all of which highlights that there is still a very very long way to travel before anyone will dare to start working and exploring there in earnest

14CHWAY - 9 Sep'07 - 07:47 - 1978 of 1985


We will get there with PET,one way or another.


Iraq to issue oil tenders with or without new law
Baghdad: 58 minutes ago
Iraq will issue tenders for international oil companies to develop its existing fields this year, even if a long-awaited new law to regulate the energy sector is delayed, Oil Minister Hussein al-Shahristani said.

"Although we have been waiting for this new law for political reasons, if it is delayed we will go ahead and start discussions with IOCs, especially in current fields to increase production levels," he told an oil conference in Dubai on Saturday.

"There is no legislation vacuum. There is a prevailing law, which authorises us to carry out any field development contract. This we will be pursuing and you will see shortly the tendering calling for IOCs to work with us to develop current fields in addition to a gas masterplan," he said.

Asked how soon the tenders would be issued, Shahristani said "well before the end of the year."

Shahristani said last month that Iraq would call an open race for around a third of Iraq's prized fields in September, but only once the new federal oil law was passed.

Now it seems the tenders will be issued with or without the new law, which will decide how Iraq's third-largest proven oil reserves will be shared out and has been mired in political bickering.

A draft bill was approved by the Iraqi government in July after months of talks but has yet to be debated by parliament, which returned this month from its summer break.

Shahristani reiterated comments by other Iraqi officials that the oil law should be passed "within a few weeks", but many disagreements over the details persist.

The Kurdistan Regional Government has already forced the renegotiation of the bill and international oil executives privately say they are wary about entering Iraq before the new legal framework for the energy sector, which provides over 90 percent of Iraqi government revenue, is in place.

Shahristani said the delay in the law would not delay plans to develop the sector, which is in dire need of investment after a decade of sanctions and four years of violence since the US-led invasion of 2003.

"Iraq has an oil law. It has always had one and it is the prevailing law until the new one is legislated. The ministry of oil can sign any contract to develop capacity

Here is today's agenda.
Conference now under way.
The licensing process
at 9.15 could prove interesting.
Day 3: Sunday 9 September 2007 - Conference Day 2

--------------------------------------------------------------------------------

Welcome Coffee

8:00 AM




--------------------------------------------------------------------------------

Welcome Remarks from the Chairman

9:00 AM



H.E. Dr Hussain Al-Shahristani, Minister of Oil, Iraq



--------------------------------------------------------------------------------

SESSION 5

9:15 AM



The New Structure of the Iraqi Oil Industry


The licensing process
The relationship between the authorities establishing what is federal and what is regional
Government participation in exploration and production
Oil revenues and future generation fund
Negotiations and contracting
Criteria and model contracting



Speaker: Dr Mussab H. Al-Dujayli
Head of Crude Oil Marketing
State Oil Marketing Organization (SOMO), Ministry of Oil, Iraq
Speaker Biography...

Speaker: Abdul Ilah Qassim Al-Amir
Advisor
Prime Minister's Office, Iraq
Speaker Biography...

Speaker: Representative of H.E. the Minister of Planning
Ministry of Planning
Iraq
Speaker Biography...

Questions and Answers



--------------------------------------------------------------------------------

Networking Coffee Break

10:30 AM




--------------------------------------------------------------------------------

SESSION 6

11:00 AM
Session Chair: H.E. Dr Sinan Al Shabibi
Speaker Biography...



Impact of Market Liberalisation - Financial Aspects


Financial requirements
Policy of long-term investors confidence
The development of Iraqs upstream under the new Oil and Gas Law and the new financial measures
The huge size of the development task and the requirements
Incentives for international investment
Future financing of Iraqs oil industry



Speaker: Peter Nicol
Executive Managing Director
Tristone Capital
Speaker Biography...

Speaker: Abdulla Al-Qadi
Director Upstream Operations
Crescent Petroleum
Speaker Biography...

