mclellan - 1 Sep'07 - 10:58 - 96965 of 96977


Good to see these kind of articles in Al Sabah

Major planting campaign round dams' locations

Baghdad, Sep.1 p.5
General directorate of dams and water treasurers has started a major forestation campaign for dams' locations with trees to provide good environment and future agricultural and industrial investment in addition to beautify the area through usage of water in the area.An authorized source said that work included forestation of al-Udheem dam after the preparation of 85 acre to be planted with 14 thousand trees of high- oil olive in three phases and to be irrigated by 4 irrigation systems, in addition to build water storage and fence to protect the location with cost of 203 million diners.He added that forestation works has been finished in Deebs dam location in two phases on 20 acre which have been planted by 4500 trees of high- oil olive and other kinds of fruit trees and to be irrigated by siphon and canals with the cost of 66 million diners.


Anbar, Sep.1 p.5
Heet governor has announced the start of a major campaign in the city to rehabilitate local council's building in the city and governorate building and furniture it, and to pave city entrance


Maliki: Reconciliation supported improving security

Baghdad, Sep. 1, P.1
PM Noori Maliki confirmed that Govt.'s strategy of strengthening the national reconciliation led to improving the security situation in Baghdad and other provinces and while he warned of plans aim to return Ba'athists to power and pushing him to resign from the Govt., he stressed on that everyone attempts to topple the Govt. his fate would be failure.Maliki added at his meet with delegation of Shabak's Sunni and Shiite that terrorism doesnt target specific social group or nationality but targets all Iraqis because excommunication statements and fatwas which issued by some spiteful groups and figures against new democratic Iraq.

johnlll - 1 Sep'07 - 11:49 - 96968 of 96977


Morning all
In my view, what we need to sustain these levels and progress onwards and upwards is continued volume. In the absence of volume we could drift back down unless news is forthcoming. Here's some interesting info from the past 2 months.

Date Open Close High Low Volume
30/08/2007 147.00 147.50 157.50 145.25 1,921,765
29/08/2007 133.00 147.50 149.00 131.00 1,408,121
28/08/2007 127.00 134.00 143.00 127.00 2,170,469
24/08/2007 105.00 123.00 130.00 104.00 1,892,147
23/08/2007 93.00 105.00 109.75 92.60 1,025,975
22/08/2007 95.00 93.00 99.00 90.00 652,289
21/08/2007 89.50 94.50 95.75 90.00 314,290
20/08/2007 83.00 89.50 91.00 84.25 412,758
17/08/2007 83.50 82.50 85.00 76.50 1,137,692
16/08/2007 94.50 84.50 94.00 83.00 451,592
15/08/2007 97.50 94.50 98.63 92.40 348,115
14/08/2007 93.00 98.50 102.75 93.00 769,873
13/08/2007 89.50 93.00 95.75 88.00 549,381
10/08/2007 91.00 89.50 92.00 84.50 544,815
09/08/2007 93.50 91.50 93.20 89.00 194,001
08/08/2007 97.50 93.50 99.00 89.00 825,590
07/08/2007 96.00 96.50 105.00 95.15 1,572,867
06/08/2007 87.00 96.00 100.00 85.00 1,316,135
03/08/2007 82.50 86.00 87.00 82.00 671,838
02/08/2007 84.00 82.50 86.00 79.50 519,839
01/08/2007 79.50 84.00 87.00 77.92 902,177
31/07/2007 78.50 80.00 84.00 77.00 988,706
30/07/2007 68.26 78.50 80.00 68.00 1,242,440
27/07/2007 71.50 69.00 72.47 68.26 395,883
26/07/2007 71.00 71.50 74.00 69.00 787,506
24/07/2007 70.50 71.50 73.00 68.40 924,927
23/07/2007 59.00 70.50 73.00 59.30 1,065,911
20/07/2007 60.00 59.00 60.50 58.00 84,935
19/07/2007 61.00 60.00 63.00 59.00 231,454
18/07/2007 62.00 61.00 64.00 58.50 124,231
17/07/2007 60.50 62.00 64.47 60.00 236,914
16/07/2007 62.00 60.50 61.50 58.00 321,946
13/07/2007 63.50 62.00 65.00 60.00 167,329
12/07/2007 63.50 63.50 65.00 62.00 60,390
11/07/2007 64.50 63.50 64.00 61.15 154,898
10/07/2007 66.00 65.00 67.96 63.25 789,842
09/07/2007 66.00 66.00 67.50 64.00 157,259
06/07/2007 63.50 66.00 67.00 62.00 388,789
05/07/2007 61.50 63.00 65.00 61.50 1,020,118
04/07/2007 60.50 61.50 62.46 58.00 552,595
03/07/2007 60.50 60.50 63.00 58.00 442,425
02/07/2007 60.00 60.50 64.00 58.50 295,738
29/06/2007 60.00 60.00 62.00 58.40 134,064
28/06/2007 60.00 60.00 62.00 58.40 96,663
27/06/2007 60.25 60.00 62.00 58.50 113,655
26/06/2007 60.25 60.25 62.00 59.00 166,945
25/06/2007 60.50 60.25 62.47 58.85 322,409
22/06/2007 60.50 60.50 61.50 59.15 114,625
21/06/2007 60.00 60.50 62.00 58.65 180,533
20/06/2007 60.25 60.00 62.00 58.85 403,973





