Thread: Iraq/Dinar News. 09/05 to 01/14/07

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Prospects : strategic exploration and development fields. Oil industry sophisticated ... Contribute to the development and construction

Morning Determined strategic outlook of oil in Iraq, in the current stage and the future. in the light of the following points One-Constitution Two-oil realities in Iraq 3-exploration, development, exploration, production, export 4-oil industry 5-contribute to the development and construction Constitution : The Iraqi Permanent Constitution of 2005 three articles governing oil and gas assets, "Article 111" to : "Oil and gas people," King of the nation "in all the regions and provinces". In Article 112, "" Ali. First - The federal government management of oil and gas extracted from existing fields with the governments of producing regions and provinces, to be distributed equitably and imports commensurate with the population distribution in all parts of the country. with the quota for a specific period of the affected regions, , which has been denied them unfairly by the former regime. The damaged after that, ensuring balanced development of the various regions of the country, regulated by law. Second - The federal government and provincial and district government produced together a strategic policies necessary for the development of oil and gas. to achieve the highest benefit to the Iraqi people. certified latest techniques of market principles and encouraging investment. "Article 113 stipulates :" "all that is not written in the exclusive power to the federal government, is under the authority of provincial and district, In the case of the dispute over the things that fall under the multiple forces "shared" between the federal government and provincial and district government will be the priority for the latter. " Explains Dr. Hussein Shahrastani, Oil Minister, the current article "111", saying : "The oil and gas belongs to all the Iraqi people. and it may not any of the regional or local parties to act on behalf of the general Iraqi people. The federal government is representing the people in all regions and provinces, it should be through the bodies representing the whole of the country. We should not unique any province or any region or any territory this common wealth to the public. Regarding the newly discovered oil fields in Kurdistan, the minister pointed out that it belongs to all people, and revenues should go to one box, distributed by the proportion of the population in those areas. as stipulated in the Constitution that. There is a ministerial committee on behalf of the Energy Committee in which the Minister of Natural Resources in the Kurdistan region, It also includes members including ministers of oil, electricity, finance, planning and Justice and others. The Energy Commission is the body authorized to study these things. " It seems that these constitutional articles came to achieve two main objectives : I : the current distribution of oil wealth for everyone, in accordance with the relative density. II : an inventory of exploration and production in the hands of the new regions and producing governorates, without the intervention of the federal government, except for the drawing up strategies for the development of this industry, which are common to everyone. We have many legal and oil experts that there are gaps and ambiguity and contradiction in these articles of the Constitution in addition to the overlap and the marginalization of the role of the federal authority in the supervision and coordination, and scrutinizing the operations of exploration and production and other oil operations, which require follow-up central, and only the Constitution and potatoes of oil and natural gas from the national wealth. Requires expansion to include material from the national wealth of natural sulfur and phosphate, iron and all that is in the ground and outside, And even water. It also requires an amendment to the article "111" to be the following "national natural wealth, located in the ground and above, including the Kailahun oil and gas property of all Iraqi people in all regions and provinces, The federal government in charge of the general supervision of the distribution of wealth and worth. " As can amend article "112" is as follows : "The Federal government is the overall supervision of the exploration and production with the provincial and district government, The distribution of imports of national wealth commensurate with the population distribution in all parts of the country. identify additional quota for the producing regions and provinces of production value for the expansion of development in these areas. " Thus, there are operations of a line with the articles of the Constitution which stipulates that oil and gas King all the Iraqi people and therefore should be the federal government general supervision and control over the production and export of resources. Development and production, "Facts and figures" About "530" function synthesis, been drilling in the "115" so far, proved by "80" contains up to nearly "116 billion barrels", The synthetic parameters unexplored until now it has more than "115 billion barrels". Current production is two million barrels. The highest production of 3,5 million barrels in 1979. The production before March 2003 was 2, eight million barrels a day. Oil and strategic outlook are working to lift Production to McCann in 1979, This figure was very modest. The work to develop Iraq requires that the State play, whether the federal government or the provincial and district government