Gulf Keystone has announced that further to the approval of the Field Development Plan for the Shaikan field, a world class commercial discovery, announced on 26 June 2013, the Company has commenced its development drilling programme with the spudding of Shaikan-10. In parallel, production operations from the newly commissioned Shaikan production facility (“PF-1″) are scheduled to commence shortly.
Shaikan-10 to launch aggressive development drilling campaign
Shaikan-10, the Company’s first development well, spudded on 5 July 2013, launching a development drilling campaign as part of the approved phased development of the Shaikan field, which Gulf Keystone operates. The well is being drilled with the Weatherford 842 rig, which previously drilled Shaikan-8, also part of the agreed phased development. This rig also drilled the Shaikan-1 discovery well in 2009 and the Bijell-1 discovery well in 2010.
Shaikan-10 will be followed by a minimum 3-rig development and production drilling programme, which will commence in early 2014.
Shaikan-10 is intended to become a production well and is to be tied to the second Shaikan production facility (“PF-2″), which is currently under construction. Analogous to PF-1, it is of modular design and its production capacity will be of 20,000 barrels of oil per day (“bopd”). Shaikan-2 and -5, already completed as production wells, will also be tied to PF-2.
PF-1, which has now been completed and commissioned, when combined with PF-2 later in the year, will allow the Company to achieve its immediate short-term production target of 40,000 bopd.
Commenting on today’s announcement, John Gerstenlauer (pictured), Chief Operating Officer, said:
It is a recognised fact that Gulf Keystone has done outstanding work during the exploration phase and we continue targeting significant exploration upside of the Shaikan field with Shaikan-7, which is currently being drilled.
“Our next immediate target is to complete the Company’s transition from an exploration to a key producer in the Kurdistan Region in 2013. The spudding of Shaikan-10 is yet another step in the right direction.
“The implementation of our Field Development Plan has started and we will shortly commence production from one of the world’s largest onshore conventional oil & gas developments. Focusing on our production milestones agreed with the Ministry of Natural Resources, we are working hard to get to 40,000 bopd of Shaikan production from PF-1 and PF-2, and then to progress to 150,000 bopd within 3 years and 250,000 bopd within 5 years.
(Source: GKP)

Source: Iraq-BusinessNews.com.

Post your commentary below.

By Mustafa al-Kadhimi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
The June 30 events in Egypt deserve to be carefully and attentively interpreted at all levels, as far as Iraq is concerned.
The rapid political change in Egypt did not take place against the old political leaderships, which had spread like cancer in the Arab countries for decades and required the eruption of the Arab Spring uprisings to be undone. This time, the Egyptian popular movement was against political Islam movements, which were the biggest winners in the Arab revolutions.
Contrary to the tendencies that attempt to describe Egypt’s June 30 events as a “military coup,” in reality it was a popular movement par excellence, before the army intervened in determining its options.
In this regard, it is right to say that isolating the Muslim Brotherhood-affiliated former President Mohammed Morsi (pictured) would not have happened by popular will alone without the army’s intervention. The same is true for former President Hosni Mubarak.
Based on that, the controversy over the terms “revolution” and “coup” should not prevail over the attempt to interpret the real side of the conflict in Egypt and the region. It precisely falls under the description of the political Islam movements’ experience in governing the peoples of the region, and the significant mistakes that have been committed, especially when monopolizing power, and considering the political right as being divine.
The popular resentment against religious parties in the region cannot be understood separately from the Iraqi experience. Iraq is a vivid example of the experience of both Shiite and Sunni political Islam.

Source: Iraq-BusinessNews.com.

Post your commentary below.

The Dutch Minister for Migration and State Secretary of Security and Justice, Mr Fred Teeven, met with Minister Falah Mustafa as part of his visit to the Kurdistan Region to discuss bilateral ties.

The visit is part of an effort to further strengthen ties between Kurdistan and the Netherlands.

