Zig’s Place News Late Wed PM 3-31-21

Zig:  Welcome to zig's place, a chat room for dinar speculators and others....discuss any topic that you wish here

Butterfly   GKP claims "Strong Start to 2021" 1st April 2021 Gulf Keystone Petroleum (GKP) has announced its audited results for the full year ended 31 December 2020.

Jon Harris, Gulf Keystone's Chief Executive Officer, said:

"Against the backdrop of extraordinary global challenges in 2020, GKP acted decisively to successfully manage the impact of COVID-19 on our staff, contractors and production operations. We achieved all of our cost reduction targets and annual average production of 36,625 bopd, 11% higher than 2019.

"We have had a strong start to 2021. The updated independent Competent Person 's Report reaffirmed the significant upside production potential of the field with gross 2P reserves + 2C contingent resources of c.800 MMstb. Average gross production from Shaikan in 2021 to 29 March is 43,190 bopd, up c. 13% from the corresponding period in 2020.

"Recently, we resumed the 55,000 bopd investment programme and today we are pleased to be announcing the reinstatement of at least a $25 million annual dividend, in keeping with our commitment to balance investment in growth and returns to shareholders."   https://www.iraq-businessnews.com/2021/04/01/gkp-claims-strong-start-to-2021/     Highlights to 31 December 2020 and post reporting period

Butterfly   Operational

Effectively managing the impact of COVID-19 on production operations and continue to prioritise the welfare of workforce and contractors whilst maintaining production momentum.

Continued strong safety performance, with no Lost Time Incident ("LTI") recorded for over 450 days.

2020 a verage gross production of 36,625 bopd, exceeding revised guidance and the highest annual average production rate to date from the field.

Gross average production from the field in 2021 to date of 43,190 bopd, in line with guidance of 40,000 - 44,000 bopd for the year.

Updated Competent Person's Report ("CPR") published with c.800 MMstb gross 2P+2C reserves and resources volumes, which was in line with the 2016 CPR, after adjusting for production over the period, supporting GKP's view of the geological model.

Butterfly   Financial

GKP achieved its 2020 cost reduction targets, reducing Opex and G&A by more than 20% compared to 2019 and delivering gross unit Opex of $2.6/bbl, below the low end of the guidance range and down over 30% versus 2019.

Net Capex was $45.9 million net (FY 2019: $90 .0 million) within the $40-48 million revised guidance range despite the addition of low-cost, high impact investments during the fourth quarter that contributed to record 2020 annual average production.

Loss after tax of $47.3 million (FY 2019: $43.5 million profit) and reduced revenue of $108.4 million (FY 2019: $206.7 million) were driven by a decline in Brent oil prices that averaged $42/bbl in 2020 compared to $64/bbl in 2019.

Consistent payments from the Kurdistan Regional Government ("KRG") for the last eleven months. Repayment mechanism in place to recover outstanding arrears of $73.3 million net for the period November 2019 - February 2020 with the first payment of $2.6 million net recently received.

Cash balance of $147.8 million at year end (FY 2019: $190.8 million). Cash balance of $161.0 million at 30 March 2021.

The Company has hedged c.60% of Q2 and Q3 2021 forecast net production at a floor price of $35/bbl and $40/bbl respectively, while retaining full upside exposure.

Butterfly   Outlook

Resumption of expansion activity with drilling operations expected to begin in Q3 resulting in an increase in gross production towards 55,000 bopd in Q1 2022.

Reinstatement of at least a $25 million annual dividend . A $25 million dividend is subject to shareholder approval at the Annual General Meeting ("AGM") scheduled for 18 June 2021 and is expected to be paid in full on 2 July 2021 based on a record date of 25 June 2021 .

With continuing strong oil prices, there may be opportunities to consider further distributions to shareholders this year.

Guidance for 2021 of average gross production of 40,000 to 44,000 bopd, net Capex of $55-$65 million and gross unit Opex of $2.5 to $2.9/bbl.

Butterfly   https://www.iraq-businessnews.com/2021/04/01/iraqi-parliament-to-dissolve-itself-on-7th-october/  Iraqi Parliament to Dissolve itself on 7th October 1st April 2021 The Iraqi Parliament has voted to dissolve itself on 7th October, to make way for general parliamentary elections scheduled for 10th October.

The decision was made at a sitting of the parliament on Wednesday.

butterfly  https://www.iraq-businessnews.com/2021/04/01/iraqi-parliament-approves-2021-budget/  Iraqi Parliament Approves 2021 Budget 1st April 2021 Iraq's Parliament (House of Representatives) has approved the Federal Budget Law for 2021 on Wednesday night.

