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

Originally Posted by Par77

I wonder if this is Al-sadar and his 30 + positions? REPLACE HIM! I thought this was a time for changing Malikie's gov. posts. So Oust those who don't show up and replace them....get the ball rolling!

About a month ago didn't they pass laws to penalize those who didn't show up?

Iraq's Draft Hydrocarbon Law Recommends PSAs
by Hassan Hafidh Dow Jones Newswires Wednesday, December 06, 2006
AMMAN, Dec 06, 2006 (Dow Jones Newswires)

Iraq's first postwar draft hydrocarbon law recommends the government sign production sharing agreements and other service and buyback contracts to upgrade the country's war-ravaged oil industry.

The draft, a copy of which has been obtained by Dow Jones Newswires, states the Oil Ministry should set up a committee consisting of highly qualified experts to speed up the process of issuing tenders and signing contracts with international oil companies to develop Iraq's untapped oil fields.

The draft law states all decisions concerning Iraq's oil and gas exploration, production and transportation should be handled by the federal government in Baghdad, which is likely to anger Kurdish officials in northern Iraq.

The law is necessary for international companies to begin investment in Iraq's oil sector, which needs up to $20 billion to raise crude oil production to 3 million barrels a day from below 2 million b/d at present.

The new law could trigger the start of massive development of the country's oil fields, home to the world's largest reserves after Saudi Arabia and Iran.

"It is possible that the contractual formula is based on service contract, buyback contract or production sharing contract," the draft law states.

"These contractual formulas should be adjusted in a way that should serve the interests of the Republic of Iraq," the draft said.

The draft, which is still under debate by Iraqi officials, said "qualified Iraqi or non-Iraqi oil companies or individuals who possess suitable financial resources" should be allowed to bid for Iraq's oil contracts to carry out exploration or to develop oil fields.

The draft recommends 15 to 20 year contracts to develop Iraqi oil fields, including production sharing contracts. It states the contracts could be extended by five years if the government found it necessary in order to achieve better technical and financial returns.

The draft law also calls for the formation of an Iraqi National Oil Company to handle the country's oil production, exports and exploration.

"The cabinet should submit to the council of deputies (parliament) a draft resolution together with this oil law...that would establish the Iraqi National Oil Company. It should be owned by the government of Iraq," the draft states.

The law also calls for changes to the oil ministry's structure "to a manner that would enable the ministry to shoulder its new responsibilities stated by the law."

An Iraqi oil ministry official told Dow Jones Newswires Wednesday the new law proposes allowing - for the first time - local and international companies to carry out oil exploration in Iraq.

During the rule of ousted president Saddam Hussein exploration activities used to be carried out by the government only, he said.

The draft law is being debated by senior government officials before it is submitted to the parliament for final approval, the official added.

He named the officials discussing the final draft of the law as Deputy Prime Minister and head of the cabinet energy and oil committee Barham Saleh, Oil Minister Hussein al-Shahristani and the prime minister's adviser and former oil minister Thamer al-Ghadhban.

He said some of the articles of the law could be changed either by government officials or lawmakers.

It isn't known yet when exactly the law would be approved by the parliament. Oil Minister Shahristani had said it should be ready by the end of this year, but differences between Baghdad and the Kurdistan Regional Government, or KRG, on who should handle oil operations in Kurdistan could delay acceptance, oil analysts said Wednesday.

The Kurds are pressing for control of oil resources in their territories and a significant share of oil revenue, which has provoked anger in Baghdad.

"The powers of taking decisions on oil and gas exploration, development, production and transportation should be handled on behalf of the Iraqi people by the federal Iraqi government," the draft law stated.

The KRG - which estimates its resources total 45 billion barrels of oil equivalent - has already drafted its own hydrocarbon law that officials there say would trump Baghdad's version should the KRG not win at least the measure of authority over its resources it's seeking.

The Kurdish authority has already signed agreements with several small oil and gas companies, including U.S.-based Calibre Energy Inc. (CBRE), Norway's DetNorske Oljeselskap (DNO.OS) and Turkey's Petoil and has signed memoranda of understanding with Australia's Woodside Petroleum Ltd. (WPL.AU), Canada's Heritage Oil Corp. (HOC.T) and the U.K.'s Sterling Energy PLC (SEY.LN).

But oil officials in Baghdad have declared these agreements null and void and, without the hydrocarbon law, many oil majors have been reluctant to make deals, despite huge prospects and relative security in North Iraq.

However, contracts the Oil Ministry in Baghdad has already signed with international companies will remain valid, although they will need to be reviewed, the draft law stated. This will affect contracts to develop the Khormala Dome, Hemrin and Subba/Luhais medium-sized oil fields.

The draft law didn't spell out clearly if this article also covers contracts signed during Saddam Hussein's regime such as Lukoil's (LKOH.RS) deal to develop the giant West Qurna-2 oil field.

Copyright (c) 2006 Dow Jones & Company, Inc.

Originally Posted by franny

TO ALL MY FAMILY ON THIS FORUM: DO NOT FRET: There is ONE that wants the best for all of us. The Dinar WILL PEG THIS MONTH We all on this forum DESERVES THIS; WE WILL GET THIS Now I, too, want to learn all the JIGS

is this your opinion or some fact you know about

He described Iraq : name. The enlargement of the cake. And to reassure the year! - Shivaji Sondhi and Michael Cook
(Voice of Iraq) - 07-12-2006

Translated version of http://www.sotaliraq.com/
It is clear from the outset that in order to stabilize Iraq under a democratic system, we must feel when the three major groups that have a stake in the project. As for the Shiites, the majority rule is fun enough share. For the Kurds, ensuring the autonomy is protected from interference by neighboring countries, which includes Kurds should be sufficient. The problem is a problem from the outset share of the Sunni Arabs. And this has been fully anticipated. That is, of a minority used to dominating the authority, it can abandon this privilege easily. relative Deprivation simply raises many fears. One need only look at Lebanon near an example.