14CHWAY - 1 Sep'07 - 11:49 - 96969 of 96977


Here are my usual sp increases.
This week------22% sp increase.
From 20/7/07---156% sp increase
In last 6 weeks,sp has increased for 5 weeks and only decreased in
one week and that was only a decrease of 7%.
So,everything is looking very rosy and things are falling into place
very nicely.
Good luck to all.

Wapit - 1 Sep'07 - 17:34 - 96979 of 96979


Iraq Oil, Gas, Petrochemical & Electricity Summit
2-4 September 2007, Dubai, UAE

Starts tomorrow......and what will be discussed..

Oil & Gas
Full details of new hydrocarbon laws
Announcement of most up-to-date geological and seismic studies
Special announcement on Iraqi gas reserves and concession opportunities
Drilling and exploration rights
Refineries, oil depots, pipelines and storage tanks
Crude oil marketing to the international community
Details of Northern oil operations, including Kirkuk, Nineveh, Erbil and Diyalla
Management of the 29 central and southern oil fields
Oil refinery operations and new contract and investment opportunities
Pumping stations and pipeline distribution
Technological innovations for the future of Iraqs hydrocarbon industry

...and what question will everyone ask ?..

When will you be passing the HCL !!...

...and when will you dish out the PSA's and to whom ?.

-----------------------------------------------
September 2007 is the month both these could happen IMO...

cynic - 01 Sep 2007 10:36 - 103

Your fantasy portfolio.You did not want to buy @ 87p,however,expressed opinion is to sell.

Buy 10k @ 87p cost 8799.50 gross

Sell 10k @ 150p 14,987.50 net.

Net profit 6,188.00

My opinion is continue to hold fanatasy buy 10k @ 87p cost 8799.50 gross.Compare notes at a later date.

TIM50 - 1 Sep'07 - 19:45 - 96993 of 96994


I know that we have a thread on sp calculation, but the below is more about the principle then about the actual calculation itself, so I hope I'm ok to post it here ?!

Almost all of us expect that Petrel will sign for the title of block 6 soon after the HCL.
In all of the euphoria about possible RSA on S&L, or possibly even for Halfaya, I believe that the value of block 6 is a bit snowed under in the discussions ?
Many times we have heard the 5 or plus target for a RSA, usually linked to S&L, and that this could happen end of September, possibly October, but definitely still during 2007.

But if 5 is the target for that moment in time (signing of RSA), then what happened to the value of block 6 in our sp. Only 1 or so.........?

As a poster wrote here recently, for years and years, up to relatively recently, block 6 was the ultimate price to get for Petrel, the driving factor for long term holders (and I am one of them).
And now that this historic moment is possibly only weeks away, I almost find that it is forgotten to be included in any sp expectation ?

If it is true that DNO got an offer for their oil asset, in fact in an only semi-legal situation due to the lack of a full Iraq HCL, then surely block 6 must represent reasonably significant value as well to "majors", and I would expect to see this somehow reflected in the sp ?

We can't work on block 6 for the first few years due to security. The same goes for the majors. So an offer now already for our rights to block 6 would be a logical step for a major ?
I know that Petrel wants to keep the majors away from Petrel for all kind of valid reasons, but I would expect that it still already is a very significant asset for the company, consequently in the sp ?

