Iraq Britain Business Council completes productive trade mission to Baghdad

IBBC recently completed a productive mission to Baghdad, meeting with high-level government officials and British authorities in Iraq. Baroness Nicholson of Winterbourne, President of IBBC and the Prime Minister’s Trade Envoy to Iraq led the delegation alongside Mr Rasmi Al Jabri, Deputy Chairman of IBBC, Mr Christophe Michels, Managing Director of IBBC and Mr Vikas Handa, IBBC representative in the GCC.

IBBC was joined by numerous member representatives, including from Al Bilal Group, Al Burhan Group, Al-Nukhba OFS, ARCHS, Constellis, Dar Group, EY, Gulftainer, G4S, Khudairi Group, International Islamic Bank, Kuwait Energy, Management Partners, Menzies Aviation, Mosul University, National Bank of Iraq, Ratba’a Contracting, Serco, Shell, Standard Chartered Bank and Turnkey LLC.

The delegation visited soon after the election of President Dr Barham Salih, who took time out of his busy schedule to meet Baroness Nicholson and the IBBC leadership who were joined by HMA Jon Wilks. Dr Salih has been a close friend of the IBBC for many years and recently spoke at the IBBC Cumberland Lodge Conference in July.

On Sunday 7 October the delegation held meetings with the Governor of the Central Bank of Iraq, Mr Ali Mohsen Ismael Al Alaq, H.E. Mr Adbuallah Luabea the Deputy Minister of Transport, Mr Fayadh Neema, Senior Deputy Minister of Oil and Dr Sami Al Araji, Chairman of the National Investment Commission. The delegation were hosted by the Iraqi Federation of Chambers of Commerce in the evening for dinner.

On Monday the delegation met with Dr Mehdi Al Alak, Secretary General of the Council of Ministers, Dr Hameed Ahmed Deputy Chairman of the Council of Ministers, Dr Sabah Mushatat, Economic & Investment Advisor to the Prime Minister of Iraq, Dr Mudher Mohammed Saleh, Finance Advisor to the Prime Minister of Iraq and with Ján Kubiš Special Representative of the Secretary-General and Head of the United Nations Assistance Mission for Iraq.  In the evening Ambassador Jon Wilks hosted a reception for the delegation and Iraqi dignitaries at his residency.

Before leaving Iraq, Christophe Michels visited Serco, who are working with the Iraqi Civil Aviation Authority at Baghdad International Airport. Serco supports the Iraqi authorities in managing the entire spectrum of air traffic control in Iraq including the increasing number of international overflights.

(Source: IBBC)

URGENT House of Representatives: Abdul Mahdi in the last step to announce his government
10/17/2018


(Baghdad: Al Furat News) Speaker of the House of Representatives Mohammed Salman al-Tai, said that the Prime Minister in charge of Adel Abdul-Mahdi, in the last step to form his cabinet and announce its announcement.


"The time is still not embarrassing in front of Abdul Mahdi, which is the number of his cabinet and the mechanism of distribution of ministries and is now looking to nominate candidates for the receipt of these bags," he said, pointing out that "the House of Representatives will be firm in front of the next government will not give the full opportunity if Did not achieve achievements. "

He pointed out that "Abdul Mahdi did not face what his predecessors faced and has the support of the religious authority and political blocs and the street and all the conditions for him to form a comfortable cabinet and even pressures in the backstage and scenes are not the pressure exerted on the former prime ministers so conditions are fully prepared for him to form a government.

"The majority of the political blocs have representatives in the House of Representatives and believes that their presence in the government can provide something to its disgruntled audience and the next prime minister to take into account this matter and go to form a government that takes into account the representation of everyone and choose one of the candidates of the blocs and in accordance with his conditions, And the masses of the blocks. "

"He is likely to make a balance between the candidates of the blocs and the electronic window, which is free, but from the constitutional point of view it is possible to present an incomplete ministerial cabin and leave another for another time, and the time limit for the commission may end up not agreeing on a ministry or two ministries."

"The circumstances surrounding the formation of the government is still acceptable and there are no intersections between the taxpayer and the blocs and some problems may arise, but the general situation is positive for Abdul Mahdi, and if he did not submit his booth to the House of Representatives in the last week of his constitutional period we can say that Henk obstacles and problems may loom large after the formation of the government. "

He pointed out that "90% of the current House of Representatives are young and this means that the supervision will be strict and the government to warn of these young people," noting that "the new ministers to prove their efficiency management and performance in the first months, it will protect the government from any future questioning in parliament "He said.