Minister Mustafa expressed his appreciation to the delegation on behalf of the KRG for their assistance to the Kurdish community during times of difficulty. He said, “We have a historical relationship with the Netherlands. But we are not living in the past today, we are focused on the future and to delivering prosperity to our people.”

The two sides also touched on ways of strengthening ties between Kurdistan and the Netherlands. Minister Mustafa said that the KRG wants to interact with the international community and welcomes the exchange of visits. He said, “These visits are important as they allow you to see the developments firsthand.”

The meeting included detailed discussions about the role the Netherlands can play in promoting the rule of law, advancing human rights, and encouraging transparency and accountability in Kurdistan. It later touched on the relationship between Erbil and Baghdad, as well as on regional developments.

Minister Mustafa also called for the establishment of an EU Office in Erbil, similar to the one in Baghdad to ensure the Kurdish position is conveyed to the European Union, saying that the time to do so is now. He added that this would help further strengthen political, economic and cultural ties.

Dutch Minister Teeven expressed his appreciation for the warm hospitality and said he was surprised by the notable difference between Kurdistan and the rest of Iraq. He assured Minister Mustafa that he would follow up discussions with his colleagues in Brussels to convey the request for an EU Office in Erbil. He added that it is important for Kurdistan to be covered in specific agreements between Iraq and EU to ensure that it can benefit.

He said, “We have had an enjoyable and productive visit to Kurdistan, and I will explore some of these areas with my colleagues in the Netherlands and in the EU Commission.”

Minister Teeven was accompanied by the Dutch Ambassador to Iraq, Mr. Harry Molenaar; Head of the Embassy Liaison Office in Erbil, Mr. Jeroen Kelderhuis, as well as several other senior officials from his ministry.

Several officials from the Department of Foreign Relations also attended the meeting, including the Deputy Head, Mr Karwan Jamal; Ms Siham Jabali, Assistant-Head of DFR, and other advisors and staff members.

(Source: KRG)

By Mustafa al-Kadhimi for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The June 30 events in Egypt deserve to be carefully and attentively interpreted at all levels, as far as Iraq is concerned.

The rapid political change in Egypt did not take place against the old political leaderships, which had spread like cancer in the Arab countries for decades and required the eruption of the Arab Spring uprisings to be undone. This time, the Egyptian popular movement was against political Islam movements, which were the biggest winners in the Arab revolutions.

Contrary to the tendencies that attempt to describe Egypt’s June 30 events as a “military coup,” in reality it was a popular movement par excellence, before the army intervened in determining its options.

In this regard, it is right to say that isolating the Muslim Brotherhood-affiliated former President Mohammed Morsi (pictured) would not have happened by popular will alone without the army’s intervention. The same is true for former President Hosni Mubarak.

Based on that, the controversy over the terms “revolution” and “coup” should not prevail over the attempt to interpret the real side of the conflict in Egypt and the region. It precisely falls under the description of the political Islam movements’ experience in governing the peoples of the region, and the significant mistakes that have been committed, especially when monopolizing power, and considering the political right as being divine.

The popular resentment against religious parties in the region cannot be understood separately from the Iraqi experience. Iraq is a vivid example of the experience of both Shiite and Sunni political Islam.

Iraq violence could spark civil war: UN official

Published July 10, 2013AFP


BAGHDAD (AFP) –

Violence in Iraq is on the rise and could lead towards civil war, the head of the UN human rights mission warned on Wednesday.


"Iraq is really at a crossroads. I wouldn’t say we’re at a civil war yet, but the figures are not looking good," Francesco Motta told AFP.


"Political deadlock in the country, a lack of national vision by a lot of politicians, the outside influences that are coming from the region, Syria and other players, is all having a destabilising effect," he said.
A wave of attacks since the start of the month has left over 190 dead and more than 400 wounded, according to AFP figures based on security and medical sources.