I believe an early September signing of HCL is very much in the cards.
If I'm right, it took The Kurds 4-5 days to discuss and pass the law.
With everything now pre-discussed and approved, this timeframe should also be possible for the central HCL.
And Iraq is in a hurry. And the American report is coming up on the 11th. And Ramadan is coming up.
All in all I believe it could be possible that the HCL could be signed 10 September.
So then soon after that a RNS could follow about signing of block 6

What will that bring to the sp ?
I am not sure. But I believe it is too conservative to give 5 sp valuation to signing of say S&L, with block 6 already included in the price.
Standard sp evaluations on S&L itself, really done in a very conservative way, already indicate the 5. Jim Finn mentioned it.
And S&L will come after block 6. (unless of course together in 1 RNS)
So I personally believe in a (much)stronger sp then 5 at moment of S&L RSA.

In summary, my personal expectation is that we will see a significant sp before the end of the year, possibly already during October.
I realise that part of block 6 is already in the price.
But not enough yet !
So it is my expectation that at end of year, with block 6 and S&L signed, the sp will be a good bit over the 5 !

hi lex ....please send cheque - lol! ..... don't recollect the suggestion of sell, but not impossible ...... however, my posts today (101+103) show that i am slowly changing my tune, as all good traders should!

You can always tell a good ramp from the amount of copy and paste posts, of which nearly all on this thread are such. PET has been a hot stock before and is currently enjoying a second coming. Question is, where is the short entry? Time will tell :))

Soon!!

Gentlemen, namely ptholden & halifax ...............

Two of you like trading,shorting,deramping style posts.Comment re PET; your "Posts weak in content."

Please let it be known precisely at the time of opening your shorts and at what price.I will monitor your progress. Risky short this close to HCL and contracts should follow soon after.regards lex;o)

Include previous copy & paste bottom of post, which clearly to you two means a ramp! Approval of Hydrocarbon Law by Iraq Parliament is close.Government have Parliamentary majority to pass HCL.Are you really suggesting that PET is a good short?

David Horgan MD & John Teeling told investors at recent AGM that as soon as HCL is approved PET have been asked by IMO to go to Bagdad to sign contracts.PET asked to put in a bid for Halfaya field.Halfaya is a giant oil field which "IF" awarded to PET, AGM comment in terms of share price 'talking telephone numbers.'Are you really suggesting that PET is a good short?

You may get lucky short window of opportunity only IF HCL approval delayed from September to October.This is the Middle East! If more sellers than buyers PETs share price will go down.I would rather be in than risk being out.Long from 60.5p..............

Agree previously PET has seen false dawns.Here today in 2007 is a NEW DAWN for PET.If you had read anything at all you would know reasons WHY investors are buying PET.The very reasons share price is rising which also reflects Jordan PSA.'Are you really suggesting that PET is a good short?

Halifax has admitted selling PET in hope to buy back cheaper.That has not happened.PET sp has risen higher.Risky short,you know my position long from 60.5p.

Plenty of information in copy & paste form for RESEARCH. You can skip posts providing insight into personal views if you like.Admitedly there risks in all shares.My punt in PET is 3 year hold to 2010.

Please read copy & paste below.FACTUAL.Digest,cogitate and reflect so that you at the very least have some idea of the huge potential involved or remain ignorant.Iraq have billions barrels of oil easy and cheap to extract.PET is set to benefit.

Approval of Iraq's oil law in sight
Wed, 29 Aug 2007 09:43:34
Source: Reuters

Vice President Adel Abdul-Mahdi
Iraq's Vice President says his country's draft oil law should pass by a comfortable majority in parliament after the end of its summer break.

"The oil law was completed in cabinet... the draft that was approved in cabinet is the one that will be presented to parliament," Adel Abdul-Mahdi told reporters on Tuesday, ahead of an Iraqi investment conference in Dubai.

"The parliament remains now in recess and will return at the start of September when we will reaffirm that the law will be presented to the parliament," he added.

The federal oil law, which decides who controls the world's third-largest oil reserves, has been approved by the Iraqi government after months of talks but has yet to be debated by parliament, which must approve it if it is to pass into law.