He added that "the era of conflicts is over and the atmosphere of understandings and objections to the formation of the government will be serious."

He added that "the previous accusations were to impose wills and today there is no such thing and Abdul Mahdi is acceptable to all and will continue these understandings throughout the life of this government to the existence of a political balance between reform and construction in the House of Representatives, which did not happen in the last parliamentary sessions."

http://alforatnews.com/modules/news/…storyid=177742


The return of more than 500 million dinars to the state treasury
10/17/2018


Baghdad / News:
The Court of Investigation of integrity in the resumption of Karkh, the return of the amount of 549 million dinars to the state treasury on the pretext of processing the Ministry of Electricity devices detect explosives.

A statement issued by the Media Center of the Supreme Judicial Council received by the ‘news’, that the Court of Investigation of Integrity considered a case concerning the processing of the Ministry of Electricity detection devices explosives ‘, pointing out that’ the Court during the investigation took legal action against the Director Commissioner of the company equipped devices that contravened the specifications agreed upon The amount was returned to the ministry ‘.

The statement added that the investigations were in accordance with the provisions of Article 456 of the Iraqi Penal Code.

http://www.ikhnews.com/index.php?page=article&id=173527

Claims to replace deputies who have not sworn in
10/17/208

BAGHDAD / The deputy for the
construction coalition Zahra al-Bajari, on Wednesday, Speaker of the House of Representatives Mohamed Halbusi sent a letter to the Electoral Commission to replace the members who have not been sworn in so far.


"All members of the House of Representatives took the constitutional oath on September 3 except for those who hold government positions," Al-Bijari said in a statement.


"The legal period for the swearing-in is one month. Otherwise, the winning member, whether he is a government official or not, should explain why he has not been sworn in and wants to remain in the government."


Albjara explained that the Presidency of the Council of Representatives are prompted to send the names of the winners of the House of Representatives to the Electoral Commission who did not sing section until now to force them to perform the constitutional right to carry out legislative duties or replace them with other members. "

http://aynaliraqnews.com/index.php?aa=news&id22=106844

Iraq recovers $ 500,000 from Lebanon from the former regime




[Ayna-Baghdad]
The Integrity Commission announced on Thursday the recovery of funds belonging to the former regime deposited in Lebanese banks.


A statement of integrity received by the agency all of Iraq [where] a copy of it, "The recovery department in the Integrity Commission confirmed that the technical team supported to recover the funds of Iraq from the recovery of nearly half a million dollars was deposited in the account of the director of a military manufacturing company of the former regime and his wife in a bank Lebanese. "

According to the statement, "the team’s follow-up in cooperation with the Ministries of Justice and Foreign Affairs of the documents and legal evidence in support of the file led to the conversion of their accounts to the account of Iraq in the Development Fund for Iraq."

The Chamber noted that "the Director of the Company is covered by the Security Council resolutions [1483 and 1518 of 2003]. The first resolution obligates Member States that have funds, other financial assets or economic resources removed from Iraq by freezing them and transferring them to the Development Fund for Iraq."

The Integrity Commission announced in early October that the technical team supported the recovery of Iraq’s money from the recovery of funds belonging to the dissolved military industrial era of the regime was deposited in a bank in Jordan.

http://www.alliraqnews.com/modules/n…?storyid=78154

Shares in Genel Energy were trading up more than 5 percent on Wednesday as the company issued a trading and operations update in respect of Q3 2018. The information contained herein has not been audited and may be subject to further review.

Murat Özgül (pictured), Chief Executive of Genel, said:

Genel continues to rapidly increase both production and cash, and is now in a net cash position. Peshkabir is once again exceeding expectations, and drilling on the Taq Taq and Tawke fields provides the potential for working interest production to continue to grow.

“This can further increase our already material free cash flow generation. With notable opportunities in the portfolio, Genel is well positioned to generate significant shareholder value.