Questions and Answers



--------------------------------------------------------------------------------

Networking Lunch

12:00 PM




--------------------------------------------------------------------------------

SESSION 7

1:30 PM



Panel Session: Iraq's Oil Industry - Opportunities and Challenges


Measures to encourage private foreign investment in the Iraqi oil industry, operations and tactical security implications
The new structure of the Iraqi oil industry and the new legal environment; is security a hindrance to investing in Iraqs oil industry?
The effectiveness of incentives
The coordination between Iraqi NOC and the existing companies in Iraq
Creating a structure for successful co-operation
How can partnerships be structured to leverage strengths of both sides and maximise benefits for all?
Chairman:

J. Jay Park, Partner and Chair, International Energy Practice Group, Macleod Dixon llp, Calgary, Canada



Panellists:

H.E. Dr Hussain Al-Shahristani, Minister of Oil, Iraq

Abdul Ilah Qassim Al-Amir, Advisor, Prime Minister's Office, Iraq

Natiq K. Al-Bayati, Director General of Reservoir and Oil Fields Development Department

Dr Mussab H. Al-Dujayli, Head of Crude Oil Marketing, SOMO, Ministry of Oil, Iraq

Representative of H.E. the Minister of Planning

Basim Mustafa Ismail, Head of Planning Commission,Oil Exploration Company, Ministry of Oil

Senior Representative, Total

Senior Representative, Shell (to be confirmed)

Senior Representative, CNPC (to be confirmed)


Questions and Answers


CLOSING REMARKS





Speaker: Dr Alirio A. Parra
Senior Associate
CWC Associates Limited
Speaker Biography...


--------------------------------------------------------------------------------

Coffee and Close of Conference Day 2

3:30 PM




--------------------------------------------------------------------------------

UPDATED ON:
SUNDAY, SEPTEMBER 09, 2007
10:50 MECCA TIME, 7:50 GMT

NEWS MIDDLE EAST

http://english.aljazeera.net/NR/exeres/4F59F839-5FF3-4008-A520-672EDF37D243.htm

Baghdad hosts regional conference

A conference of Iraq's neighbours and other global players aimed at ending the bloodshed in Iraq have been opened in Baghdad by Nuri al-Maliki.

Opening the meeting on Sunday, the Iraqi prime minister called upon the delegates to "work seriously towards the objectives that they had gathered for".




The conference, the second of its
kind since a similar meeting in the Iraqi capital six months ago, also aims to solve Iraq's energy crisis and find ways to deal with the flood of refugees.






Al-Maliki resolve

Warning that the danger of terrorism faced the entire region, al-Maliki said Baghdad can hold the key for solving differences.
"Baghdad is determined to bring the situation to normal and Iraq can be a ground for friends and rivals [US and Iran]," the prime minister told the gathering.

Before the start of the meeting, Hoshyar Zebari, the Iraqi foreign minister, said the conference was crucial to maintaining peace in the region.

"The meeting is very important to us," Zebari told AFP. "Everyone is talking about reconciliation but Iraq also needs to reconcile with its neighbours."

The US military has repeatedly accused Iraq's former foe Iran and its western neighbour Syria of fomenting violence in the war-ravaged country.

Twenty-two delegations are participating in the conference, including Iran, the G8 and the five permanent members of the UN Security Council.

Tehran was represented by Mohammed Reza Baqeri, its deputy foreign minister, while Ashraf Qazi, the UN special representative for Iraq, was also attending the high-profile gathering.






Source: Agencies

http://www.ameinfo.com/131356.html

Kurds sign Hunt deal
Iraq: 47 minutes ago
The semi-autonomous region of Kurdistan in northern Iraq has independently signed an oil deal with the US based Hunt Oil Company even though the Iraqi government is still debating the long-delayed and controversial national oil law, reported the Dow Jones newswires. The deal has angered the Baghdad administration but Kurdish Oil Minister Ashti Hawrami said more agreements will follow, including one with a 'blue-chip company'.

