Oil Ministry signed a contract with Japanese companies to extract oil Quality

Said Mr. Ahmed Sheikh Ali deputy governor of Dhi Qar to our correspondent (contract has been signed with Japanese companies to extract oil and identified places satellite in hand Gharraf will direct the work through in 2008. Been signed by an Iraqi delegation representing the Ministry of oil.

http://translate.google.com/translate?hl=en&langpair=ar%7Cen&u=http://nahrain.com/news.php%3Freadmore%3D603

Bids have to be in by this time next week then hopefully, after a short period of time the contract news will be announced, and even more hopefully something decent will be awarded to PET.
2517

horrid looking chart considering that most/many oilies have been doing pretty well of late ..... top side currently looks no better than about 94

Just a question of awarding those contracts now.
2517

Afternoon all.

2517, I have a different view, based on latest press releases in local Middle East press.

Whilst over 70 international oil firms have registered to compete for oil service contracts this will take months to review, agree a short list, tender, review and then finally (possibly) award. This is however only for 'existing' fields that require remediation support and not new field development.

According to the reports, the Iraq Oil Law is stalled with no end to the impasse in sight. The argument is still between Central Gov and Kurdistan Regional Gov. With 4 drafts already written, they are now arguing over specific sticking points.

I am not saying it's not going to happen, only that the timeframes are not to 'Western' timetables.

Hope you appreciate the viewpoint. I can scan and sent the articles if you wish.

Darradev, --- very much appreciated thanks, although it's not what we want to hear, you are almost certainly correct in relation to timeframe, like a lot of resource stocks we seem to need infinite patience. My simplistic view of just waiting for the contracts to be awarded probably stems from running out of patience. No need to send the articles, thanks again.
2517

possible support level here? ..... however, latest news indicates no hurry to jump in ..... indeed, as have always said, it's a long long way from signing contracts etc to extracting

Nice rise today, (so far) no news out, perhaps some more negative comments will help push it up further ha!ha!.
2517

the support i suggested has shown to be exactly that ..... whether or not the rise can be sustained is another Q

Hi 2517, some incoming 'Neg' News for you.

Turkey is considering ground operations against PKK rebels in Kurdistan,
Karbala is likely to be put under a massive security clampdown at the end of a forthcoming holiday period.
US helicopter shoots some of their 'friendly' supporters south of Baghdad

but, on the 'Pos' News side...

Iraq airways may buy 44 new and used planes from US Boeing.

Hope it assists. :-)

Darradev------cheers, sorry to hear about the yanks and the 'friendly' fire though.
2517

I think it was a bit of a 'misunderstanding' with a local mob. 3 dead, 100 plus spat the dummy in protest for a few days and then came back to support the cause.

Well (sorry about that) something is stirring.
2517

certainly a very good performance when many other oilies are down, CNE being an honourable exception

RNS out looking good.
2517

looking brilliant!! Iraqi gov approval---first mover advantage--looks as though the contracts signed in 2002 will now be honoured. check out the excitement on the other side--news has not yet spread to the wider market! expect a whoosh then!! sorry-I'm excited as this is my only good performer today.

Yes Horgan interview on Reuters expecting confirmation of PET's concession in Western desert soon.

Don't forget block 6, this is potentially huge. Lex1000, all the reasons you bought and posted for look more likely now to come to fruition, think about getting back in.
2517

halifax, same time posting re block 6, I hope it's a case of 'Great minds' and not 'All fools' etc.
2517

Such a small spread atm.
2517