No date has been set to debate the law, which aims to provide a legal framework to attract foreign investment and set up a new state oil firm to oversee the sector.

The draft oil law aims to ease tension by ensuring Sunni Arabs share in oil profits though most of the reserves are in the Kurdish north and the Shia Muslim south of the country.

But there has been fierce debate over the shares and how much control regional governments will have over the existing and undiscovered oil reserves, as well as the sorts of contracts that will be included.

Abdul-Mahdi said that some appendices to the law could be included to ensure the broadest possible political consensus, even though the law was expected to pass comfortably as it is.

cynic - 01 Sep 2007 20:56 - 111 In trouble Central Banks ,Hedge Funds, Subprime, Credit Sqeeze,Forced selling, flight to cash, possibly sqeeze on consumer spending..... it pays to be cautious.As you know I'm long PET from 60.5p and wanted you to buy @ 87p or less.

My only agenda is post information on PET peeps take it or leave it but is available to anyone who actually wants to read and digest it for research purposes.PET is my prime investment AIM stock yes,accept risks invested with view with huge potential.I see it even if others don't.I see 2007 different to previous false dawns,New Dawn proceed straight to Go & collect 200! I am not foolish enought 'never to say never.' Things can go wrong or be delayed.Healthy therefore contrarian viewsto question why invested or wigh up positive and negative reasons before buying.

I would not be invested in FTSE 1000 at this precise moment in time.Happily holding PET for 3 years.aimvho.dyor.

ptholden & halifax, May provide you,the two of you,with a few more clues IF you can be bothered to read.

Please read digest cogitate & reflect.Sorry gentleman.Hands up this is a copy and past.Link is provided and follows on from post 114. I make no apologies going long PET from 60.5p and holding long term invested.

Note:Approval of Iraq's oil law in sight Wed, 29 Aug 2007 09:43:34 Source:Reuters post 114.Article below dated 2 September 2007. No ramp or bullshit todays date and factual reporting.


http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=170232&version=1&template_id=48&parent_id=28


Iraq oil law can pass by easy majorityPublished: Sunday, 2 September, 2007, 06:18 AM Doha Time

DUBAI: Iraqs draft oil law should pass by a comfortable majority when parliament meets to discuss it after the end of its summer break in September, Iraqi Vice President Adel Abdul-Mahdi said.
The oil law was completed in cabinet... the draft that was approved in cabinet is the one that will be presented to parliament, he told Reuters.
The parliament remains now in recess and will return at the start of September when we will reaffirm that the law will be presented to the parliament.
The controversial federal oil law has been approved by the Iraqi government after months of talks but has yet to be debated by parliament, which must approve it if it is to pass into law.
The law, which decides who controls the worlds third-largest oil reserves, is now in limbo while Iraqs parliament takes its summer break.
No date has been set to debate the law, which aims to provide a legal framework to attract foreign investment and sets up a new state oil firm to oversee the sector.
Washington has pushed Iraq for months to speed up its passage and that of other legislation, which it sees as pivotal to reconciling warring Iraqis, rebuilding Iraqs shattered economy and attracting foreign investment.
The draft oil law aims to ease tension by ensuring Sunni Arabs share in oil profits though most of the reserves are in the Kurdish north and the Shia Muslim south of the country.
But there has been fierce debate over the shares and how much control regional governments will have over the existing and undiscovered oil reserves, as well as the sorts of contracts that will be included.
Abdul-Mahdi said that some appendices to the law could be included to ensure the broadest possible political consensus, even though the law was expected to pass comfortably as it is.
There are some parliamentary blocs that call for the addition of some appendices to this law. Fine, the committee is studying this and the appendices could be included in this law despite the fact that if the voting took place in parliament now... the law would be expected to pass with a comfortable majority, he said.
But in the interests of national consensus, it is seen that their addition would be more beneficial and get a higher level of consensus than the comfortable majority that would be expected if it was presented now.
Abdul-Mahdi was among Iraqs top five Sunni, Shia and Kurdish political leaders who have announced that they had reached consensus on measures considered vital to fostering national reconciliation in a country riven by sectarian strife.
The agreement was one of the most significant political developments in Iraq for months and was welcomed by Washington.
Iraqi officials said the leaders agreed on draft legislation to ease curbs on former members of Saddam Husseins Baath Party entering the military and civil service and endorsed the draft oil law, though a statement from President Jalal Talabanis office said more discussion was needed on the oil law. Reuters


-IF HCL is approved.Is PET share price going to go up or down?