FINANCIAL PERFORMANCE

  • $236 million of cash proceeds received as of 30 September 2018, of which $85 million was received in Q3
  • Free cash flow of $119 million in the first nine months of 2018 ($70 million in H1 2018), with capital expenditure of $62 million
  • Cash of $281 million at 30 September 2018 ($233 million at 30 June 2018)
  • Net debt of $16 million at 30 September 2018 ($64 million at 30 June 2018)
  • Post period end, the receipt of $32 million relating to July 2018 exports means that Genel is now in a net cash position

Q3 2018 OPERATING PERFORMANCE

  • 2018 net production averaged 32,600 bopd as at 30 September 2018, with Q3 averaging 33,700 bopd
  • Production and sales by asset during Q3 2018was as follows:
(bopd) Export via pipeline Refinery sales Total      sales Total production Genel net production
Taq Taq 12,240 0 12,240 12,230 5,380
Tawke PSC 113,450 0 113,450 113,090 28,270
Total 125,690 0 125,690 125,320 33,650

Note: Difference between production and sales relates to inventory movements

  • Tawke PSC (Genel 25% working interest)
    • Tawke PSC production averaged 113,100 bopd in Q3 2018, including a contribution of 29,700 bopd from the Peshkabir field
    • Following the successful results of the Peshkabir-7 well, current production from the Peshkabir field is c.50,000 bopd
    • Current production from the Tawke field is just over 80,000 bopd
    • Drilling activity at the Tawke field has recommenced
      • The Tawke-50 shallow Jeribe well has been drilled to a depth of 320 metres will be brought on production within several days
      • The Tawke-49 Cretaceous well is drilling ahead and will be completed later this month
      • Two additional Tawke wells, one each in the Jeribe and the Cretaceous, will be drilled by the end of the year
  • Drilling activity continues at Peshkabir
    • Peshkabir-6 has established a deeper Cretaceous oil/water contact level than previously estimated. Further testing is underway, including test production of multiple producing zones
    • The Peshkabir-8 well, spud in late August, is drilling ahead. Once completed, the rig will move to spud Peshkabir-9 in November
  • A central processing facility at Peshkabir is set to be commissioned by the end of 2018, which will have a capacity of up to 50,000 bopd, ensuring that production remains unconstrained by surface facilities
  • Production from Peshkabir is highly cash-generative to Genel, with every 10,000 bopd increase in gross field production adding over $2 million to the Company’s monthly free cash flow
  • Taq Taq PSC (Genel 44% working interest and joint operator)
    • Taq Taq field production averaged 12,200 bopd in Q3 2018
    • Current production from the Taq Taq field is c.12,000 bopd
    • With production at the field having stabilised, the five well programme, which aims to increase total production, is now underway
      • The TT-32 well, located to the north-west of the successful TT-29w well on the northern flank of the field, has now spud
      • The well is expected to be on production by the end of 2018, and the rig will then move on to drilling locations on the western and southern flanks of the field
  • Bina Bawi and Miran (Genel 100% and operator)
    • Field development plan (‘FDP’) submitted to Ministry of Natural Resources (‘MNR’) regarding the 34 MMbbls of 2C light oil at Bina Bawi, with the FDP for the Bina Bawi gas development well advanced and set to be added to this submission shortly. The submission will enable completion of the discussions with the MNR in relation to the optimisation of value creation from Bina Bawi
    • A field development plan regarding Miran is on track to be submitted to the MNR around the end of the year
  • African exploration
    • Onshore Somaliland, seismic processing is now nearing completion, and preliminary analysis and interpretation is underway. A prospect inventory will then be developed, with the potential to spud a well around the end of 2019
    • On the Sidi Moussa block offshore Morocco (Genel 75% working interest, operator), over 2,000 km2 of 3D seismic has now been acquired, c.60% of the total. Acquisition is set to complete in November, with data processing to follow in 2019

OUTLOOK AND 2018 GUIDANCE

  • Average net production for 2018 expected to be slightly above guidance of c.32,800 bopd, with exit rate production at the end of the yearforecastto be considerably higher than this figure
  • The uplift in production at Peshkabir in Q3 will lead to record cash receipts in Q4, with ongoing strong free cash flow generation
  • Capital expenditure for 2018 is expected to be towards the bottom end of the previously stated $95-125 million guidance range
  • Operating expenditure for 2018 expected to be c.$25 million, lower than previous guidance of c.$30 million
  • The positive results from wells at Peshkabir are expected to lead to a material increase in proven and probable reserves

(Source: Genel Energy)

Iraq is pursuing major infrastructure projects to add millions of barrels per day of export capacity, in an effort to keep pace with ambitious plans to raise production.

In the short term, the Oil Ministry is looking to jump-start work on a long-delayed pipeline contract with the Australian company Leighton Offshore.

Beyond that, Iraq is looking to commission new offshore pipelines and to build an artificial island, the latter of which is likely to be contracted to the Dutch firm Boskalis.

