PETREL RESOURCES+++ÖL IM IRAK+++NEWS+++ - 500 Beiträge pro Seite
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ISIN: IE0001340177 · WKN: 694395 · Symbol: PET
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SUNDAY TELEGRAPH
Irish minnow wins contract to restart ravaged oilfield in Iraq
By Edward Simpkins (Filed: 08/08/2004)
Petrel, the Aim-quoted oil group, is set to become one of the first Western companies to win major contracts to restart one of Iraq`s oilfields.
Industry executives believe that a decision has already been taken by Thamir Al-Ghadhban, the Iraqi energy minister, to hand contracts worth hundreds of millions of dollars to the small Irish-based company and its partners.
The contracts cover refurbishment and restoring production at key Iraqi oilfields which have been out of action since the US and British invasion in March last year.
Petrel is now in advanced technical discussions with Iraq`s oil ministry about the refurbishing contract and is expected to reach commercial terms on the first contract next month.
The company is also understood to have sealed a deal to develop one of nine huge oil exploration blocks in Iraq`s western desert.
Despite its small size - the company has a market value of just £22m - Petrel has maintained an involvement in Iraq since 1996. It is bidding for contracts with a number of more substantial partners, including subsidiaries of GE and Caterpillar, the US industrial giants.
David Horgan, the chief executive of Petrel, said: " Three weeks ago the Iraqis suddenly started giving us a lot of detailed technical information and asking us for detailed plans. Formally no decision has been taken but the vibes are very good."
Meanwhile Petrel is bidding to run three oilfields on a cost-plus basis that would see it earn a few dollars for each barrel of oil produced.
The largest oilfield is the Khurmala Dome in northern Iraq, which would produce 900,000 barrels per day from each of two sections and 120,000 bpd from another, along with 80m cubic feet of natural gas.
Hintergrundinfo...
http://www.petrelresources.com/_germanResearch/PetrelRes_200…
GN
Irish minnow wins contract to restart ravaged oilfield in Iraq
By Edward Simpkins (Filed: 08/08/2004)
Petrel, the Aim-quoted oil group, is set to become one of the first Western companies to win major contracts to restart one of Iraq`s oilfields.
Industry executives believe that a decision has already been taken by Thamir Al-Ghadhban, the Iraqi energy minister, to hand contracts worth hundreds of millions of dollars to the small Irish-based company and its partners.
The contracts cover refurbishment and restoring production at key Iraqi oilfields which have been out of action since the US and British invasion in March last year.
Petrel is now in advanced technical discussions with Iraq`s oil ministry about the refurbishing contract and is expected to reach commercial terms on the first contract next month.
The company is also understood to have sealed a deal to develop one of nine huge oil exploration blocks in Iraq`s western desert.
Despite its small size - the company has a market value of just £22m - Petrel has maintained an involvement in Iraq since 1996. It is bidding for contracts with a number of more substantial partners, including subsidiaries of GE and Caterpillar, the US industrial giants.
David Horgan, the chief executive of Petrel, said: " Three weeks ago the Iraqis suddenly started giving us a lot of detailed technical information and asking us for detailed plans. Formally no decision has been taken but the vibes are very good."
Meanwhile Petrel is bidding to run three oilfields on a cost-plus basis that would see it earn a few dollars for each barrel of oil produced.
The largest oilfield is the Khurmala Dome in northern Iraq, which would produce 900,000 barrels per day from each of two sections and 120,000 bpd from another, along with 80m cubic feet of natural gas.
Hintergrundinfo...
http://www.petrelresources.com/_germanResearch/PetrelRes_200…
GN
Mein strategie an euch immer gegen den trend kaufen und ihr seit immer die Gewinner !!!
... wie gehabt, die dümmsten Bauern haben die größten Kartoffeln...
Further to a newspaper article published on 8th August 2004, Petrel Resources announces that the Company is now in more detailed exchanges of technical information with the Oil Ministry in Iraq over tenders to develop existing oilfields. No contract has been awarded to Petrel Resources but the Company remains very positive.
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