-IF PET sign contracts.Is PET share price going to go up or down?

-IF PET happen to be awarded Giant Oil Field Halfaya (15 billions barrels of oil.Estimated between 7-8bns cheaply & easily accessible).Is PET share price going to go up or down?

-WHEN any or all of these IFS happen.Is PET share price going to go up or down?Do you want to be long or short?

My preferred choice long from 60.5p.Rather be holding than risk being out more so when positive news is released.Huge potential and potentially life changing holding 2-5 years.

Feet on the ground remembering Jordan PSA already in the bag,PET looks to heading and worth 200p-500p for starters.Do you want to trade in and out for p's or hold for s'?

Useful links for research.

http://www.petrelresources.com/

http://www.advfn.com/cmn/fbb/thread.php3?id=15203266

AIMVHO.DYOR.

Whatever the outcome for PET, it's fate should be known by the end of this month, here's hoping it's very positive. This is and has been a volatile and very risky share to have, I have stuck by them thus far (although I admit to wavering at times). If PET do pull it off there is no doubt that the biggest sp increases will occur before that is known, so you pays your money and takes your chance. Good luck all holders
2517

What the Management HAVE actually said, to be read in addition to Official AGM statement issued under AIM rules.

mclellan - 2 Sep'07 - 17:19 - 97094
Just to remind people of some of the AGM remarks (from a FYB poster, Scoby):

Todays AGM

Initial formalities were dealt with briskly by a very chirpy JT (sounding as if he had a couple of Buck Fizzes with his breakfast). All motions were passed.

Proceedings were then handed over to DH for his presentation.

DH went through the presentation fairly quickly, pointing out that it was on the website, and any real elaboration would be better teased out during the follow on questions.

My own question first up was which of the items in the pipeline was likely to be realized first ?


In his reply DH gave an unequivocal answer..Block 6 title formally established and then proceeded to give a tour de force example of why we are invested in this Co.

His appreciation of, and sympathy for, the Arab way of doing things is unmatched.

Summary of points covered:

Iraq: Their objectives can be couched in 3 ologies

1) Technology

2) Productology

3) Deepology (I must remember these for my next game of scrabble)

1) Iraqs oil industry until the 80s was effectively run by BP. They sent their best people there and they produced some very good data on surface mapping. Main conclusions then were

Very big structures

Highest hit rate

Flat terrain

Since then their technology has stood still. Unless they get an injection of new technology the current production levels are set to fall (DH) It is this lack of technology that gives rise to the need for PSA type contracts.

2) Iraq needs production immediately. Pets advantage is they are ready to work right now. Majors would sign agreements of course ..in Amman, Dubai etc., but will not put their personnel in Iraq for several years. DH sees Pet being made into a particularly useful element in the Iraq negotiations with majors. If a small Irish Co. can work using the same world class suppliers as you, why cant you start now?

3) Virtually no deep horizons have been explored compared to say Saudi Arabia where many of the big finds are in deep horizons

DH: Forget the Arctic, forget Saudi Arabia etc,..nowhere else comes close to Iraq as a HC area

Working with Arabs:

Expect delays especially in such admin areas as Insurance, Banking etc. Iraq does not have highly developed financial services functions as we understand them, but they are getting there.

Expect haggle. It is part of the psyche.

Build relationships.



The HC Law:

Ignore the naysayers. This law is excellent, state of the art (DH).

The only changes that have been effected to date are minor, mainly grammatical

The Shia alliance is over 50% and can force the law through in September if necessary. Recent delays are down to the laudable efforts to get consensus.

20% share to the operator with 60 % Cost Oil (ie 60 % of early production can be allocated to operator until costs are recovered before normal terms kick in)

DH feels these terms may be restricted some years down the line (as has been done e g in Russia) when initial production objectives have been met.

