ShaMaran Petroleum Corp. - Oil Exploration and Development in Iraqi-Kurdistan (Seite 29)

[texas2]

Antwort auf Beitrag Nr.: 45.599.343 von texas2 am 10.10.13 05:01:01

Überraschung, kein fetter Kredit.
Bei einer anderen Firma wäre ich vielleicht nervös geworden. Mit dem Lundin Clan und SNM bin ich jetzt gespannt, wie die bessere Lösung aussieht?


SHAMARAN: HAS WITHDRAWN The BOND Offer-SOURCES (Direct)
13-10-09 12: 55 pm
STOCKHOLM Shamaran has withdrawn its bond offer of 150 million dollars on Wednesday.

This is according to sources familiar with the matter for the news agency on Wednesday.

Last week came reports that the investment bank together with Pareto Shamaran worked to bring in a $ 150 million bond with a coupon rate of 10-11.5 percent, with semi-annual interest payment and five-year maturities. The Lundin family intended to subscribe for 30 million dollars. Bonds was expected to fully cover the Shamarans investment needs until mid-2015.

The company had earlier indicated that Shamaran aimed at bringing in around $ 100 million in bonds.

The Lundin family controls about 20 percent of the shares in Shamaran.

[texas2]

Antwort auf Beitrag Nr.: 45.583.557 von motz1 am 07.10.13 20:38:54

lesenswert:

Kurdistan: Raising the Oil & Gas Stakes Until Sunday, 29 September, Kurdistan (Northern Iraq) has not seen an attack of the kind that plagues the rest of Iraq on a daily basis since 2007. A series of attacks in the capital Erbil most likely indicate that the conflict in Syria has now spread into Kurdistan. On 29 September, as yet unidentified militants launched a series of attacks in Erbil on the Kurdish security services (Asayish) headquarters. A suicide bomber detonated explosives at the entrance to the Asayish headquarters, which was followed by a shoot-out between Asayish forces and four militants. This scenario was then followed by the remote detonation of an ambulance by a fifth militant. All six militants were killed in the attacks and clashes, along with six Asayish forces. Some 60 other people were wounded throughout the course of the violence. (The KRG’s security apparatus, the Asayish, operates with a similar mandate to the US FBI, with jurisdiction over economic and political crimes, but operates fairly strictly along party lines.) For the Kurds of Syria, the conflict in Syria is extremely complex. A number of Kurdish fighting brigades had earlier joined under a single umbrella to fight alongside the rebels and the jihadists against the Assad regime—though they have since found themselves taking up arms against the jihadists. However, the most influential Kurdish group in Syria, the Kurdish Democratic Union Party (PYD), which has its own Asayish security forces, has remained staunchly opposed to the foreign fighters—most particularly the Iraqi offshoot of jihadists in the form of the al-Nusra front. Many Syrian Kurds had hedged their bets that the Syrian rebels would deal with them on secession, but the uncertainty kept the Kurds non-committal. Over the past weeks, fighting between Syrian Kurds and radical Sunni forces has picked up momentum. Now even the Free Syrian Army (FSA) rebels have turned on the Kurds with an offensive to push them back. The Kurdish National Council, parts of which had earlier supported the FSA and even fought alongside it, is now favoring the Assad regime over the extremists, adhering to the PYD’s sentiment. Al-Nusra may now be taking its fight with the Kurds across the border into Northern Iraq, targeting Asayish there. In August, Kurdish forces clashed with jihadists who were trying to open up a land corridor to connect them to Iraq. This fighting led to a flood of Syrian Kurdish refugees across the border into Iraqi Kurdistan. Kurdish Regional Government (KRG) President Masoud Barzani had also vowed to intervene with his security forces in Syria if need be (later toning this down somewhat). However, we caution against a simple explanation for the attacks in Iraqi Kurdistan. It may not be coincidence that the attacks come with the initial results of parliamentary elections in Kurdistan, which took place on Saturday, 21 September. An opposition movement in the KRG has pushed Iraqi President Jalal Talabani’s Patriotic Union of Kurdistan (PUK) into third place. Kurdish President Masoud Barzani and his Kurdistan Democratic Party (KDP) secured a major victory in these elections—a victory that will change the political playing field in Kurdistan for the first time in over two decades. (Preliminary figures show the KDP in first place with 37.4% of the vote, or one-third of seats in parliament; the opposition Movement for Change (Gorran) in second with 24.7%; and Talabani’s PUK in third with 16.6%; with 11 seats reserved for non-Kurdish minorities largely loyal to Barzani.) This election victory will give Barzani much greater power in the KRG, and at the same time, Barzani has been attempting to set himself up as a wider Kurdish leader, encompassing Syrian “Kurdistan”. In terms of domestic politics, the PUK now has to make a choice as to whether to form another government with the KDP in the lead, or whether to go to the opposition, which may help it repair its reputation among supporters who believe it has been taking orders from Barzani. For Barzani, the ideal would be the formation of a new government with the PUK and the Islamic Union, keeping the Movement for Change in the opposition. The PUK may refuse this scenario, as for the first time it would mean an unequal relationship between the KDP and the PUK, with the PUK playing a much less influential role in decision-making. These election results are highly significant for Kurdistan on a number of levels, not the least because it will likely mean that not only will the top posts in the KRG government go to the Barzani camp, but the Iraqi presidency (reserved for a Kurd) could also theoretically go to the Barzani camp—breaking a long-time power-sharing deal between the PUK and the KDP. What Does it Mean for Investors? For now, investor confidence is not likely to be shaken by this rare event. There is a great deal of faith in Kurdish security forces to withstand additional threats emanating from Syria and most investors will express confidence that Sunday’s carnage was a one-off—and not an indication that Iraqi Kurdistan will be drawn into the Syrian fold. While this optimism rests on a strong foundation, investors should still be prepared for more potential spillover from Syria—if only because the relations between diverse groups of Kurds in Syria, Kurds in Iraq and Turkey are extremely complicated and alliances in Syria are changing by the day, making the situation highly unpredictable and volatile. As far as elections are concerned, this is a game-changer, and is likely to work in favor of investors by solidifying the political playing field and narrowing the power brokers. The Barzani family already controlled the lion’s share of the oil and gas terrain in Kurdistan, now it could gain additional power over other sectors of business, though perhaps not without some scrabbles over turf, which could actually be played out in part within the Asayish (the security forces). What investors will remain focused on in the immediate term—in part due to an inability to grasp the potential threat from Syria—is Iraqi Kurdistan’s progress towards oil and gas independence from Baghdad. Right now, this is all about a new pipeline coming on line that will transport Kurdish oil and gas directly to Turkey, bypassing Baghdad. In a recent exclusive interview with Oilprice.com, Genel Energy’s Tony Hayward notes that we are on the cusp of one of the most successful oil stories in recent history. “The impending completion of the pipeline is clearly a significant milestone for the oil industry in the Kurdistan Region of Iraq. The relationship between the KRI [Kurdish Region of Iraq] and Turkey is now very strong, and this has helped the Kurdistan Regional Government to take control of its own exports. The strength of this relationship has helped to give significant momentum to the Kurdistan oil and gas industry. The signing of an Energy Framework Agreement between Turkey and the KRG in March 2013 was an important step, and we have seen clear evidence of its implementation - KRI crude oil is exported by truck to international markets via Turkey, and a Turkish state-backed energy company has also entered the upstream sector in the KRI, signing 6 PSCs with the KRG and partnering with Exxon in a number of licences. Finally, Turkey and the KRG have agreed a framework for the export of KRI gas to the Turkish gas market – we expect this Gas Sales Agreement to be signed by the end of the year. Kurdistan has always had the resources, now it is building the infrastructure and has a significant market for its oil and gas. It is a good place to be.” Where are we now? Very close, indeed. The pipeline from Taq Taq to Fishkabur is almost done and the entire system will be fully operational around the end of this year, with an initial capacity to pump 300,000 barrels a day into Turkey. Short Path into Kurdistan Given the progress made in Kurdistan over the past couple of years, and the near-completion of this key strategic pipeline to Turkey, the fact that Canada’s Talisman is looking to divest a stake in some of this prime acreage should catch the astute investor’s eye. Talisman would not be selling stakes in this prime property if it had a choice. But it’s trying to cut costs by 20% this year and raise $3 billion and the assets it wanted to divest aren’t selling. Talisman has a total of 119,000 acres of oil exploration property in Kurdistan, with those assets valued at between $750 million and $1.25 billion. Up for grabs will be a stake in two exploration projects in Kurdistan: Kurdamir and Topkhana. • In Kurdamir, Talisman has a 40% interest, along with Canada’s WesternZagros (40%) and the Kurdistan Regional Government (KRG, 20%). Talisman spudded the Kurdamir-2 exploration well in Q4 2011 and a rig was released in January 2013. • In Topkhana, Talisman has a 60% interest, with the KRG holding 40%. For both blocks, 3D seismic operations began in the Q4 2012 and will continue through the end of this year. Talisman is planning to drill two appraisal wells this year—Kurdamir-3 and Topkhana-2. Investors are already interested, though Talisman is keeping quiet about with whom it is negotiating. In Kurdistan, Talisman is shouldering too large a portion of the burden of developing significant finds, particularly in the block it owns solely with the Kurdish government. These are the deals to look for because the timing is hot right now—on the cusp of the completion of the new pipeline, though the situation with Syria should be very closely monitored as a precautionary measure