More details here from Iraq Oil Report (subscription required)

(Source: Iraq Oil Report)

DNO ASA, the Norwegian oil and gas operator, today announced production at the Peshkabir field in the Kurdistan region of Iraq has ramped up to 50,000 barrels of oil per day (bopd), meeting the end-2018 target ahead of schedule and below budget.

One of two recently completed wells, Peshkabir-7, is producing over 10,000 bopd from nine Cretaceous zones through temporary test facilities and exported. The other, Peshkabir-6, drilled as a production well, but with the additional objective of appraising deeper formations, has established a deeper Cretaceous oil/water contact level than previously estimated. Further testing is underway, including test production of multiple producing zones.

The Peshkabir-8 well, spud in late August, is drilling ahead at 2,325 meters. Once completed, the rig will move to spud Peshkabir-9 in November.

Four other wells at Peshkabir now produce at a combined rate of close to 40,000 bopd following a workover at Peshkabir-3 which boosted production from that well to 11,000 bopd from 8,000 bopd.

Peshkabir production is processed through temporary test facilities until commissioning of a central processing facility with a capacity of up to 50,000 bopd by end-2018. The Company is also installing a 10-inch pipeline from Peshkabir to Fish Khabur with a capacity of 60,000 bopd. Field production is currently transported to Fish Khabur by tanker truck and a 6-inch pipeline.

At the Company’s flagship Tawke field, the Tawke-50 shallow Jeribe well drilled to a depth of 320 meters will be brought on production within several days. The Tawke-49 Cretaceous well is drilling ahead at 2,245 meters and will be completed later this month. Two additional Tawke wells, one each in the Jeribe and the Cretaceous, will be drilled by the end of the year. Workovers are also underway at two wells. Tawke production currently stands at just over 80,000 bopd.

Elsewhere in Kurdistan, the Company is about to spud its first well at the Baeshiqa license. Baeshiqa contains two undrilled structures with multiple target reservoirs in the Cretaceous, Jurassic and Triassic. The first well will target the Cretaceous and will be followed by a back-to-back well to test the deeper Jurassic and Triassic on the same structure. A third well to test the Jurassic and Triassic on a separate structure will be drilled in 2019.

“We are all in on our Kurdistan operations and delivering,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani (pictured). “Peshkabir continues to exceed expectations and we are eager to probe the promising potential at Baeshiqa,” he added.

In Norway, the Company will participate in two exploration wells to be spud in 2018. DNO currently holds 21 licenses in the country and plans an additional five exploration wells next year. The Company’s growing Norway portfolio is complemented by a 28.22 percent shareholding in UK-listed Faroe Petroleum plc.

“With USD 1 billion in financial assets, including more than USD 600 million in cash and the balance in marketable securities and treasury shares, we are well-positioned to grow our footprint in Kurdistan and Norway with the drill bit and the acquisition of producing assets,” said Mr. Mossavar-Rahmani.

(Source: DNO)

Iraq Recovers Billions Of Its Funds Deposited In Banks In Jordan
10/4/2018

The Commission for Integrity announced that the technical team supported the recovery of Iraqi funds from the recovery of funds belonging to the Military Industrialization dissolved in the era of the former regime was deposited in a bank in the Hashemite Kingdom of Jordan.

"Following the follow-up and collection of information on Iraqi funds deposited in Jordanian banks during the era of the former regime, the Panel was able to recover funds that were deposited with Banque du Caire-Amman in the Jordanian capital," the recovery department said in a statement.

She pointed out that "the funds were deposited in the account of the Iraqi Embassy in Amman, indicating that the process lasted for six months between the collection of information and communications with the Jordanian side, who expressed his willingness to cooperate in settling files of funds deposited there.

She pointed out that "the cooperation of the Iraqi Embassy in Amman and coordination with the competent Jordanian authorities, and follow directly from the Chairman of the Commission, Judge Izzat Tawfiq Jaafar for the work of the team, explaining that this process is a positive step to settle the file of Iraqi deposits in Jordan

noting that the next period will witness similar operations after the success of the Department Recovery in the Authority shall collect information and documents proving the interest of such funds. "

It is noteworthy that the technical team supporting the recovery of Iraq’s funds include the Office of the Prime Minister and the intelligence services and the prosecution and the Council of State and the Ministries of Foreign Affairs, Justice and Finance and the Supreme National Commission for Accountability and Justice, as well as the Integrity Commission.

http://www.alhikmeh.org/news/archives/142875

By John Lee.

The United Nations has advertised new positions in Iraq:

(Source: UN)

(Picture: Finger pressing a new career start button, from Olivier Le Moal/Shutterstock)