English: Supreme committee to discuss laws





Baghdad, Sep. 9, P.
PM Noori Maliki would focus at his opening speech in neighbor countries' conference in Baghdad on the Govt.'s progress at security and reconciliation.




This conference concurs with meeting of Parliament blocs' leaders who formed supreme committee to discuss laws and important decisions before referring it at the Parliament.Analysts describe the 2nd Baghdad's conference as new diplomatic victory added to the Govt.'s achievements at local and international fields. PM would use this conference to assess the progress in the country and its affect at secure the region, Ahmad Hadithi, advisor of Maliki, said.Hadithi added that the delegation would be divided into three work teams:

http://www.alsabaah.com/paper.php?source=akbar&page=37

LEX

i think we will see a lot of blue tomorrow

i think we may see a lot of breath held and a very large collective whoosh of relief if US gets its nerves back together

mixitup12 - 9 Sep'07 - 18:21 - 2039 of 2042


I would feel nervous about PET's chances of getting contract(s) in Iraq because of the size of the oilfields and the competition from the oil majors. However, I am confident because of the following reasons-

1. PET have already demonstrated their ability to deliver with S & L being on time.

2. The tie-up with Itochu, which gives PET he same financial muscle and expertise as the oil majors. Plus the Japanese government has promised the Iraqi oil industry billions of dollars for refurbishment of their oil infrastructure.

3. Already established in Iraq with the Iraqi engineering company Makman, and already using Iraqi labour.

4. The Oil Majors have said that they are unwilling to work in Iraq with the current security situation.

5. The Iraqi's have said they will honour prvious agreements signed under Saddam's regime, which should secure Block 6

6. The TCA already successfully completed on Merjan.

7. PET have been asked by the Iraqi's to look at Halfaya, a giant oilfield on the Iranian border.

8. PET acceptable to and working with the Iranians as shown by DH's testimony to the Iraq Commission and the progress of Persian Gold (PNG) in Iran.

That all gives me confidence to buy and hold. However, I doubt if the hot money are aware of all these plus factors for long-term growth of PET.

The current political situation is improving, so my hope are high for the HCL to be passed fairly quickly as political progress needs to be made to justify the 'surge' and keep Al-Maliki in power.

Ignore all political statements and prepare to hold your shares until we see the HCL passed know the details of the contracts which we expect to be signed by PET. With 5(min) per contract, I am sure we are sitting on a big winner.

AIMVHO. But good luck to all who have KTF. Our time is nigh.

ttt

What does ttt mean?

Apart from that PET have done loads of spade work when no one else was prepared to give Iraq the time of day.

They will do fine.

seawallwalker, "ttt" means to the top.Read Post 208 which is a copy & paste with 22 August 2007 - AGM Statement contained in opening post.

Thanks lex.

can some kind soul explain the significants of opening the spread of the s.p. still got loads to learn

watcher

I beleive its to slow down the buying as it would look less attractive to a day trader due to the greater +ve bid price movement required to take a profit.
Im learning too so others may teach us both something! lol

thanks

Commerce Seeks Adviser for Iraq Oil Interests
By Walter Pincus

--------------------------------------------------------------------------------

10 September 2007 (The Washington Post)
Print article Send to friend
The United States is getting ready now for the Iraqi government to get its house in order and pass a detailed law that will govern the future handling of its vast oil fields, which contain the world's third-largest proven petroleum reserves.

In preparation for that moment, and in apparent hope that the United States will be central to the process for years to come, the Commerce Department is seeking an international legal adviser who is fluent in Arabic "to provide expert input, when requested" to "U.S. government agencies or to Iraqi authorities as they draft the laws and regulations that will govern Iraq's oil and gas sector."

The Government Accountability Office report on Iraq last week found that the benchmark efforts to develop a new oil system were still in early stages. The framework of a new law with provisions for revenue sharing and restructuring of the Oil Ministry has been drafted, but the single, new Iraq National Oil Co. remains to be formed.