When law is passed:

Pet have been asked to be ready to go to Baghdad to

a) confirm title to Block 6

b) negotiate development of a field in south Iraq (I presumed meant S&L but never thought to ask! He subsequently mentioned Drifiya (?) which I had never heard of)

The Iraqis have already asked Pet to look at Halfaya. Est. 14b barrels in place. IOM estimate 4b can be recovered. Itochu believe 8 to 10b recovery is possible! This is a giant.

There is an existing pipeline structure relatively close by.

Being near to Iran, it is bad for the big cos, but good for Pet.

S&L

Still proceeding on schedule. Where necessary external personnel who need to visit are met at the airport in Basra by the local militia and escorted to and from the site !



Itochu

Like all major Japanese cos they follow a Govt. sponsored strategy. As such they are extremely dependable. An ideal sugar daddy

When meeting with Iraqi officials they are treated as background support. All formal negotiations are channeled through Pet who are clearly seen as the operator.

Itochu are the biggest buyer of crude in the Pacific.

Their agreement gives them 60 days to look at and agree any project if Pet require a partner.

The can also make cheap debt finance available.

Jordan:

Why the delay in formalising the PSA?

Mainly due to Sonoran difficulties. They had a bad local press and it took 18 months to clear investigations etc. Pet took 3 weeks and had no hostile comment. The Jordan parliament finally put 3 PSAs through together.



Other points:

Overall Pet now have upwards of 80 people working for them, and many are highly qualified and experienced.

PR: Iraqis are not good at this, hence Pet have been asked to appear on BBC and Al-Jazeera

In general British papers dont write about any cos less than 100m market cap., but Pet have received quite a few mentions.

Takeover?: It is Pets intention to become an independent Iraq focussed producer. Nevertheless more and more blue chip companies can be expected to invest after the HC law is ratified.

Overall Impression: I have never seen the board members look so supremely confident and bullish . It is also clear that DH is a highly articulate and knowledgeable asset.

Out of curiosity how many other BBs are you copying and pasting to Lex?

If it keeps going up, good luck and well done, I remain unconvinced, my choice.

ptholden,originally posted MoneyAM PET @ 66p.Post thoughts & copy stuff on here from advfn.for those who may want to read it.Invested and put money where my mouth is.Core holdings returning profits of 147%.Some investors taking profits end of last week. As PET market cap increases,HCL draws nearer,PET attracting more resource investors.Holding firm and long.My choice.Good luck with your short.regards.lex;o)

http://www.iht.com/articles/ap/2007/09/02/business/ME-GEN-Dubai-Iraq-Energy.php

September 2, 2007
Lack of legal framework keeps oil investors out of Iraq

DUBAI, United Arab Emirates: Iraqi government officials and energy experts presented detailed plans for exploiting the wartorn country's vast petroleum wealth but admitted that the absence of a law regulating the industry is a bigger obstacle than security to attracting foreign investment.

Government officials at the three-day "Iraq Oil, Gas, Petrochemicals and Electricity Summit" held in Dubai tempered their grandiose projects for exploiting the country's massive oil reserves by admitting that the vital, but contentious, law still needed to be passed.

"Security is not stopping investors coming to Iraq, (it is because) they have no laws to protect their investment," Ali al-Dabbagh, the Iraqi government spokesman, told the Associated Press at the start of the conference.

After months of acrimonious debate, a new draft oil law will be discussed in parliament in the coming weeks, which al-Dabbagh hoped would be adopted by the end of the month.

"The majority of politicians are aware that we cannot go on without it," he said. "The oil law is the future of Iraq."

Despite being some of the largest in the world, Iraq's oil reserves are also some of the least exploited with the worst infrastructure something Iraq is hoping foreign investors can change.

Talks have been held with Shell, Texaco and Dow Chemical companies on possible investments in various proposed projects, said Fawzi al-Hariri, Iraq's Minister of Industry and Minerals. He said the Saudi Basic Industries Corporation has also expressed interest.

Al-Hariri hoped that the negotiations would be concluded by the end of the year.

He described a plan for a US$120 million (87.56 million) upgrade of a Basra petrochemical plant, that could be developed further with another US$1 billion (0.75 billion).

"We are also considering a second, completely new facility, maybe in the north or central region," he told Dow Jones Newswires at the conference, putting the cost at over US$2 billion (1.5 billion).

He said that the plant's final location would depend on the security situation.