play a leading role in development in addition to domestic and foreign investments, Projects strategic outlook and health services, education, social insurance, and construction of dams and irrigation projects must be in the lead of the State All this requires expansion in the production and export of oil and gas. as well as in the oil industries and Altbrookimiaoeh, phosphate and sulfur requires efforts to raise oil production to the "10-8" million barrels a day, It Maittalb work to attract giant oil companies in exploration, prospecting, drilling, extraction, in addition to work on the development of existing fields. Also to be re-establishing the National Oil Company. to oversee the oil industry. with subsidiary companies in the regions and provinces to be responsible for the management of oil operations in their respective regions. Thus, the National Oil Company in general intellectual and coordination with all the other companies in Iraq and the specific legislative and political matters, planning and studies and contracts, The overall supervision and follow-up exploration and production in the country. While the subsidiary companies operational matters and the implementation and supervision of projects. The development of oil fields The prospecting operations should continue in a crescendo for new discoveries, and drilling new fields, to raise production capacity from new fields, fields and the current plan requires a basic vehicle is examining the discovered fields and producing. At the same time we have to take into account the development and reconstruction of the country and to meet the needs of current and future must lay the foundations of the plan depends : * Optimum use of existing and proven reserves in all producing fields and discovered or detected future. * The adoption of best sunspots to develop oil fields, as well as the cost of any additional oil pipeline or changing a major pipeline transporting and exporting oil. * Study the feasibility of any of the operations of oil from prospecting to production and export. The implementation of the best in terms of economic feasibility. the protection of the environment, and better use the techniques. * Preparation for possible additional stocks in the future as they desperately needed. Planning Alstratiji Alstratiji planning of the oil industry in Iraq in light of the Constitution and the current situation in Iraq should be centrally and in consultation with the regions and governorates produced through a consultative body, comprising representatives of the companies or sub-fields in the regions and provinces, and representatives of non-governmental organizations in the relationship. oil and technocrats prefer to be representatives of the regions and provinces, found. The text of the Constitution explicitly provides that the oil wealth belongs to the Iraqi people. The proper application of this basic principle is that the oil policy of the federal government's responsibility, For a few, in terms of powers and responsibilities, Through the advisory body to which we have referred. There's oil can be developed unless stayed in place this principle and do real. It also must articulate a vision for the strategic development of the role of the private oil sector, and the development of an investment plan based on scientific and administrative impartial In this regard indicates the oil expert Farouk denominator four strategic options in foreign investment in the oil sector, namely : One - because of the deteriorating situation of the Iraqi economy, there is an urgent need for a significant increase in production. 2-for, the contribution of foreign investment, even for a transitional period, is essential. 3-for the purpose of maximizing the interest must be done within the framework of legislative and contract carefully. 4-Needless to excess in the number of contracts in the interim period, because the possible recovery of endogenous capacities in investment and production in a few years, then Iraq will be in a better position to negotiate. The new contracts and agreements must be carefully studied and economically feasible The scientific, environmental and fair, and not subject any territory or province productive to small investors and speculators. The lack of experienced personnel in the management of oil at the regional level and absence of unified model for the terms of the contracts and agreements can lead to agreements, oil, gas backward with the international oil companies which Malaihaqk constitutional requirements, , which states "to ensure the highest benefit to the people" and worse, the possibility that the transparency and auditing and accounting difficult for the fledgling regional governments and provinces lacking institutions and traditions. In addition, the contracts in such circumstances, because of the imbalance of the two sides will be declared invalid by the international laws "laws of the Higher Institute for the Unification of Private Law. "Therefore, such agreements will lead to unfair results destructive of the national wealth of the region or maintain productive itself. * Sources * One full-Almahidi-about oil policy rational dialogue-magazine-number "6", the Iraqi Center for Development and International Dialogue, "Baghdad, in June 2006." Two-Tariq Shafiq-invitation to reconsider. The content of the oil industry, as contained in the Constitution. 3-d. Hussein Shahrastani, and the current Minister of Oil, in an interview in 2006 / May 10. 4-Iraqi Center for Development and International Dialogue. Economic Forum requirements and controls on investment in Iraq. Amman in 2006 / 7 / 21.