But the problem reassure year unresolved since the fall of Saddam Hussein. At the outset, not even on the agenda. As is now being recognized on a large scale, the purge the bureaucracy (uprooting the Baath) was the army had carried out without thinking of the impact on the thinking pattern of the population the year, who was the investor unevenly in both institutions. No improvement in the constitutional process in the stomach is also bad. As a result, the Sunni insurgency is still escalating, and fuels the arms race to the various Shiite militias. In the final analysis, the defeat of the rebel question of authority, but there is not much doubt that the defeat of the insurgency may be easier if the group with the Sunni leadership is that it has a share in the new Iraq.

Can such leadership easily show that on a regional basis. Voted the governorates of Anbar, Nineveh and Diyala, Salahaddin of the Sunni alliance in the elections in December 2005. A strong regional government agencies in these areas that tamed the Sunni insurgency, The more effectively in the interests of Sunni national bets. While there are many factors that do scam seems clear that the main obstacle to such a development is the uncertainty of the year that the solution to their regional exchange irritating will put them face pressure away from a fair share of the national cake. They are concerned, in particular, on their share of future revenues from oil fields outside the region. that could hope to control. The Constitution recognizes the Iraqi problem, but the paragraph being allocated somewhat vague.

At the present time one can discuss in a calm and rational, hope to resolve these complexities. It is quite possible that the systematic exploration of Iraq could lead to the existence of large oil reserves in Western Sahara, any Sunni region in other words. At the same time, the usual political attitudes that lead to a more equitable outcome for the year which is likely to appreciate them. if that were able to form a coalition with other minority, They are Kurds. If they are to enjoy the logical thinking, year are able to take seriously the issue of resources is often a curse, and, in the long run, it might be better without those resources.

The time is not right now, whether of the United States or Iraq for such a debate. There is now concentrated in progress at least prevent the risk of the outbreak of civil war and large-scale, in order to provide a period of time extended to a decade of the Iraqi government to be able to find a new balance.

We suggest here that the United States provides financial commitment towards Iraq in the form of an assertion that the Sunni governorates to a share of the oil revenues, commensurate with the population over the next decade. We must take this financial commitment at the outset of a quota equal to the Sunnis directly to the provinces. This step will increase the size of the national revenue, , which in turn will help satisfy the Shiites and the Kurds. and also lead to the reduction of tension around Kirkuk. In subsequent years will turn this commitment to a policy of insurance.

And the question here is : what is the roughly the size of the proceeds related to this commitment?

The maximum amount of Iraq's daily production of 3.7 million barrels of oil. This is the production rate in the year 1979, the fact that Iraq has produced more than 3.5 million barrels per day since 1990. Also not expected to exceed production rate of any of these numbers in the near future. If we approach the production figures for 1979 and the profit estimated at about 50 dollars a barrel, that means the proceeds estimated at about 67 billion dollars per year. The share of the Sunni provinces about 20%, any $ 14 billion. The share of the year today from the production of two million barrels per day nearly seven billion dollars.

The amount of $ 14 billion may seem large, Even by foreign aid budget, but it is not a large amount compared to spending in Iraq now, , which is currently estimated at about 50 billion 100 million in the previous year. If we assume that there is a reduction of five dollars for a barrel of oil per year. If we take into account the United States imports of oil (around 10 million barrels per day), it would reduce the bill for oil imports by 18 billion American dollars during the year.

The basic proposal we put forward here can be summed up in a deal primarily in the year to secure their region against the rebels, compared to ensure them a fair share of oil revenues. It is clear that there are many critical details must be explained.

As some of these details can be defined :

First, there must be leaders in the provinces are able to use these proceeds in the exchange positive.

Secondly, we must also formulate commitment to strongly encourage the national government to look to continue in a fair sharing of oil revenues, even after the expiry of the guarantee of the United States.

Thirdly, must solve the problem of lack of confidence between the Sunnis and the United States. perhaps intervention by the Kingdom of Saudi Arabia.

.Fourthly, the United States must continue to be responsible towards Baghdad during work on calming the situation in the Sunni provinces.

It is clear that there are problems that are likely to have the solutions, and perhaps there are no solutions. but in the context of the current turbulent situation not by the United States a lot of options, But the year would assure them a fair share in the proceeds of Iraq's oil, it must be one of these options.

University professors and project director of oil and energy and the Middle East. Princeton Institute for Studies of regional and global levels.

Originally Posted by DEAN

Isnt De La Rue in London not france?

Yes, they are based in the UK. I don't understand why they would demean themselves by taking on a french name, go figure.

Originally Posted by mogo

is this your opinion or some fact you know about

Are you feeling OK Mogo? You posted something different.



Sorry, I couldn't help it.

Originally Posted by franny

TO ALL MY FAMILY ON THIS FORUM: DO NOT FRET: There is ONE that wants the best for all of us. The Dinar WILL PEG THIS MONTH We all on this forum DESERVES THIS; WE WILL GET THIS Now I, too, want to learn all the JIGS

I am sure there is more than ONE, LMAO.

Originally Posted by danny51

I am sure there is more than ONE, LMAO.

Im pretty sure theres only one.

In my book anyway.

Originally Posted by danny51

I am sure there is more than ONE, LMAO.

I'm with you Franny. Don't be obtuse D51. Do you know of more than "one", or are you perhaps an atheist? Don't shoot.

Originally Posted by Adster

Thought HSBC weren't doing them........

Mmmmmm. I thought someone mentioned a while ago that they were, maybe I made a mistake.