"The deepening sectarian divisions in the country now are manifesting themselves in a way that are even more dangerous than I would say in 2007," when tit-for-tat killings became so bad that "not even the government was counting" the dead, Motta said.


A "surge" of additional US troops combined with Sunni Arab tribes turning against Al-Qaeda helped bring the rampant violence under a semblance of control.


The level of violence reached its lowest level in 2011, with 2,771 people killed, according to UN figures.


But it is once again on the rise, fuelled by widespread Sunni discontent with the Shiite-led government, and fanned by the civil war in neighbouring Syria.


"A lot of the radical groups are getting oxygen from what is going on there," Motta said of Syria.


"The more people die (in Iraq), the greater the chance of counter-reaction and the greater chance it has to spiral out of control," he said.
"If the casualties keep going at this rate it will be well over 5,000 at the end of the year, so we’re looking back at figures of 2008," he said.
"We’re not at the point where it’s irretrievable. We’re not at the point where we’re at civil war, said Motta.


"But if violence keeps spiralling, if it keeps targeting civilians, if it keeps killing innocent women, men and children, it may come to the point where it will become irreparable, and no one will want to step back from the brink."

Read more: http://www.foxnews.com/world/2013/07…#ixzz2YgU3fhFN

Delayed debts regained by the Trade Bank of Iraq, says Iraqi prime minister

10 Jul 2013

Nuri al-Maliki, Iraqi Prime Minister, announced that the Trade Bank of Iraq was able to recover the delayed debts from investors that have exceeded a billion and a half dollars, stressing that Iraq is seeking to adopt a new political economy after emerging from Chapter VII.

On the occasion of celebrating the 10th anniversary of the establishment of Trade Bank of Iraq, he stated, "This bank is still new and has passed through difficult circumstances and incorrect practices, but we returned things on track.”

He further remarked, "The delayed debts of investors were more than a billion and a half dollars but the bank was able to recover them, as these loans have entered practically under the construction and reconstruction process."

He stated his happiness also on the context of Iraq’s getting out from the Chapter VII obligations. In this regard, he mentioned, "Iraq is heading towards reconstruction, services and is increasing its wealth, and work on the multiplicity of the per capita income of the Iraqi person across the tourism industry which is an important aspect to address every fault that we suffer from".

Prime Minister accepted that fact that Iraq has a lot of things to be reconstructed and the country is still suffering from deterioration of the service conditions.

However, he is hopeful that after exiting Chapter VII, a lot of positive things are there waiting for the country and soon the country will reach towards its desired economic prosperity.

http://www.iraqdirectory.com/en/2013/07/10/24474/delayed-debts-regained-by-the-trade-bank-of-iraq-says-iraqi-prime-minister.aspx

30 banks opened over four years in Najaf and economists are counting on the "city’s prosperity and security" to open more

