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

Originally Posted by shotgunsusie

i repeat: AUCTIONING FOREIGN CURRENCIES ETC. FOR NEW DINARS.
NEARLY HALF OF IT'S DAILY AUCTION OF DINARS

Yes, this is true. Plus it was set at a Default rate.

Cigarman, Help me out here.

What are your thoughts on the reval being tomorrow? Possibly even Thursday. All the pieces of the puzzle should be in place so here's hoping for this thing to hit tonight.

Originally Posted by cigarman

What are your thoughts on the reval being tomorrow? Possibly even Thursday. All the pieces of the puzzle should be in place so here's hoping for this thing to hit tonight.

Just waiting for the word....

Southern province reaps bumper h


Kurdistan discovery may tempt oil majors

07 September 2006 (AME Info FZ LLC)

International oil companies including Shell, ExxonMobil, Total, BP and Chevron are positioning themselves to exploit Iraq's rich oilfield potential once the country agrees to legislation protecting their investments. The attraction lies in more than 500 geological structures believed to contain huge volumes of oil and. Most structures have yet to be drilled and at present almost all Iraq's oil is produced from just 20 fields. The majors could commit $20 billion into rebuilding and developing Iraqi oil and gas fields but moves so far have been delayed by the deteriorating security situation as well as a lack of definitive legal guidelines for foreign investment.
US Energy Secretary Samuel Bodman pressed for a clear legal framework during a July visit to Baghdad declaring it would be instrumental in attracting foreign investment to Iraq's oil sector.


Raising output

The government has said it aims to produce 3.5 million b/d of oil by the end of next year and 4 million b/d by the end of 2008 and up to 8 million b/d by the end of 2010. The targets are considered by outsiders impossible to achieve without multi-billion dollar investment from international oil companies. Most companies have already identified areas of the country particularly in the southern provinces where they would like to explore. France's Total is looking at Majnoon and Bin Umar, Spain's Repsol at Nasiriyah and Shell at Ratawi. Prime Minister Nouri al-Maliki's oil advisor Thamer al-Ghadhban says negotiations could take up to a year to conclude once rules of investment are established but he suggests talks should run alongside parliament's discussions about legislation. A complicating factor is the question of regional power with politicians split according to religious and ethnic loyalties. Kurds, for example, have been used to a large measure of autonomy even during Saddam's time. The constitution is still vague on whether the country's mineral wealth is controlled by central government or by the regions in which it is located.


Autonomy push

Kurdish leaders are pressing for their autonomy to be enshrined in the country's laws. However, this could set a marker for others also seeking much looser ties with central government in parts of the country which contain some of Iraq's richest oilfields. The legal situation has not prevented three smaller European oil companies starting wildcat exploration in Iraq's less troubled Kurdish region. The three are Canada's Heritage Oil, the UK's Sterling Energy and Norway's DNO with the latter already making a commercial discovery at Tawke in the Zakho region close to the Turkish border. Reports suggest that the field could contain a reservoir of 100 million barrels. Plans are going ahead for production of up 20,000 b/d to start in 2007 rising to a potential 200,000 b/d. Officials say the northern region has proven reserves of 3.6 billion barrels and possibly as high as 45 billion barrels. Such attractive statistics may also lure larger international oil companies to the region if Iraq's promised hydrocarbon law is not passed as promised by the end of 2006.

Originally Posted by pippyman

The majors could commit $20 billion into rebuilding and developing Iraqi oil and gas fields but moves so far have been delayed by the deteriorating security situation as well as a lack of definitive legal guidelines for foreign investment.
US Energy Secretary Samuel Bodman pressed for a clear legal framework during a July visit to Baghdad declaring it would be instrumental in attracting foreign investment to Iraq's oil sector.

This is our Guarantee when it happens.

Iraq Official Calls for Oil Partnerships


Iraq Official Calls for Oil Partnerships - Forbes.com



A top Iraqi official called for partnerships with international companies to boost his country's oil industry on Sunday, saying Iraq's emergence as a "secure petro-democracy" could quell rampant sectarian violence.