The budget is reportedly based on an oil price of $45 per barrel, and oil exports of 3.25 million barrels per day, giving a budget of 129 trillion Iraqi dinars ($89 billion) and a budget deficit of 28.7 trillion trillion Iraqi dinars ($19.79 billion).

The 2021 budget set an oil price of $45 a barrel with expected oil exports of 3.25 million barrels per day.

Butterfly  https://www.iraq-businessnews.com/2021/04/01/3bn-saudi-fund-for-investment-in-iraq/

 $3bn Saudi Fund for Investment in Iraq 1st April 2021 Iraqi Prime Minister Mustafa Al-Kadhimi visited Riyadh on Wednesday on his first official visit to Saudi Arabia.

A session of talks was held between the Prime Minister and His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, which dealt with cooperation between the two countries.

The two sides agreed on the following:

Establishing a joint Iraqi-Saudi fund, the capital of which is estimated at three billion dollars, as a contribution from the Kingdom of Saudi Arabia in promoting investment in economic fields in the Republic of Iraq, for the benefit of the Saudi and Iraqi economies, with the participation of the private sector on both sides.

Cooperation in the fields of energy and renewable energy and activating and accelerating the joint action plan under the umbrella of the Saudi-Iraqi Coordination Council, with the need to continue cooperation and coordination of positions in the petroleum field, within the scope of work of the Organization of Petroleum Exporting Countries (OPEC), and the (OPEC+) agreement, with full commitment to the requirements of the agreement, the compensation mechanism, and all the decisions that have been agreed upon to ensure the stability of the global oil market

Completing the electrical interconnection project due to its importance for the two countries.

Enhancing coordination in the field of mutual support within the framework of multilateral diplomacy.

Enhancing investment opportunities for Saudi companies and inviting them to expand their activities in Iraq and in various fields, and in reconstruction efforts.

butterfly  Bilateral agreements were signed that included: an agreement to avoid double taxation;

an agreement for cooperation in the field of development planning for economic diversification and private sector development;

a cooperation agreement between the Saudi Contractors Authority and the Iraqi Contractors Union for the reconstruction of Iraq; and, an agreement for financing Saudi exports to Iraq.

Two memoranda of understanding and cooperation were also signed:

a memorandum of understanding between the Iraqi Media Network and the Saudi Radio and Television Authority; and,

a memorandum of cooperation between the King Abdul Aziz House in the Kingdom and the National Library and Archives in the Republic of Iraq.

Sheila  butterfly MOU's -- Believe these are connected to the White Papers.

butterfly  Policy- 04-01-2021 01:32 AM - Readings: 13548

The leader of the State of Law coalition, Nouri al-Maliki, said that the country's battle has not ended against terrorists who want to sabotage the country and the political process.

He said in an audio message, "We are still at the center of the field in which our forces are roaming, alongside saboteurs who want to sabotage the country and the political process, so there is no room for complacency, retreat and weakness, but we must provoke our principles and feelings in order to confront every force without fear and without fear." .

"We are right on our side, we must be stronger than they are on their falsehood." https://www.dijlah.tv/index.php?page=article&id=281630

butterfly https://ekurd.net/iraqi-parliament-passes-article-2021-03-31  Iraqi parliament passes article on Kurdistan region share in budget bill

Posted on March 31, 2021 BAGHDAD,— Iraqi parliament has passed Article 11 of the federal budget bill, which concerns the Kurdistan Region’s share, reports state media.

Following the passage of Article 11 of the 2021 federal budget law on Wednesday, the Kurdistan Region’s share of Iraq’s federal budget stands at 9.5 trillion Iraqi dinars ($6.5 billion), which will be disbursed in monthly increments.

The subject of intense negotiations between the federal government and Kurdistan Regional Government (KRG) for months, Article 11 of the law outlines several conditions for receiving those funds.

In return for the budget transfers from Baghdad, the KRG must submit 250,000 barrels of crude oil per month to federal oil marketer SOMO for export.

butterfly  The KRG must also prioritize paying the salaries of its public sector workers and the members of the Kurdish militias (Peshmerga). It also agrees to repay debts owed to the Iraqi Commercial Bank within ten years.

Responsibility for directly paying employees at federal agencies operating in the Kurdistan Region, like the National ID and dams directorates, reverts to the federal government.

If the KRG does not abide by the terms of the budget law, the federal government has the option of cutting off funding.

 “I congratulate all the people of the Kurdistan Region,” Bashir al-Haddad, deputy speaker of Iraqi parliament, told reporters.  “The Kurdistan Region’s share is 12.67 percent of the budget,” he noted.