Nonetheless, the Commerce proposal put out Aug. 21 predicts that "as part of a U.S. government inter-agency process, the U.S. Department of Commerce will be providing technical assistance to Iraq to create a legal and tax environment conducive to domestic and foreign investment in Iraq's key economic sectors, starting with the mineral resources sector."

And it added: "Through this initiative, Iraqi officials will be able to access the expertise of world-class professors and practitioners; they will also attend technical workshops which will address Iraq-specific legal and tax issues."

According to the January 2007 Special Inspector General for Iraq Reconstruction report, Iraq's petroleum sector faces serious technical challenges in virtually every aspect of its operations, from procuring, transporting and storing crude and refined products to managing price controls and imports, fighting smuggling and corruption, improving budget execution and sustaining operations.

But Iraq is not a novice in the oil business.

The U.S. Department of Energy reported that in 1989, under Saddam Hussein, Iraq produced almost 3 billion barrels of oil a day. It had an oil ministry at the time and regional oil companies operating its major fields in the north and south of the country. It was a founding member, with Iran, Kuwait, Saudi Arabia and Venezuela, of the Organization of the Petroleum Exporting Countries, which was created in Baghdad in September 1960.

Based on the Commerce proposal, the United States has decided that Iraq needs a U.S.-funded expert who will be responsible "to review draft [Iraq] subsoil laws and draft subsoil regulations to ensure their compliance with international legal standards" and share his or her conclusions with U.S. agencies "or with Iraqi authorities."

In addition, the contractor is to review "the draft by-laws of the Iraqi agencies that will be created to grant exploration and exploitation licenses, to enter into joint venture agreements with foreign firms . . . . and to regulate Iraq's hydrocarbon sector." The contractor is "to plan technical workshops and seminars geared toward the legal issues critical to the oil and gas sectors."

This is not viewed as a short-term relationship. The proposal says the contract will run from the date of the award through July 31, 2008, and has two 12-month extension options through July 31, 2010. During that time period, the contract lawyer is expected to spend no less than 360 hours (45 days equivalent full time) on Iraq oil matters. Commerce said it would take into consideration the contractor's teaching and research commitments when setting dates for finishing projects.

There is one recognition that given the situation in Iraq, things may change for the United States in that country. The proposal states that "in case of events beyond the control of the parties," the Commerce Department and the contractor "will agree upon a new schedule and period of performance."

National security and intelligence reporter Walter Pincus pores over the speeches, reports, transcripts and other documents that flood Washington and every week uncovers the fine print that rarely makes headlines -- but should. If you have any items that fill the bill, please send them tofineprint@washpost.com

DYOR.


ciao4niao - 10 Sep'07 - 11:01 - 2161 of 2166
In addition to my post above, there is the "three keys to the door, well the whole estate" remark of the JT at the London meeting.

Also for those of a faint heart when they read reports like that from the Korean journo, just remember how much work PET have already done in Iraq and then ask yourself how much the Koreans have done.

Must admit I have done no research on Korean activity in Iraq over the past nine years, but I wouldn't have thought it amounted to much.

A "political decision" insofar as PET is entirely neutral and a "business decision" insofar as PET have a successful nine year working relationship in with the IOM.


DialecticalBollox - 10 Sep'07 - 11:21 - 2166 of 2166
The potential of this share is astonishing, if the following is true, and I have no reason to disbelieve it:
"......when I asked DH about Halfaya, I mentioned BHP Billiton, he said that they were not in the picture. He also said in response to my question that it was as much a political decision to ask PET to work on Halfaya as it was business lead..",

a political reason as to why PET should get the Halfaya Field, then this alone suggests PET is going to be massive.

I'm in.

Tick up^

Maximum can buy on line is 500 @ 125.96p!!!

Can sell 52,500! Going up^