Deputy Prime Minister Barham Saleh, a Kurd, conceded disputes between local officials and the central government over who controls oil proceeds were one of many obstacles to making improvements. But he said he was hopeful that oil would be a "unifying force for Iraqis rather than a resource to fight over."

He spoke of Iraq emerging as a "secure petro-democracy" with the strength to put an end to the violence that threatens to tear the country apart.



"I don't underestimate the gravity of the situation in Iraq," Saleh said during a U.N.- and U.S.-sponsored Iraq donor conference in the Emirates capital of Abu Dhabi. "We are in a very critical situation."

Iraqi leaders are nearing agreement on a long-awaited hydrocarbon law that could usher in huge investments by foreign companies in Iraq's oil sector - and eventually rescue the embattled country from deepening chaos, Saleh said.

The deputy prime minister said he expected the law setting ground rules for managing Iraq's huge petroleum reserves would be approved in parliament by year's end.

"This will open Iraq's oil sector for investment," Saleh said. "We know what it takes. It takes partnerships with international oil companies."

Foreign oil companies, with their huge investment clout and technology, are best placed to quickly modernize Iraq's oil sector and meet the country's goal of doubling the current crude production of 2.5 million barrels per day by 2010, Saleh said.

But the absence of a legal framework governing investments and ownership of the country's oil resources has hampered foreign investment in the sector.

Iraq's oil infrastructure has been under repeated attacks from insurgents. The industry also suffered during the 1990s when the country under Saddam Hussein did not have access to state-of-the-art technology or engineering know-how.

Big oil companies have told the U.S. government they are willing to send crews to Iraq to explore and pump oil - regardless of the violence - as long as there are legal ground rules for their participation, said U.S. Deputy Treasury Secretary Robert Kimmitt.

"The oil companies have told us they need to know what the rules of the road are," said Kimmitt, President Bush's special envoy for the Iraq donor talks.

Currently, Iraq's oil production is overseen by the country's Ministry of Petroleum and two state-run oil companies, a centralized management system left over from the regime of Saddam Hussein that Saleh said "has proven to be a disaster."

"Iraq needs investment. Iraq needs to send a strong signal to the international community about investment in oil," the deputy prime minister said. "We need to push liberalization and open our markets."

Saleh, from the autonomous Kurdish region in northern Iraq, acknowledged that "differences remain" among those negotiating a hydrocarbon law, particularly on determining whether the resource is controlled by regional governments or Baghdad.

Kurds in the north and some Shiite Muslims in southern Iraq - Iraq's two chief oil regions - want regional control over oil production and revenues. But Iraq's Sunni Muslims and much of the Baghdad government want to maintain national control over Iraq's petroleum resources.

Iraq's proven oil reserves stand at about 115 billion barrels, the world's third largest after Saudi Arabia and Iran.

Sunday's Abu Dhabi meeting brought together officials from the U.S., Europe, Japan, Korea and Iraq's Arab neighbors along with the U.N., World Bank and International Monetary Fund to discuss The Compact for Iraq, a five-year plan to ensure Iraq's government has funds to survive and enact key economic reforms.

The talks were expected to continue Sept. 18. In New York, Iraqi Prime Minister Nouri al-Maliki and U.N. Secretary-General Kofi Annan were to discuss Baghdad's political reforms, while global finance ministers discuss Baghdad's economic proposals in Singapore on the sidelines of a World Bank and IMF meeting.

For what it is worth, I have no article on it yet, but Today with PM of Iraq in Iran with their PM. It was agreed to spit oil profit from the Bordors and work together to cool the violence. Other words Iran and Irag will share oil Profits at the Borders. Then the interview went on to say that The PM will create the same for all the bordoring countries like Syira, Jordan and the others. His point was to create a working together Middle East Power House for all of the Middle east. This was on a Interview, US Central Time, at about 9am to 11 am on NPR. Hopfully something will come out on this soon.

Originally Posted by neno

Today with PM of Iraq in Iran with their PM. It was agreed to spit oil profit from the Bordors and work together to cool the violence. Other words Iran and Irag will share oil Profits at the Borders. Then the interview went on to say that The PM will create the same for all the bordoring countries like Syira, Jordan and the others. His point was to create a working together Middle East Power House for all of the Middle east.