Butterfly  hRiyadh, April 01, 2021, SPA -- His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, and Prime Minister of the Republic of Iraq Mustafa Al-Kadhimi, held an official talks session on Wednesday at the Royal Court in Al-Yamamah Palace, Riyadh.

A joint statement was issued as follows:

Emanating from the firm and historical fraternal ties and bonds that bind the two brotherly countries and peoples of the Kingdom of Saudi Arabia and the Republic of Iraq, and to enhance the relations between them on firm foundations and principles, topped by Arab and Islamic brotherhood, good neighborhood and common interests, and in response to the gracious invitation of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia, His Excellency Mustafa Al-Kadhimi, the Prime Minister of the Republic of Iraq, paid an official visit to the Kingdom of Saudi Arabia on 3/31/2021.

A session of official talks was held between His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, and His Excellency Mustafa Al-Kadhimi, Prime Minister of the Republic of Iraq. The meeting dealt with prospects of bilateral cooperation between the two brotherly countries and ways to enhance them in all fields.

They also exchanged views on issues of concern to the two countries at the regional and international arenas, in a way that contributes to supporting and enhancing security and stability in the region and the world at large. https://www.spa.gov.sa/viewfullstory.php?lang=en&newsid=2210083  

 HRH Crown Prince and Iraqi Prime Minister Hold Official Talks

butterfly  The two sides praised the results of the virtual meeting that took place between the Custodian of the Two Holy Mosques and the Prime Minister of the Republic of Iraq on 3/25/2021. The two sides emphasized the importance of the issues discussed and the understanding reached during that meeting, especially with regard to strengthening relations between the Kingdom and Iraq and enhancing the work of the Saudi-Iraqi Coordination Council.

They expressed satisfaction with the level of cooperation and coordination between the two brotherly countries, stressing their determination to continue and deepen the aspects of cooperation and coordination between them in order to serve the common interests in various fields, especially political, security, military, commercial, investment, cultural and touristy fields.

They hailed the achievements of the Iraqi-Saudi Coordination Council and the agreements and memoranda of understanding concluded, and underlined the importance of urging the ministries and relevant authorities on both sides to follow-up and activate aspects of cooperation in a way that allows optimal investment for all available capabilities and opportunities to enhance integration between the two countries, solidarity in facing common challenges, and build on the positive results previously achieved during mutual visits that took place between officials of the two countries over the last period.

As regards the level of bilateral relations, the two sides affirmed their keenness on bilateral cooperation in various fields, activating the agreements and memoranda of understanding reached between the two countries, and urging the ministries and relevant authorities in the two countries to exert more efforts to ensure the speedy completion and implementation of these agreements.

butterfly  They also stressed the continuation of joint cooperation and coordination in facing the threat of extremism and terrorism, as they are considered a threat to the countries of the region and the world. Facing such threats comes through the exchange of expertise and experiences between the relevant security authorities and centers in the two countries.

The two sides agreed to continue supporting Iraq's efforts in cooperation with Global Coalition to Defeat the remains of ISIS. The two sides also stressed the importance of joint cooperation in securing the safety of borders between the two countries.

The two sides agreed on the following:

1- Establishing a joint Saudi-Iraqi fund with an estimated capital of three billion US dollars, as a contribution from the Kingdom of Saudi Arabia in promoting investment in economic fields in the Republic of Iraq for the benefit of the Saudi and Iraqi economies, with the participation of the two countries' private sectors.

2- Cooperating in the fields of energy and renewable energy as well as activating and accelerating the joint action plan, under the umbrella of the Saudi-Iraqi Coordination Council, with the need to continue coordinating the positions of the two countries in the petroleum field, within the scope of work of the Organization of Petroleum Exporting Countries (OPEC) and (OPEC +) arrangement, with full commitment to the agreement's requirements, the compensation mechanism and all the decisions that have been agreed upon so as to ensure the stability of the global oil markets.

3- Completing of the electrical grid, citing its importance for the two countries.

4- Enhancing coordination in the field of mutual support within the framework of multilateral diplomacy.

5- Promoting investment opportunities for Saudi companies and inviting them to expand their activities in Iraq in various fields as well as in the reconstruction efforts.

The Republic of Iraq appreciated the participation of the Kingdom of Saudi Arabia in Kuwait Conference for the Reconstruction of Iraq held on February 12-14, 2018, citing the Kingdom's pledges and contribution during the event.

