I work in the oil business and have done for 27 years. Over the past 4-5 years I've worked with numerous people and not 1 would go over there no matter how much you pay. Some might, but they're few and far between.


How you going to drill your wells without us?

Big Al,Don't need you thanks,you've hit the nail on the head neither you nor majors can start work immediately.*PET can.PET are in Iraq & working have been for 10 years.No problems South Iraq & border Iran.First mover advantage.Partner Japanese giant ITOCHU.btw PET sister company PNG working in Iran.

As an OIl man you will appreciate billions barrels of oil very cheap to recover,under $2 per barrel.

*"I was at the AGM. Extremely bullish. Halfaya talked about at length. 14BB field, estimated that 8BB are recoverable. Approached by Government at the highest level to look at field. It is a political decision. Want to be ablt to demonstrate that work can be done in Iraq. It is close to Iranian border and therefore off limits for most companies. Iraqi officials well aware that companies will sign agreements and then do nothing until security situation improves. That is why they will offer Halfaya to Pet. It will be a demonstrable success."

Block 6 awarded PET under pre-2003 SH.Take a look similar Block 8


"an official said the intent had already been conveyed to the Indian government"
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Baghdad won't hang up on RIL, ONGC deals sealed by Saddam
20 Nov, 2007, 0330 hrs IST,Rajeev Jayaswal, TNN
NEW DELHI: Reliance Industries (RIL) and ONGC combine may heave a sigh of relief as Baghdad has assured that oil deals committed in the Saddam regime would not be annulled.

While ONGC Videsh (OVL) may revive the contract for the Block 8 in the western deserts, this would also brighten the chance of RIL, OVL and Sonatrach consortium for getting the Tuba oil fields in which RIL and ONGC would have 30% equity stake each. While the agreement for Block 8 was signed during the Saddam regime, the Tuba deal was finalised in the same regime but it could not be concluded.

Stating that Iraq has assured to honour deals signed during the previous regime, an official said the intent had already been conveyed to the Indian government. Official sources in the petroleum ministry also confirmed about the Iraqi assurance. We have been told that the new oil & gas law in Iraq would have a clause that would protect deals committed by the previous regime. Prospective oil and gas blocks would be awarded through open competitive bidding process, an official said.

It is understood from sources that these contracts would be amended within the framework of the proposed Iraqi oil & gas law expected to be announced shortly.

Iraqi officials, however, cautioned that the federal government would not recognise any new oil deal with provincial governments. Referring to over a dozen oil deals signed by the Kurdistan Regional government (KRG) with international oil companies, Iraqi oil minister Hussain Al-Shahristani, on the sidelines of the third OPEC summit said that these deals were illegal. RIL has recently executed two production sharing contracts with the KRG covering petroleum exploration activities in the Rovi and Sarta Blocks in the Kurdistan Region of Iraq.

OVL had signed an exploration and development contract for the Block 8 in the western desert of Iraq with the Iraqi government owned Oil Exploration Co (OEC) on November 28, 2000. The contract was subsequently ratified by the Iraqi government and the same was conveyed to OVL in May, 2001 as the effective date for this contract. The work could not be started due to the UN sanction.

For the Tuba field, the consortium had completed negotiations with the previous Iraqi government but the deal could not be concluded due to the change of the government

http://tinyurl.com/2jg44o

if Al has hit the nail on the head, why invest at this moment in PET? ..... it may be wonderful in 2/3/4/5 years time, but meanwhile you are betting on hypothesis

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i don't doubt the potential of PET; it's just the when!

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fine .... no prob with that ... just putting one of the other sides

lex - it takes individuals to make it happen. Wells don't get drilled and produce on their own you know.

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LEX .... too old and decrepid to read all the above, but if i have noted correctly, and you truly have well over 1m invested in this company, you are either far too rich or need your brains replaced .... my guess is the latter, for it implies your portfolio is appallingly out of balance

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Halfaya SE Iraq, development under discussion still if I'm right. Along way from any revenue in an unstable country. Does the 2p cost of production include cost of protection? What about terrorism and any such assets being destoyed?

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Go up maybe, ballistic no way.

Too much risk for foreign workers and you need foreign workers and, indeed, companies. It's simple.

Far better prospects out there regardless of field size.

hlyeo98, interested on your valuation of giant 14-16billion oil field with minimum 8billion easily recoverable at under $2 a barrel?

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Won't be long Lex before all of your profit has kinda disappeared. Haven't changed my opinion re investing in this company. Iraq getting safer? Ffs, wise up, do some of your own research instead of copying and pasting ramps from elsewhere. 2008 will see some interesting (financial devastating) moves in Iran. Best take your profits now before it's too late!

pth

We certainly agree to disagree, lex.

Unfortunately you seem to think the amount of oil has its hands on is a new story. It isn't. I played with PEt 3-4 years ago before realising it would be an awful long time before the potential could be realised, if ever. BTW, they probably need a major to get at the stuff so you shoot yourself in the foot right there.

As I said in post 452 - "far better prospects out there".