[motz1]

Ein Meilenstein für Atrush und SNM: Das Development Programm wurde nach ziemlich genau 5 Monaten wie eingereicht gebilligt
Damit kann nun mit der ersten Phase begonnen werden und die 30.000bopd im kommenden Jahr angegriffen werden.

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Oct 07, 2013 - 02:00 ET
Shamaran Announces Atrush Partners Receive Approval for Oilfield Development in Kurdistan Region of Iraq


VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2013) - ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Corporation") is pleased to report that the Atrush partners have received approval from the Kurdistan Regional Government (KRG) for the first phase in the development of the Atrush Block in the Kurdistan Region of Iraq.

The TAQA-operated Atrush Block, located 85 km northwest of Erbil, is expected to initially produce approximately 30,000 barrels of gross oil per day (bpd) with first oil expected by early 2015.

The group plans to invest more than $300 million in Phase I in drilling three production wells and the construction of a central processing facility. Operator TAQA and its partners have an active drilling program on the Atrush Block and are continuing to appraise the area for further development. Subject to the outcome of this appraisal and KRG approval, the Phase 2 development is expected to include another 30,000 bpd production facility. TAQA and its partners will also evaluate the feasibility of producing associated natural gas for delivery to the domestic market.

Discovered in 2011, the Atrush field is expected to provide long-term benefits to the region and the community. The approval of the Field Development Plan by the KRG provides for a 25-year period during which TAQA and its partners expect to maximise recovery of the oil resources.

TAQA, the Operator, is currently preparing to drill the fourth well on the Atrush block.

Pradeep Kabra, President and CEO of ShaMaran, commented, "We are pleased to receive Ministry approval for Phase 1 of the Atrush field with a October 1, 2013 effective date for the commencement of the Development Period (pursuant to Clause 12.9 of the PSC). The partnership is working very closely with the KRG to fast-track first oil."

The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu Dhabi National Energy Company PJSC which holds a 39.9% working interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE:MRO), holds a 15% interest in the block. Subsequent to their back-in the Government of the Kurdistan Region of Iraq holds a 25% working interest.

http://shamaranpetroleum.mwnewsroom.com/press-releases/shama…

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Die Gerüchteküche besagt, dass der Bond i.H.v. 150Mio USD sogar noch überzeichnet sein könnte. Anyway, ein schnelles Closing wäre wünschenswert...

[texas2]

Oil export pipeline near completion, KRG minister tells meeting at Conservative Party conference
THU, 3 OCT 2013 09:08 | KRG.org

Manchester, UK (KRG.org) - A pipeline to export oil from the Kurdistan Region will be operational within a few months, Ashti Hawrami, the Kurdistan Regional Government Minister of Natural Resources, told a meeting at the Conservative Party conference yesterday.

'The new oil export pipeline from the Kurdistan Region is almost complete and is expected to be operational by the end of the year,' Dr Hawrami said. He added that he expects exports to reach 1m barrels per day by 2015 and 2m by 2019. ' We are helping the security and continuity of energy supply to the world,' he said.

He added, 'Sharing all oil revenues according to the federal constitution, and the economic independence of Kurdistan are the recipe for the unity of Iraq.'

The minister was speaking at a meeting addressing energy security, hosted by the KRG UK Representation. Other speakers were Nadhim Zahawi MP, Jane Kinninmont of the think tank Chatham House, analyst and consultant Shwan Zulal, and Bayan Sami Abdul Rahman, the KRG's High Representative to the UK. The meeting was chaired by Robert Halfon MP, vice-chairman of the All-Party Parliamentary Group on the Kurdistan Region.

