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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraqi Kurdistan's oil production rises at the end of 2023.. What about the crisis with Türkiye?

    Rocky
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    Kurdistan - Iraqi Kurdistan's oil production rises at the end of 2023.. What about the crisis with Türkiye? Empty Iraqi Kurdistan's oil production rises at the end of 2023.. What about the crisis with Türkiye?

    Post by Rocky Wed 20 Dec 2023, 4:02 am

    [size=35][size=35]Iraqi Kurdistan's oil production rises at the end of 2023.. What about the crisis with Türkiye?[/size]
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    2023-12-20 | 01:55
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    Al-Sumaria News - Economy

    Iraqi Kurdistan's oil production recorded a significant increase at the end of this year (2023), after recovering following a complete halt due to the closure of the export pipeline to Turkey.


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    The Norwegian company DNO announced that the total oil production from the Tawke license - which it operates in the[You must be registered and logged in to see this link.]region of[You must be registered and logged in to see this link.]- It has averaged 90 thousand barrels per day, in December 2023 to date, according to what was published by the specialized energy platform.



    This raises the expected figure for the fourth quarter of 2023 to 65 thousand barrels per day, compared to 26 thousand barrels per day in the third quarter, and no production in the second quarter, after the closure of the pipeline between[You must be registered and logged in to see this link.]and[You must be registered and logged in to see this link.]In March 2023.

    DNO owns A 75% operating stake in the licence, while its partner, British[url=https://www.alsumaria.tv/Entity/1881034460/Genel Energy/ar/]Genel Energy[/url], holds the remaining 25% stake.

    DNO The
    Norwegian company, DNO, explained that it sold its 40% share of the total production of the Tawke license to local buyers at prices ranging from 30 US dollars per barrel.

    All of these sales are conditional on advance payment in US dollars to DNO, to avoid any risks of accumulating arrears, according to what the company confirmed in a press release published by the energy platform.

    In addition to increasing domestic sales, DNO has significantly reduced costs since the pipeline closure, with average operating spending on the Tawkee license being approximately 65% ​​below the pre-export closure level.

    The Tawke license holds both: the old Tawke field, which has been in production since 2007, and the Peshkabir field, which has been in production since 2017. Both fields were developed and put into production less than two years after their discovery.

    “Even with domestic sales prices falling to half of those achieved from export sales via[You must be registered and logged in to see this link.], strong production is generating material free cash flow for DNO,” DNO CEO Bijan Musafer Rahmani said.

    He added: “We remain confident that the recent challenges facing DNO and other international oil companies will be resolved once again, and we remain committed to growing our business in[You must be registered and logged in to see this link.]As we have done over the past two decades.”

    DNO plans to drill another well in the Bashiqa license in[You must be registered and logged in to see this link.]During the year 2024, after the discovery that took place in 2019.

    In the Bashiqa license, DNO has a 64% operating share, with its partners, the Turkish Energy Company Limited, which It owns a 16% stake, and the[url=https://www.alsumaria.tv/Entity/133481/%D8%AD%D9%83%D9%88%D9%85%D8%A9 %D8%A5%D9%82%D9%84%D9%8A%D9%85 %D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86/ar/]Kurdistan Regional Government[/url]owns a 20% stake.

    *The export pipeline crisis to[You must be registered and logged in to see this link.].
    The closure of the export pipeline to[You must be registered and logged in to see this link.]last March led to the removal of 470,000 barrels per day of Iraqi Kirkuk Blend crude from international markets, as the[url=https://www.alsumaria.tv/Entity/133481/%D8%AD%D9%83%D9%88%D9%85%D8%A9 %D8%A5%D9%82%D9%84%D9%8A%D9%85 %D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86/ar/]Kurdistan Regional Government[/url]controlled 400,000 barrels per day, while the government in Baghdad, the rest.

    [You must be registered and logged in to see this link.]ordered the pipeline to be closed after an international arbitration arbitrator said it had violated a bilateral agreement with[You must be registered and logged in to see this link.]By allowing the export of Kurdish crude without Baghdad's approval.

    Talks about how and when to resume pipeline flows have been running since June, but progress has been slow, according to the energy platform, citing[url=https://www.alsumaria.tv/Entity/1564559352/Argus Media/ar/]Argus Media[/url].

    [You must be registered and logged in to see this link.]said - in October 2023 - that the pipeline was technically ready for operation, but the dispute between Baghdad and the[url=https://www.alsumaria.tv/Entity/133481/%D8%AD%D9%83%D9%88%D9%85%D8%A9 %D8%A5%D9%82%D9%84%D9%8A%D9%85 %D9%83%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86/ar/]Kurdistan Regional Government[/url]prevented the assumption of work.

    Disagreements over existing contracts held by foreign oil companies operating in the[You must be registered and logged in to see this link.]region - particularly payments to companies - have proven a major obstacle.

    The Iraqi Prime Minister suggested[url=https://www.alsumaria.tv/Entity/2793230493/%D9%85%D8%AD%D9%85%D8%AF %D8%B4%D9%8A%D8%A7%D8%B9 %D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A/ar/]Muhammad Shiaa Al-Sudani[/url], during the last week, to take place[You must be registered and logged in to see this link.]Changes to its federal budget law, in an attempt to help close the gap and overcome this obstacle.
    [You must be registered and logged in to see this link.]
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