Iraq, Iran to sign deal on shared oilfield-Shahristani

Khaleej Times Online - Iraq, Iran to sign deal on shared oilfield-Shahristani



VIENNA - Iraq and Iran plan to develop oilfields that straddle their border and Iraq will pump crude to its neighbour’s refineries, deepening commercial ties between the two oil producers, Iraq’s oil minister said on Tuesday.


Iraqi Oil Minister Hussain al-Shahristani told Reuters in an interview that an agreement between Iraq and Iran will be signed in a few months after technicians mark out the common oilfields.

The deal, first explored by Iran and Iraq in the 1970s, entails both countries defining their reserves in the cross-border field and then pumping the crude jointly.

“We have already agreed to the unitisation principles. As soon as the technical people meet and mark the shared field (with Iran) then we will sign the agreement,” he said.

Shahristani said Iraq would also forge similar deals involving oilfields straddling borders with Syria and Kuwait.

The impending deal comes as Iraq’s Prime Minister Nuri al-Maliki visits Tehran for the first time since he came to office five months ago.

After the deal is struck with Iran, Shahristani said the two sides would build a pipeline to carry Iraqi crude to Iran’s southern refineries.

“The Iranians said they are even ready to take all their needs for the Abadan refinery from us which is about half a million (barrels a day),” he said.

“They want to buy it according to the market price.”

Iranian companies were prepared to build the pipeline in as little as nine months, he said.

Shahristani said Iran also wanted to secure 100,000 bpd of Kirkuk crude from Iraq’s north and more than 100,000 bpd of additional Basra Light crude in the future.

The two predominantly Shia Muslim countries have been looking to strengthen ties, prompting concern among Iraq’s once dominant Sunni minority and other Arab states, as well as in the United States, which has 145,000 troops in Iraq.

Washington, which considers Iran part of an “axis of evil”, accuses Tehran of meddling in Iraq.

Shahristani also said Iraq plans to invest in new port facilities at its Basra oil terminal.

National oil company

Shahristani, in Vienna for a meeting of the Organization of Petroleum Exports Countries, was also briefing international oil companies about the latest developments in his country.

“We will only tell the companies about the situation in Iraq, that is what we are going to talk to them about, it is not negotiations,” he said.

Iraq needs to attract investment from international oil companies to develop its oilfields and increase production.

Oil multinationals are waiting until a new investment code is in place before pumping cash into Iraq. International oil firms are eyeing its giant and largely underdeveloped oilfields.

Shahristani reiterated that a hydrocarbon law, which will set oil policy, is likely to be passed by the end of the year.

After the law passes the National Oil Company will be formed immediately.

“We have agreed on the formation of the National Oil Company, it will be a holding company and will begin work right after the hydrocarbon law passes the parliament,” he said.

“It will be regulatory and supervisory, it will set the oil policies which the operating companies will implement,” he added.

Oil is the country’s main source of the hard currency needed to rebuild its economy, and the energy sector is struggling to recover from years of mismanagement and sanctions.

Shahristani said oil exports in August were 1.65 million bpd and expected higher levels this month. He said production in Iraq’s southern oilfields had increased to 2.1 million bpd in the past two weeks.

Iraq’s state oil marketer SOMO will hold talks with customers in November or December to discuss contracts for the first half of 2007.

Originally Posted by shotgunsusie

i repeat: AUCTIONING FOREIGN CURRENCIES ETC. FOR NEW DINARS.
NEARLY HALF OF IT'S DAILY AUCTION OF DINARS

Its just simply not true. But I won't argue anymore, I don't care if they auction off pigs, I want it to RV!!!

Originally Posted by laurenr

Hi,

How soon after re-val will we be able to exchange ?
Is it the same day?

Do we just walk into our bank with our brief case full of Dinars
and walk out with all those beautiful crisp £50 notes ?

No one has answered your question so far laurenr. I don't know the answer either but quite a few posts ago someone said that we can't exchange when there is a revalue only when it eventually pegs. I hope this is not true. Anyone??????