Dr Hawrami told an audience of Conservative Party members, diplomats, journalists, business representatives and analysts that Kurdistan Region's energy riches had been ignored or used against the Kurdish people under previous Iraqi governments. 'With the liberation of Iraq, a new era, an opportunity for sharing power and wealth, opened up in Iraq. The Iraqi constitution facilitates that but so far it hasn't been implemented,' he said.

The minister also noted that the KRG sees Turkey not just as a conduit for Kurdistan's oil and gas to Western markets, but also as a consumer and partner. Dr Hawrami highlighted the role of British companies in the energy sector as well as in Kurdistan's growing economy generally. He encouraged British companies to continue to look at Kurdistan as a destination for their investment. 'We have a good relationship with Britain and there are lots of opportunities for British companies. It's a win-win situation.'

Bayan Sami Abdul Rahman spoke about the KRG's strategy of prioritising tourism, agriculture and industry in order to avoid over-reliance on the energy sector. She said that the Kurds were now a factor in the shaping of the Middle East, both in terms of energy security and political settlements.

Nadhim Zahawi, the first British member of parliament to be of Kurdish origin, told the meeting that groups like the Kurds could no longer be ignored by those wishing to establish peace in the Middle East. Jane Kinninmont said that the KRG would need to diversify its economy. 'I visited Kurdistan this year and spoke to young students who were keen that oil and gas is not wasted and that the economy doesn't over-rely on it. Economic diversification will be a very important aspect of Kurdistan's future,' she said.

Shwan Zulal described the Kurdistan Region as a viable source of energy to Europe and pointed out that the KRG hoped to have a minerals law in place in the near future, opening a new sector of the Kurdish economy.

While at the conference, which was held in Manchester, Minister Hawrami and Ms Abdul Rahman met several British ministers and MPs, including Alistair Burt, the Minister for the Middle East, Energy Minister Michael Fallon, Sajid Javid, Minister at the Treasury, and Lord Marland, the British Prime Minister's Trade Envoy who recently led a trade delegation to Kurdistan. They also met the Turkish ambassador in Britain, Ünal Çeviköz, who welcomed them to the Conservative Friends of Turkey reception at the party conference.

The KRG UK Representation also attended the annual conferences of the Labour and Liberal Democrat parties in September. The Representation hosted a discussion on Kurdistan at the Labour Party conference with Ian Lucas, Shadow Middle East Minister, the Labour peer Lord Glasman, Faik Nerwayi, the Iraqi Ambassador to the UK, and Gary Kent, director of the APPG on Kurdistan.

[texas2]

fetter kredit von den lundins an snm



SHAMARAN: INTENDS to TAKE IN $ 150 MLN through BOND LOANS (direct)
2013-10-01 10: 45

STOCKHOLM| Shamaran is working with investment bank Pareto Securities on to take in $ 150 million via a bond issue.


The bond is deemed to have a coupon rate of 10-11.5 percent, with semi-annual interest payment and five-year maturities, according to conditional basis that news agency Directly noted on Tuesday. The subscription period ends on Friday.


Lundin family intends to subscribe for 30 million dollars, it appears on.


Previously Shamaran indicated that the company is aiming to bring in around $ 100 million in bonds.


The bond is expected to fully cover the Shamarans investment needs until mid-2015. The first phase of oil production is estimated to have begun in early 2015.


The Lundin family controls about 20 percent of the shares in Shamaran


stockhouse:
Background: It is not uncommon in the industry for the big players to squeeze out the minnows. TAQA have made no secret of their interest in getting a bigger slice of Atrush. Bigger companies work more slowly and as a rule are much more expensive operators that the small guys, since they have bigger operations (larger organizational overheads), like to have big capital spends on vanity-style projects (the industry term these "gold plated" rather than "fit for purpose"), and often don't have to watch their short term cash flow. TAQA's standard operational method will suit them fine to put pressure of SNM by simply being slower and costly. They are most likely playing the long game and making life as difficult as possible for SNM (probably view them as an irritant, since SNM will always want to be aggressive, speed things up and cut costs), especially if they have Marathon onboard (who also does not have such tough cash/time issues). I

'd love to be a fly on wall in their meetings, as I have been in a few of these kind of situations myself. This is a typical relationship between a large operator and a minnow partner. Such relationships are tough (on both sides, to be fair), which is why smaller companies usually do not partner big companies and bigger companies do not usually seek out minnow partners unless there is some kind of advantage.