there is no formatting in al sabaah articles. if it is there, it shows up.

Originally Posted by texaslonghorns

This should be yet another NO-BRAINER to revalue the currency. When you start buying items like 30-40 million dollar jets wouldn't it be better to do it with 30 million dinars verses 30 billion dinar or more? If they revaled before making this deal they could get these planes for roughly $3,000,000 each or less!

It's funny cuz Iraq seems to be getting a clean slate with all these counties that want to forgive their debt(most of it and in some cases all of it), and get at that oil... there must be something holding them up about the RV.
I think it has to happen. Otherwise Boeing could just sell Iraq 30 billion dinar jets all day and make even more money by sitting on their dinar stash...
Just my opinion.

Announcement No.(804)

D.G. of Foreign Exchange Control

The 804 daily currency auction was held in the Central Bank of Iraq day Monday 2006 / 11/ 13 so the results were as follows :

Details Notes
Number of banks 17 -----
Auction price selling dinar / US $ 1465 -----
Auction price buying dinar / US $ 1463 -----
Amount sold at auction price (US $) 110.265.000 -----
Amount purchased at Auction price (US $) 2.600.000
Total offers for buying (US $) 110.265.000 -----
Total offers for selling (US $) 2.600.000 -----

Cash amounts sold to the bank and its customers were USD(53.565.000) at a rate of(1465+1+10=1476)IQD\USD .
The amount sold to make transfers abroad was USD (56.700.000) at a rate of (1465-2)+ one dinar as a bank fee and exempt the transferred amount from conversion fee.


D.G. of Investments

Daily price Bulletin buying and selling Sunday 2006/11/12

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1465.000
1464.268

Amount sold at auction price (US $) 110.265.000

Hmm...
This is the highest sold amount that i have ever seen on this auction.
I wonder why it continues to be this high?

Something is happening behind the scenes here!

Originally Posted by Frank Rizzo

It's funny cuz Iraq seems to be getting a clean slate with all these counties that want to forgive their debt(most of it and in some cases all of it), and get at that oil... there must be something holding them up about the RV.
I think it has to happen. Otherwise Boeing could just sell Iraq 30 billion dinar jets all day and make even more money by sitting on their dinar stash...
Just my opinion.

Odd...last week I was considering taking a job with Boeing....wonder if they can pay me in dinars....

COMPARISON OF LAST 6 AUCTIONS....ANY IDEAS OR THOUGHTS.

Number of banks:
11/2/06 (16)
11/7/06 (14)
11/8/06 (20)
11/9/06 (14)
11/12/06 (10)
11/13/06 (17)

Auction price selling dinar / US
11/2/06 $1470
11/7/06 $1468
11/8/06 $1466
11/9/06 $1465
11/12/06 $1465
11/13/06 $1465

Auction price buying dinar / US
11/2/06 $ ----- -----
11/7/06 $1466
11/8/06 $1464
11/9/06 $------ -----
11/12/06 $1463
11/13/06 $1463

Amount sold at auction price (US $)
11/2/06 70.245.000
11/7/06 109.150.000
11/8/06 97.010.000
11/9/06 70.180.000
11/12/06 24.880.000
11/13/06 110.265.000

Amount purchased at Auction price (US $)
11/2/06 -----
11/7/06 3.000.000
11/8/06 3.000.000
11/9/06 ------
11/12/06 2.500.000
11/13/06 2.600.000

Total offers for buying (US $)
11/2/06 70.245.000
11/7/06 109.150.000
11/8/06 97.010.000
11/9/06 70.180.000
11/12/06 24.880.000
11/13/06 110.265.000

Total offers for selling (US $)
11/2/06 ----- -----
11/7/06 3.000.000
11/8/06 3.000.000
11/9/06 ------ -----
11/12/06 2.500.000
11/13/06 2.600.000

US Dollar
USD
11/2/06 1470.000
11/2/06 1469.265
11/7/06 1470.000
11/7/06 1469.265
11/8/06 1468.000
11/8/06 1467.266
11/9/06 1466.000
11/9/06 1465.267
11/12/06 1465.000
11/12/06 1464.268
11/13/06 1465.000
11/13/06 1464.268

Originally Posted by Raditz

Amount sold at auction price (US $) 110.265.000

Hmm...
This is the highest sold amount that i have ever seen on this auction.
I wonder why it continues to be this high?

Something is happening behind the scenes here!

Good or bad....????

Originally Posted by Raditz

Amount sold at auction price (US $) 110.265.000

Hmm...
This is the highest sold amount that i have ever seen on this auction.
I wonder why it continues to be this high?

Something is happening behind the scenes here!

These auctions are the most crazy ones that I have seen since I am in the Dinar.

I think they are preparing the RV and reducing the inflation a bit.

I only would like to know how long this needs to go on?

Originally Posted by Raditz

Amount sold at auction price (US $) 110.265.000

Hmm...
This is the highest sold amount that i have ever seen on this auction.
I wonder why it continues to be this high?

Something is happening behind the scenes here!

Please don't laugh at me. Did the CBI just buy back $110,265,000 dollars
worth of Dinars?


Arkie.

Originally posted by Jedi17:

Lets not forget tomorrow is the famous Nov.13/06 rumour started by StephanieF. Things could be bright inthe early AM hours

Yes, it will be interesting to see if she has the stones to show up if the rumor shouldn't pan out.... Hope it does, but not putting too much faith into her.