Hayan Abdul Ghani, highlighted the government's commitment to gas investment as a key driver for economic and industrial development at the Iraq Britain Business Council (IBBC) Baghdad Conference on Monday. He outlined Iraq's major achievements in the oil and gas sector, including: Adding 380,000 barrels per day to refining capacity. Achieving self-sufficiency in diesel and kerosene production. Covering 80% of gasoline demand, reducing imports. Advancing gas projects, including the installation of a floating platform at Khor Al-Zubair port to import 500-600 mmscfd of LNG. Abdul Ghani emphasized Iraq's strategy of integrated projects, linking oil production, gas utilization, power generation, refining, and petrochemical industries. He cited the reactivation of fifth licensing round contracts, the development of Akkas (400 mmscfd) and Mansouriya (300 mmscfd) gas fields, and the award of 14 new gas exploration blocks. Iraq has also completed key gas processing projects, including Basra Gas BNGL (200 mmscfd) and Halfaya (300 mmscfd), with further expansions planned. The TotalEnergies South Iraq Integrated Project will capture 600 mmscfd of gas, boost oil production to 210,000 bpd, and implement a 5 million bpd seawater injection project. On renewable energy, Iraq has secured commitments for 8,000 MW of solar power at oil field sites. Meanwhile, the government is progressing with a 700 km, 56-inch oil pipeline from Basra to Haditha, supporting domestic refineries and export capacity. Regarding Kurdistan's oil exports, Abdul Ghani confirmed that the Iraq-Turkey Pipeline (ITP) will be reactivated following amendments to the budget law, with ongoing arrangements for implementation. He reiterated Iraq's commitment to carbon reduction, stating that oil-producing nations can play a critical role in energy efficiency and ensuring competitiveness through low-carbon crude production. (Source: Ministry of Oil)