Author: AY
Editor: NF, RS 07.10.2013 15:48

Range Press / Najaf
Detection Economists Najafion, on Wednesday, that the number of private banks that have been opened in the province arrived during the last four years to 30 banks, Aazin reason to security and stability witnessed in the province, and as for drew to Najaf is today a magnet for all business and corporate and investment due to the presence airport where visitors flocked to it, citizens welcomed the opening of banks that "go beyond routine witnessed by government banks."
The Director of the United Bank Ahli Investment in Najaf Ali Ancoche in an interview to (range Press), "The number of private banks in the province reached so far 30 banks waged during the past four years, noting that" the security situation and economic situation in the province has allowed the opening of this number of banks Eligibility. "
And between Ancoche that "Najaf is a magnet for all businessmen and investment companies and private banks, because of the movement enjoys substantial economic and security stability, in addition to the presence of the airport which facilitates the influx of visitors to visit the holy sites."
The Ancoche pointed out that "there is a tendency for most of the owners of the private banks in the capital, Baghdad, to open branches of their banks in the holy city of Najaf, which is a safe area and encouraging capital."
For his part, economic expert on behalf Antoine in an interview (range Press), "The situation is normal for the banks is that each (10) thousands of individual one bank, but in Iraq, unfortunately, we find that for every (40) thousand individual one bank," referring to "The evolution of the banking business and the return of the citizen’s confidence in banks, in addition to the activity of banks and its multiple roles to make the holy city of Najaf witnessing this issue of the banks."
Antoine pointed out "the province of Najaf being a tourist town, it needs to further reconstruction and infrastructure, as well as cultural centers and hotels," noting that "the banking business is a key pillar in the development processes."
For their part, welcomed citizens Najafion the presence of banks in maintaining civil, being Bhsabhm the beyond routine witnessed by government banks, as well as provide them with more banking services.
He said the citizen Karrar Abdul-Zahra (40 years old) in an interview to (range Press) that "the presence of private banks increases the chances of the work of the private sector, especially small entrepreneurs, It gives these banks soft loans to them and interest rates are reasonable, and activates the existence of private banks sector investment, as reflected on the evolution of architecture in the city and animates the movement of the private sector. "
The Najaf witnessed at the beginning of last week the opening of the United Bank for Investment, the last Ahli Bank was opened in the province, and announced its readiness to provide all banking services to customers, also announced its readiness to provide all services for investment projects.
The Foundation Singaporean money management revealed on Monday (the third of June 2013), that five private banks in Iraq has achieved total profit than the 207 percent during the past three two, while expected to continue that sector profitability and growth in capital over the next decade, Despite the difficult business in Iraq, called on the Iraqi banks because "overcome some of the challenges" to continue its increasing growth. "
It is noteworthy that the Association of private banks in Iraq, reported in (the fourth of January 2013), the number of private banks in Iraq reached 32 banks in two decades, in addition to increasing the number of branches in Iraq to more than 500 branches and assets of these banks amounted to more than 12 trillion Iraqi dinars, as the volume of deposits in which eight trillion dinars, and arrived credit cash in which a total of three trillion and six billion dinars, while reached the capital of these banks and their reserves to three trillion and three billion Iraqi dinars, and that the total profits of these banks exceeded 477 billion dinars.
The study estimated that the local banks’ capital amounted to government until the end of October of the previous year 2012, a total of 754 billion dinars, compared with more than four billion dinars for private banks, and investment balances in banks operating in Iraq recorded until 31.10.2012, an amount approximately six billion dinars (5.947), and the share of government banks, including 4.929 billion dinars, compared with 1.018 billion dinars for private banks.
The bankers and economies, Iraqis carried in the (15 May 2013), the Ministry of Finance and the Central Bank of Iraq responsible for the decline and the reality of domestic private banks, while the latter accused of encouraging Arab and Iranian banks at the expense of Iraq.
The International Monetary Fund said in a report issued in (the 21 of March 2013), after the end of consultations in the Jordanian capital Amman, between a delegation from the Fund and an Iraqi delegation headed by the Minister of Planning Ali Shukri, and seen by (the long-Presse), that the improvement occurred in the financial sector , but he stressed that he still needs a "greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision, and to accelerate the restructuring of the banking system."
The International Monetary Fund called the Iraqi Central Bank to take measures to gradually towards the liberalization of foreign exchange through auctions held by the Bank so as not to repeat disorders suffered by the financial market in the past year.
UNFPA emphasized that "the establishment of a banking system nationalist requires abandoning the current model, which is controlled in which weak banks owned by the state, which enjoys preferential treatment apart from private banks," calling on Iraq to do to strengthen its institutions, public finance to ensure efficiency and transparency in the use of oil revenues http://www.almadapress.com/ar/news/1…#1610;-ا

After the exit of Chapter VII sanctions on Iraq, international banking organizations are looking to invest in Iraq. The Iraqi central bank has recently declared that presently Iraq possesses high volume of foreign reserves, which is around 76 billion dollars and in addition to that bank owes 30tons gold bullon.