I have seen such squeeze tactics work, i.e. small (desperate) companies get bought out on the cheap, however SNM is not really that kind of small company as they are backed by the Lundins. In many ways, if TAQA want SNM out then these kind of tactics will be counter productive. They should be wanting to ensure SNM's SP reaches a fair value at which Lundin would sell out. The current situation has the SNM SP way below what most analysts would consider fair value, and they should have realised by now Lundin will not sell on the cheap. If they wanted to, they could offer that fair price right now. If they wait until first oil then SNM's SP should be much higher. I wouldn't be surprised if they had already made an offer which the Lundins turned down. If I was TAQA that's what I would have done.

Having said that, investors should be encouraged that this reported bond issue is not just a short-term filler for SNM just to stay in the game. The amount will clearly ensure SNM will have sufficient funding to get first oil and continue in the project. Lundin wants to make a return on his own investment and for his loyal investors/supporters. Staying in will ensure this happens, but obviously not as quick as he and all of us had originally hoped for.

Another reason for the increased bond amount may be related to the issue I posted earlier regarding the obvious speed up of approvals for development projects, especially those that can quickly tie in to the KRG's new export pipeline. SNM probably know that approval for Atrush is imminent (why wouldn't it be with the pipeline nearly finished and their short distance from the pipeline according to maps I have seen?). This could get them on production and flowing into a pipeline in a year to 18 months from now, which is not quite the situation currently indicated in corporate material. The financing will set them up nicely.

[motz1]

texas2, besten Dank für deine Updates und Infos!

Hoffe ich komme wieder regelmäßiger zum Schreiben, jedenfalls war am vergangenen Freitag eine Präsentation in Stockholm, Keith Hill hat dort auch SNM vorgestellt. Inhaltlich habe ich nichts Überraschendes festgestellt. Nächster Schritt wird wohl die Finanzierung über rund 100Mio USD sein, dann schaut man nach Produktionsaufnahme nach möglichen Kandidaten die zum Unternehmen passen...

Hier das Video dazu:



Aus dem gleichen Anlass wurde die Präsentation aktualisiert: http://www.shamaranpetroleum.com/i/pdf/ShaMaran-Stockholm-Pr…

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Der Kursverlauf seit Verkündung der AT-3-Ergebnisse ist aus meiner Sicht schon fast witzig. Die Horde stürzt sich auf geringe Flow-Mengen und schlussfolgert, dass es sich um "eine schlechte Bohrung" handeln muss. Nun ja, auch diese Fraktion bekommt spätestens mit AT-4 wieder was sie braucht. Mal sehen ob das Financing davor schon für Aufwind sorgen kann...

[texas2]