Even more than new projects, however, it is the country's creaking oil infrastructure that has to be fixed, preferably with foreign investment, said Thamir Ghadban, chairman of Iraq Oil Commission.

Several times over the last three decades, complete overhauls were planned only to be shelved as the country was wracked by devastating wars and then U.N. sanctions.

"We think Iraq needs to bring up the oil production, but it also needs to go into oil exploration," Ghadban said, adding that the government plans to "convert 25 to 30 percent of probable reserves into proven reserves. "

If it succeeds, Iraq could raise production to 6 million of barrels of oil a day, up from an average of around 2 million barrels.

"Four million with national efforts and additional two million in cooperation with foreign oil companies," Ghadban said.

The country's former oil minister, Ibrahim Bahr al-Olom, called for additional domestic involvement in the sector as well, stressing the need for a "balance between national and foreign investment."

"Iraqis deserve a better standard of living," al-Olom said. "The only way they will get it, is by developing oil and gas resources."

the market is now trying to determine the implications of the British withdrawal from Basra ....... i am sure that at best it will herald a new wave of massive violence in iraq ...... does this move also bring even closer the spectre of all-out civil war?

Cynic,have previously read a quote by David Horgan saying better if forces not in Iraq.I will try and dig quote from the archives.PET working quite happily,no trouble where PET is South border with Iran.

Shorters have moved in and some stops have been triggered this morning.Well done those calling sp down.I do not have stop loss on PET.Holding.aimvho.

Peetle - 3 Sep'07 - 09:40 - 97407 of 97419


I'm still holding. Well done to anyone who took their profits on Friday, but I know that if I had I'd now be wondering about getting back in again.

How long before we see stories like this, though involving PET and Block 6, Halfaya, etc ? I'll post the effects on the Addax Share price if anyone's interested (it'll not be until after 2pm though)

DUBAI, Sept 2 (Reuters) - Addax Petroleum and Genel Enerji expect to submit a $1 billion development plan within weeks to Iraq's Kurdish region for their joint venture TTopco's Taq Taq oilfield, a TTopco executive said Sunday.
Output from the field could hit 200,000 barrels per day (bpd) by 2010, Les Blair, General Manager of TTopco, told Reuters.
"The production plateau is up to 200,000 bpd," Blair said. "In the coming weeks we'll submit the field development plan. Investment would be approximately $1 billion."
The plan will go to Iraq's semi-autonomous Kurdish Regional Government (KRG) for approval. The blueprint requires access to an export route for the oil as output would exceed local demand, Blair said.
In May 2006, Swiss-based Addax and Turkey's Genel Enerji signed a 25-year production sharing agreement (PSA) with the KRG for Taq Taq.
The oilfield is 60 kms north of the giant Kirkuk oilfield in Iraq, which has been plagued by a brutal insurgency since a U.S.-led invasion in March 2003.
But the Kurdish region has been relatively stable and the government -- hungry for development -- has encouraged operators such as TTopco to begin work.
The KRG plans to boost output to one million bpd in about five years from just a few thousand bpd now. It has inked five PSAs and has said it has more deals ready to sign.
The region had put new deals on hold while it waited for Baghdad to pass a controversial new federal oil law which stipulates who controls the world's third largest oil reserves and how revenue is distributed.
Washington has pushed Iraq for months to speed up its passage and that of other legislation, which it sees as pivotal to reconciling warring Iraqis, rebuilding Iraq's shattered economy and attracting foreign investment.
After months of waiting for Baghdad, the KRG passed its own oil law in August.
The KRG says the PSAs that it has already signed were in line with the constitution and the new oil law. The KRG and Baghdad have clashed over the contracts, and the KRG has said it will review them to ensure their harmony with new laws.
The passing of the oil law was also expected to herald an agreement on export routes for crude from the Kurdish region.
The central government has yet to give the nod to Norwegian operator DNO to hook its oil output from the Tawke field in the Kurdish region into Iraq's main export pipeline to Turkey.
DNO has already built a link from the Tawke field to the export pipeline. Output from Tawke is limited while DNO awaits permission to export, and the company has been delivering crude to local markets in trucks.
ENDS

lex ..... any chance you could summarise your posts? ...... i'm afarid i have so few grey cells left that it would exhaust them if i tried to read all the stuff you post, fascinating thought it may be!