It was agreed that the two sides coordinate to find out ways and aspects of the aforementioned support. Iraq also appreciated the initiatives provided by the Kingdom of Saudi Arabia for the Republic of Iraq in confronting the coronavirus pandemic (COVID-19). The Republic of Iraq also commended the announcement of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Deputy Prime Minister and Minister of Defense, of the Saudi Green Initiative and the Middle East Green Initiative scheduled to be launched soon as they reflect the determination of the Kingdom and the region in protecting the earth and nature in order to achieve the global goals, with emphasis on working with the Kingdom for achieving these initiatives and their goals.

Several bilateral agreements were signed, including an agreement to avoid double taxation, an agreement for cooperation in the field of development planning for economic diversification and private sector development and an agreement on financing Saudi exports.

Butterfly  Two memoranda of understanding and cooperation were also signed including a memorandum of understanding between the Iraqi Media Network and the Saudi Broadcasting Authority and a memorandum of cooperation between King Abdulaziz Foundation for Research and Archives of the Kingdom and Iraq National Library and Archives.

With regard to regional issues, the two sides agreed to intensify cooperation, coordination and exchange of views on issues of common interest to both countries at the regional and international arenas, in a way that contributes to supporting and strengthening security and stability in the region, with the need to keep it away from tensions and what causes such tensions, and the joint endeavor to lay down the foundations of sustainable security and stability.

The two sides stressed the security, safety and stability of the region and urged all neighboring countries to adhere to the principles of good neighborliness, common interests and non-interference in the internal affairs of countries.

In this context, the Iraqi Prime Minister affirmed supporting the initiative of the Kingdom of Saudi Arabia to end the crisis in Yemen.

The Iraqi Prime Minister expressed thanks to and appreciation of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, and the Kingdom's government for the warm reception and hospitality accorded to him and the accompanying delegation.

butterfly  There that should be enough for everyone to go back and read because I will be very busy tomorrow. sheila If I had all the websites I had to refer to when I posted over 50K for seck's website, There would not be room to post or argue......LOL LOL

butterfly  I am done and I am out of here.

butterfly  Remember be nice to each other because it may be the last time you post to that person.

NORV   Finance Minister: The change in the dollar’s ​​exchange will continue for a long time, and this is his expectation of the flotation

31/3/2021  News source / Al Furat News  {Economist: Al Furat News} The Minister of Finance, Ali Allawi, said that the change of the dollar’s​​exchange rate will continue for a long time.

Al-Mukhtasar al-Mufid .. In important news, you can find it on the Al Furat News channel on the Telegram .. On the recent reduction in the value of the Iraqi dinar by the government and the Central Bank, Allawi said in a press statement that "negative expectations on commodity price levels were expected and what happened came less than expected, but it was a necessary step for years due to its importance in structuring the economy and reducing the bill to support the dinar," He explained, "The negative effects of the devaluation gradually fade away."

He added, "The current price of the Iraqi currency against the US dollar after its devaluation will continue for a long time, and a full float may occur in the future, but the central bank will now work to maintain the current exchange rate level for as long as possible."

It is noteworthy that the exchange rates of the US dollar in exchange offices and local markets in the capital, Baghdad, reach 1435 dinars for purchase, and 1445 dinars for sale.

It is noteworthy that the Iraqi Central Bank decided on 19 December to amend the dollar exchange rate, as follows:  1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.

1460 dinars per dollar the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public.

31 Mar 21, 09:03 PM NORV  More...

He added, "The current price of the Iraqi currency against the US dollar after its devaluation will continue for a long time, and a full float may occur in the future, but the central bank will now work to maintain the current exchange rate level for as long as possible."  LINK

https://alforatnews.com/news/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%BA%D9%8A%D9%8A%D8%B1-%D8%B5%D8%B1%D9%81-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%B3%D9%8A%D8%B3%D8%AA%D9%85%D8%B1-%D9%84%D9%81%D8%AA%D8%B1%D8%A9-%D8%B7%D9%88%D9%8A%D9%84%D8%A9-%D9%88%D9%87%D8%B0%D8%A7-%D8%AA%D9%88%D9%82%D8%B9%D9%87-%D8%B9%D9%86-%D8%A7%D9%84%D8%AA%D8%B9%D9%88%D9%8A%D9%85

NORV  float float  float 

Sheila   Nicks Intel Post Update March 31, 2021 and Podbean: https://nicksintel.wordpress.com/2021/03/31/03-31-2021-update/  -- and -- https://www.podbean.com/media/share/pb-kfu9j-ff6921

Sheila   Nicks Intel is one man's opinion. Posted for your discernment.

 Zig   If you access this chat via https://my.cbox.ws/ZIGPLACE   You can make the box much bigger by clicking this link  ZIGPLACE - Cbox