Another newcomer to the main market...anybody any idea what the production figures are ?

Lukoil chief meets Iraqi PM ahead of oil announcement
14 hours ago

BAGHDAD (AFP) The head of Russian energy giant Lukoil, which is bidding for contracts to develop Iraqi oil and gas fields, met Iraq's Prime Minister Nuri al-Maliki on Wednesday.

Their meeting comes a week after Maliki met the chief of French energy group Total, and less than two weeks before Baghdad is to unveil which foreign firms have won coveted contracts to work in Iraq.

"We would gladly welcome Lukoil to Iraq, because it has a great deal of experience," Maliki said, according to a statement released by his office, during a meeting with Lukoil chief Vagit Alekperov.

"Iraq is trying to open its doors to investment from international oil companies to raise oil production, which is the principal source of our revenues," he added.

Alekperov, meanwhile, said Lukoil was "trying to train Iraqi engineers at Russian institutions."

Two executives from US energy firm Chevron also visited Iraq on Wednesday to discuss the terms of contracts that oil companies will be awarded, when the oil ministry reveals, on June 29 and 30, which companies will work in Iraq.

Lukoil and Chevron are among 31 energy firms pre-selected by Iraq, a list made up of major foreign oil companies and state-owned enterprises, to develop six major oil fields and two major gas fields.

Four companies have withdrawn from consideration for the contracts.

According to the website iraqoilforum.com, the pre-selected firms comprise 11 Asian firms, nine European, seven North American, two Australian and two Russian.

Although only eight contracts will be awarded, energy firms could join forces to develop some fields.

The new contracts are to increase Iraq's oil production by 1.5 million barrels per day, on top of the 2.4 bpd that Iraq now produces.

Kurd oil official, S.Oil Co., slam Iraq oil auction

Reuters, Thursday June 18 2009 *

Kurdish oil official says Oil Ministry in "disarray"
* Head of main Iraqi oil unit rejects oil contract auction
* Iraq government defiant, says auction going ahead
* Kurdish oil official says foreign firms likely hamstrung
By Mohammed Abbas
BAGHDAD, June 18 (Reuters) - Iraq's Oil Ministry is in "disarray" as oil officials revolt against its plan to hold the country's first major auction of oil field contracts since the fall of Saddam Hussein, a Kurdish official said on Thursday.
Ashti Hawrami, natural resource minister for Iraq's oil-producing Kurdish region, said firms taking part in the auction this month will find it difficult or impossible to actually work in Iraq because of the dispute. [ID:nLE419256]
The Kurdish Regional Government (KRG) and the Shi'ite Arab-led Baghdad government have long feuded over how best to exploit Iraq's vast oil reserves, the world's third largest.
"The oil industry seems to be falling apart. We have the Oil Ministry in disarray, we have the national oil companies coming out and saying loudly this is not right," Hawrami said of the oil contracts to be offered over two days at the end of June.
On Sunday the head of Iraq's South Oil Co., which produces most of the country's crude, said he opposed the auction of contracts to develop Iraq's six largest oil producing fields -- and engineers said they had started a petition against the move.
Two undeveloped gas fields are also on offer.
Iraqi Oil Minister Hussain al-Shahristani was also under fire from parliament, which has reservations about the contracts and summoned him to answer questions on Tuesday.
South Oil Co. chief Fayad al-Nema on Thursday renewed his criticism of the contracts.
"The first bidding round is useless and won't serve the Iraqi economy. It will harm the South Oil Company," he said.
The strong criticism has raised concerns that the auction -- for which 32 of the world's biggest energy companies have qualified and paid to take part -- would be cancelled, but the government has repeatedly said they would take place as planned.
"The cabinet discussed the preparations which are ongoing for the first bidding round to develop the gas and oil fields and confirms its importance ... and the commitment to move on the dates specified, the 29th and 30th of June," government spokesman Ali al-Dabbagh said in a statement on Thursday.
FOREIGN FIRMS HAMSTRUNG?
Nema and other critics say they do not oppose a planned second round of tenders for service contracts in undeveloped oil fields, the results of which are due to be announced at the end of the year.
One of the contracts on offer in the first round is for oil fields close to the northern city of Kirkuk, disputed by Kurds, Arabs and ethnic Turkmen.
Hawrami said the KRG had not been consulted about the tender, and therefore foreign firms would not have the KRG support he said was required before developers could start work.
"They will be on shaky ground. Speaking about fields in the disputed territories, the contractors will not actually have a chance to work on the ground. I cannot see how they will have the security and support they need in these disputed territories without the KRG being party in providing that help."
Iraq produces 2.3-2.4 million barrels per day of crude, slightly lower than the rate under Saddam Hussein, stoking criticism of Shahristani. A fall in oil prices since last year's record highs has depleted Iraq's budget, adding to pressure on the Oil Minister to boost production.
(Additional reporting by Aref Mohammed in Nassiriya and Aseel Kami in Baghdad: Editing by Michael Christie)

Grim isn't it !

Tentative chart support at........400p???

The whole market is dropping.....what a pain in the neck it is...job to guess which way anything is going !.

106 ftse points down ! how are you supposed to invest when you've got movements like that in one day.....if you are like me with a very busy working schedule ...things become very difficult...if not impossible to keep track...grrrrr !.

Trailing stops probably the best bet.
Crude also down which doesn't help the pumpers' share price.

Might have to try those in future !.

I really don't know why you bother rf.

You usually get it wrong. Wouldn't it be better for you to stick it somewhere safe (under the mattress?) until the market improves ..

just a suggestion ....

ouch, what a comment..... just think if he did that then a friend did a surprise spring clean for him ...... lol

Dealerdear ; you tell me what the market or a specific share is going to do : I'm all ears !, I still think that the main market oilies have further to climb but in the short term this is a nasty pullback !.

Talking of ups and downs..HOIL taking a knock here..

indeed ..... sold most of mine a few days ago but will continue to hold rump ...... had hoped they were going to be taken over, but of course they just merged with another in the end - hey ho

Still in...that's the way it seems to be going for me...anticipated the TLW pullback but not the HOIL...

topped up this morning at 440, and that has proved a good move - at the moment ...... also, apparent heavy volume .... if true .... hmm!

is perceived demand triggering demand or is there truly something of interest afoot? ...... sp +45 or thereabouts and very heavy volume at 2.25m

LONDON, July 14 (Reuters) - Shares in UK-based oil explorer Heritage Oil Ltd jumped more than 7 percent on Tuesday on market talk of a potential bid interest from Royal Dutch Shell , traders said.
Both Royal Dutch Shell and Heritage declined to comment on the market talk.
A trader said the talk was for a potential bid of 700 pence per share.

prob a load of bollocks!

Although, of course you hope it isn't! ;o)

i do, but can't hold my breath that long!

Where this might take off like a rocket is : when they announce another well is to be drilled on another prospect close to their last success...I anticipate that the market will price the sp up 50p in one go...it's all guesswork but very possible.