Leo Koot explains TAQA’s decision
to pursue opportunities in the
Kurdistan Region, the company’s
expectations for exploration and
production activities, and the
importance TAQA has placed on
alternative energy projects and
transformational solutions for energy
production.
IIG: Can you give us some background
regarding why TAQA decided to pursue
opportunities in the Kurdistan Region?
LK: In 2011, we articulated a strategy that
we wanted to develop our presence in the
MENA region because we feel it is an ideal
location to be in and because we’ve got the
right political passport. Obviously, our specific background is in the Middle East. We
are an Abu Dhabi state owned company;
72.5% of the stake is owned by the Abu
Dhabi government and 27.5% is listed on
the Abu Dhabi Securities Exchange. So,
because of our focus on the
Middle East, we have identified certain countries as being
of particular interest; Iraq was
one such country. We began
looking for specific opportunities in the country, which is why we
pursued our initial venture with Western
Zagros. We had a stake in the company,
and that provided us with a stepping-stone
to understand how business is done in the
Region and how we should develop our
subsequent position. We then sold our
stake in Western Zagros around the time
we picked up the Atrush Block.
IIG: What were your perceptions of the
opportunities in the Kurdistan Region?
LK: Kurdistan is the last exploration frontier, and the potential discoveries here are
enormous. It’s a unique space compared
to, for example, the UK. There they have
all the infrastructure in the world and
available global resource technologies,
but their reserve base is shrinking. Early
on, the asset we operated in the UK North
Sea had three billion barrels of oil in place.
Most of those resources are now produced.
So, we have developed our UK business
into a long-term sustainable model. In contrast, if you look at the situation in Iraq and
the Kurdistan Region, the resource base
is enormous and the regulatory system is
developing, but there is no
infrastructure and a limited local workforce. So,
the opportunities here are
equally exciting, but at the
other end of the scale.
IIG: What are TAQA’s
plans or expectations for
exploration and production activities in the Kurdistan Region?
LK: Within four months of taking possession of the block, we had already submitted our field development plan to the
Ministry of Natural Resource [MNR]. We
are currently in discussions with the MNR
regarding details of the plan; we expect
to ultimately receive approval of the plan
and then kick off the field development
plan in a phased approach. We expect our
approach to be easily replicable, so we can
amend and repeat it as we develop our
understanding of the block. We also believe
that this approach can be exported to other
areas in the Kurdistan Region. We are still
in the appraisal stage of the field, and are
currently laying our third well in the block.
So, we’re going through well evaluations
as we speak, and we feel there are many
reasons for us to be optimistic regarding
how this region is going to further develop.
IIG: Is part of that optimism rooted
in the agreement TAQA has with Mass
Global Investment Company for the
Slemani Independent Power Project?
LK: At TAQA, our roots are in energy and
in providing power. We exist as a result of
the privatization of the Abu Dhabi power
plants in 2005. TAQA produces most of
Abu Dhabi’s power and all of Abu Dhabi’s
water. That privatization gave us the capital
to grow our global portfolio and develop into the company we are now. At the
moment, we’re close to $33,4 billion in asset
value. Since we are an energy company
rather than simply an oil and gas entity, we
want to use all our skills in Iraq and in the
Kurdistan Region of Iraq. That’s where the
Slemani Power Plant comes in. Last year,
we signed the agreement with Mass Global;
we’re currently going through the steps to
finalize the partnership. At the moment,
the plant produces 750 MW of power.
When the deal is completed, we expect to
increase that amount by another 250 MW.
We plan to do this by converting the plant
from its present form [an open-cycle gas
powered plant] to a closed-cycle system.
We also believe there is potential for additional investment that will help to further
expand the capacity of the facility.
IIG: Have you also looked at opportunities in the water sector here in the
Kurdistan Region? Is that an area where
you all might target further investment?
LK: If you look at what is required to develop the Atrush block, it is quite complicated.
Although it contains a significant quantity
of oil, it is a fractured reservoir. So, there is
quite a bit of sulfur in the crude. Moreover,
when we do go into production, we don’t
want to flare off gas or release sulfur into
the atmosphere. Therefore, we are considering converting the associated gas that
will be produced with the oil into power.
In addition, we aim to utilize the liberated sulfur in the production of fertilizer.
However, pursuing this option is probably
insufficient to justify this type of expenditure. So, we will need to develop further
partnerships with the KRG and other possible partners to justify investment in that
sulfur removal system. If, however, there is
excess power remaining, we certainly aim
to utilize it in water conversion. This will
then enable us to begin providing clean
water to the Kurdistan Region.
IIG: Once you receive approval from the
MNR for the field development plan, how
do you expect your activities to proceed?
LK: I think everyone here is focused on
getting oil production flowing as quickly
as possible, and we are no exception. So, we
plan to implement phased development.
We will start with 30,000 bpd and then
do everything in our power to get production up and running as quickly as we
can. We are also aiming to be involved in
the infrastructure necessary for exporting
our oil. Obviously, we want to
have access to the global market, whether that be through
the Iraqi pipeline or any alternative structure. The more
opportunities there are for us
to get access to the markets,
the better. We don’t want to
get into political debates, we
just want to do the right thing
and make sure we generate sufficient funds
for Iraq and the KRG.
“We will start with 30,000 bpd
and then do everything in our
power to get production up and
running as quickly as we can.”
Kurdistan is the last exploration
frontier, and the potential
discoveries here are enourmous.
When we do go into production, we
don’t want to flare off gas or release
sulfur into the atmosphere.
Therefore, we are considering
converting the associated gas that
will be produced with the oil into
power. In addition, we aim to
utilize the liberated sulfur in the
production of fertilizer.”
sustainable Model
“

[texas2]

SHAMARAN: MORE INFO ON ATRUSH-3 IN A FEW MONTHS-CEO (Directly)
2013-09-05 08: 20


OSLO (Direct) Shamaran will have more data on the well Atrush-3 and its potential flow in a few months.


