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The loonie's wild ride: Canadian dollar swings by more than a penny – The Globe and Mail
Canadian dollar loses another cent; North American stock markets pull back – Winnipeg Free Press
Kurdistan Regional Government Prime Minister Nechirvan Barzani yesterday attended the handover ceremony of a school built by UB Holding to the Ministry of Education.
Speaking at the ceremony, Barzani said:
“We are in need of private sector and donors to help us build schools; it will be an immense support for the KRG and for the education sector in Kurdistan.
“Contributions of the private sector in the development and reconstruction of Kurdistan is of great important to KRG.
“Building more schools will help to provide a better learning environment for our children at schools.“
This is the tenth school built by UB Holding Group. All ten schools were funded and built by UB Holding according to international standards.
“During such challenging times, there is not better gift to students and the ministry of education than a modern school building,” Barzani said.
“The UB Holding has built six, nine, and twelve classroom schools in Semel, Bardarash, Slemani,Amedi, Batifa, Halabja, Zakho, and today we are here for the delivery of this 18-classroom school. UB Holding has also taken the responsibility to provide all school equipment and necessities for all the ten schools. In addition, the group has renovated 12 schools in different areas of Kurdistan.
“The location of this school was previously occupied by illegal housing construction, disregarding the master plan of the municipality. According to a plan, which was set by the governorate of Erbil in coordination with Habitat, the government demolished more than 500 illegal houses, and compensated each family with a piece of land in another location were all services were provided.
“As part of their activities, the UB Holding has offered the much needed humanitarian assistance to the displaced Yezidis, Christians, the beloved people of Shingal and others fleeing ISIS brutality. They have built halls and camps, in particular in Zakho to accommodate the displaced people and have provided basic humanitarian assistance in those camps. This is in addition to their continued support to our brave Peshmerga forces in the frontlines. They have done all of these projects because of their love for Kurdistan. I thank them and I wish them continued success.
“One of the main problems facing Kurdistan’s education sector is lack of school buildings. Despite the fact that building schools has always been in the agenda of the government and to some extent we have succeeded in reaching our goal but continued increase in the number of students requires building more schools.“
In its Q1 Financial Report, Dana Gas reports that its production has fallen 16 percent in Iraqi Kurdistan:
KURDISTAN REGION OF IRAQ – RESERVES UPDATE
As reported previously Dana Gas and Crescent Petroleum, joint operators of Pearl Petroleum Company Limited (“PPCL”), estimate that P50 total geologically risked resources of petroleum initially in-place (PIIP) of the Khor Mor and Chemchemal Fields to be 75 Trillion standard cubic feet (Tscf) of wet gas and 7 billion barrels of oil.
PPCL appointed Gaffney Cline Associates (“GCA”), to carry out a certification of the reserves for these fields as at 31st December 2015 based on a comprehensive data set comprising ca. 1200 km 2D seismic, the 11 wells drilled in the two fields to date plus field production data over a period of seven years.
In their report dated April 2016, GCA provided Proved plus Probable (2P) gas and condensate reserves estimates for both fields. For Khor Mor these are 8.5 Tscf and 191 MMbbl and for Chemchemal 6.6 Tscf and 119 MMbbl respectively. Total Dana Gas share of the Khor Mor and Chemchemal 2P reserves is therefore 5.3 Tscf gas and 109 MMbbls condensate, equivalent to 990 MMboe.
GCA’s report confirms Dana Gas’ and Crescent Petroleum’s belief that Khor Mor and Chemchemal have the potential to be the largest gas fields in the KRI and indeed in the whole of Iraq, making them world class assets.
PRODUCTION & DEVELOPMENT PROGRESS
Dana Gas’ share of gross production (35%) in the KRI was 25,500 boepd as compared to 30,400 boepd in Q1 2015. On a retrospective basis, Q1 2015 production on a 35% equity share would be 26,600 boepd. Production has therefore declined by 4% quarter on quarter as LPG train optimisation continues.
By John Lee.
Imperial Brands, formerly Imperial Tobacco Group, stated on Wednesday that “ongoing instability [in Iraq and Syria] continued to impact performance, particularly of Gauloises and Gitanes” cigarette brands.
In its half-year results to the end of March, the company said that Iraq and Syris now represent less than 3 percent of total Group volume, down from 6 percent in the same period last year, and added that they “should no longer have a significant impact on performance in the second half“.
Excluding Iraq and Syria, revenues in ‘Growth Markets’ increased 9.7 per cent.
(Source: Imperial Tobacco)
By John Lee.
Explosions have been reported at two oil wells near territory controlled by the Islamic State group (IS, ISIS, ISIL, Daesh) in northern Iraq on Wednesday.
Production was halted at the Khabbaz oilfield, 20 km (12 miles) southwest of Kirkuk, in a region under control of the Kurdish peshmerga forces, according to Reuters.
Officials at the North Oil Company (NOC) said the field has a maximum production capacity of 15,000 bpd but was producing around 10,000 bpd before the attack.
Police were said to be attempting to dismantle an un-detonated device found at a third well.