It says oil exploration company's Managing Director Pradeep Kabra, in an interview with the news agency Directly adjacent to Pareto Securities oil company days in Oslo.


"The important thing is that this well has confirmed the extension of the field. However, there will be a number of important data points within the next few months and there will be a few months before we have a better grasp of how much the well might flow ", says CEO.


How much could it flow?


"It could flow a lot more just like Lukas Lundin indicated. But it is too early to be more precise than that, "he commented.


Pradeep Kabra continues:


"It might be too much focus on how much Atrush-3 flows and with inflated expectations after the Atrush-2 that you can not compare the Atrush-3. the important thing is that it will be a productive and commercial well, which it will be. Atrush-3 will be part of the second production phase of utbyggnanden of Atrush-field ".


But you see the upside in the company going forward?


"Am: absolutely I do. We are developing a world class and when things are moving forward, we should see a revaluation of the company ", says CEO.


Are you going to keep your share of around 20 percent in Atrush field:


"Yes, our intention is to help develop the field with the percentage," he says.

The political situation in Iraqi Kurdistan is improved according to Pradeep Kabra:


"Relations with Turkey have improved and there is an ongoing dialogue between Kurdistan and Baghdad".


As regards the important Iraqi oil law is in progress but no final ruling has diskusionerna Pradeep Kabra not heard of.


"The pipeline built to Turkey is soon completed, which will allow for the direct export of oil from Kurdistan", he continues.


As for Shamarans the next resource update as expected in February next year, according to Pradeep Kabra.


Henrik Svensson + 46 8 5191 7924
The News Agency Directly

[texas2]

Taqa seeks green light on Kurdish oil production

Abu Dhabi National Energy (Taqa), the state utility, is seeking approval to pump 30,000 barrels per day from its field in the Kurdish region of Iraq.


Although the amount would be a fraction of the capacity of more developed fields in the Kurdish area such as Taq Taq and Tawke, plans for extra output add urgency to the semi-autonomous region's case for exporting oil without the involvement of the Iraqi federal government.


Companies such as Genel and DNO, a Norwegian producer part-owned by the UAE, have faced losses in the Kurdish region as a stand-off between the Kurdistan regional government and Baghdad's ministry of oil bottlenecks exports.


Taqa is discussing its development plan for the Atrush field with the government in Erbil in order to get the green light, Leo Koot, the company's managing director for Iraq, told the state news agency Wam.


Shares of Taqa on the Abu Dhabi bourse rose 2.42 per cent to Dh1.27 yesterday.

Taqa's minority partners at Atrush are Marathon Oil of the United States and General Exploration Partners, a joint venture between Canada's ShaMaran Petroleum and the privately owned Aspect Energy.


Taqa bought its 53.2 per cent stake in Atrush in December from General Exploration Partners.

"The development plan is currently under review with final approval expected in the third quarter of 2013," Marathon said in a report last month.

"We anticipate first production in 2015."


Drilling at Atrush's third well has hit 1,800 metres underground, Mr Koot told Wam. The partners plan to increase capacity soon after they reach 30,000 bpd, he added.

Those barrels are likely to face a far easier path to export in 2015 than at present.


Today, Kurdish producers have three options: use an often-blocked pipeline to Turkey operated by the federal government; send it by lorry to Turkey; or smuggle it to Iran.


Genel Energy, the Turkish explorer led by the former BP chief Tony Hayward, is nearing completion of a fourth option: an independent pipeline to Turkey.


"The pipeline is currently 15km short of the tie-in," Julian Metherell, the chief financial officer of Genel, told Bloomberg this summer.


"We're confident that we'll have export capability through it, and that will allow us to utilize our capacity."


Taqa's push in Kurdish Iraq stands in relief to its plans in Turkey, where in January it signed a US$12 billion agreement to mine coal and build power plants capable of meeting a tenth of the nation's projected capacity.


The investment would have been its biggest anywhere outside the UAE and was part of a broader desire by Arabian Gulf nations to increase trade with Turkey.


But last month Taqa said it was delaying taking an investment decision from this summer to next year because of "spending priorities," spurring the Turkish energy minister to accuse Taqa of bowing to political interests.


www.thenational.ae/business/industry-insights/energy/taqa-seeks-green-light-on-kurdish-oil-production

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