Oil Output Increases at DNOs Kurdistan Fields, 9 NOV

Oil Output Increases at DNOs Kurdistan Fields

DNO has confirmed that production is increasing in its fields in Iraqi Kurdistan and has doubled in Q4 compared to Q3.

The Company stated that APIKUR members can produce oil for pipeline exports once payment terms are clarified.

In its third-quarter results on Thursday, it said:

After the Iraq-Türkiye Pipeline was closed in March, the Company slowly reopened the Tawke and Peshkabir fields. DNO, with 75 percent ownership, and Genel Energy International Ltd, with 25 percent ownership, increased deliveries to local trading companies in Kurdistan. Production is continuously growing; in the fourth quarter, the output has been twice as much as in the third quarter.

The contractual entitlement between DNO and Genel, which is currently around 50% of the volumes produced, is sold at prices with a narrow variation in the mid-USD 30s per barrel. Payments are made in advance before any oil is delivered.

DNO has recovered around USD 15 million over the past year, including USD 8 million in October, for the accumulated KRG debt to DNO for previous oil sales in 2022 and 2023 (more than USD 300 million):

According to the recent statement by the Prime Minister of Iraq, Baghdad, and Ankara are ready to resume the flows from Kurdistan as soon as certain unspecified agreements between the international oil companies and Iraq and Erbil are reached. However, the Association of the Petroleum Industry of Kurdistan (APIKUR), of which DNO is one of six members, has stated that the member companies cannot produce oil for pipeline exports until it becomes clear how they will be paid for their contractual entitlements of oil already sold and delivered for export and for future sales of such crude for export. APIKUR members are owed nearly USD 1 billion in overdue and unpaid arrears.

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"RV UPDATE" BY NADER FROM MID EAST, 9 NOV

 Nader From The Mid East  

 Article quote:  "The Central Bank of Iraq...decided to allow you to import foreign currency from outside Iraq..." 

 Very very important.  We start receiving money internationally...this means in a couple days we be International be on Forex...Get ready to cash out soon...

Things are moving fast.  We're moving pretty good. The economy is getting pretty good.  Believe me it's gonna be very very good.  The private sector is solid and it's getting stronger.  You're almost there...Like I tell you always, keep your head on your shoulder...

Iraq Boosts Aviation Sector with ICAO Cooperation Agreement, 9 NOV

 Iraq Boosts Aviation Sector with ICAO Cooperation Agreement

The Prime Minister of Iraq, Mohammed S. Al-Sudani, has affirmed a path of progress for the country’s aviation sector by endorsing a cooperation and capacity-building agreement between the Iraqi Civil Aviation Authority and the International Civil Aviation Organization (ICAO). The alliance aims to foster institutional development, harness global expertise, and contribute to the overall advancement of Iraq’s civil aviation and air transport industry.

Strengthening Iraq’s Aviation Infrastructure

The agreement, approved by the Council of Ministers, underscores the commitment of the Iraqi government to advance the civil aviation sector. By contracting with international experts, the Civil Aviation Authority aspires to refine various aspects of aviation and air transport. The strategic collaboration signals a significant step towards enhancing Iraq’s aviation operations and infrastructure.

Implications of the Agreement

The partnership with the ICAO has potential to catalyze substantial growth in Iraq’s aviation sector. By leveraging international expertise and support, the agreement seeks to bolster regulatory frameworks, enhance institutional capacity, and foster sustainable growth in civil aviation. This proactive approach reflects Iraq’s ambition to meet international standards and positions the country for long-term success in the aviation industry.

Looking Ahead

The cooperation agreement could be a game-changer for Iraq’s aviation sector. By inviting global expertise and support, it accelerates the country’s journey towards a robust aviation industry. The initiative illustrates the Iraqi government’s commitment to a progressive aviation sector and its potential significance in the country’s overall development.

https://bnn.network/world/iraq/iraq-boosts-aviation-sector-with-icao-cooperation-agreement/

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In the document.. The Iraqi Central Bank specifies the conditions for importing foreign exchange from abroad, 9 NOV

In the document.. The Iraqi Central Bank specifies the conditions for importing foreign exchange from abroad

On Wednesday, the Central Bank of Iraq announced the requirements for importing foreign currency into the country.

The Central Bank has notified all licensed banks, outlining the following obligations that must be met.

1 – The funds will be utilized to fulfill requests from registered companies, organizations, and individuals working for foreign entities who receive mobile phones from outside Iraq.

2- Submit a request to the Banking Control Department of the Central Bank of Iraq, including the quantity to be entered from the shipment details.

3-Funds can only be entered through airports.

4- It is necessary to register the serial numbers of the shipments and provide the Banking Control Department with the data of their recipients at a later time.

5- To meet customer requests, the Central Bank requires the name of the foreign shipping company and a copy of the license granted to it in its country. The Central Bank has confirmed that it continues to provide foreign currency in compliance with the relevant instructions and controls.

"RV UPDATE" BY MARKZ, 9 NOV

 MarkZ  

 [via PDK]  I am still getting Friday night through Sunday morning from nearly all of my contacts…. I am being told that Iraq on Friday is expected to join the World Trade Organization and that they have a fully international currency. This means a lot needs to happen in the next 24-36 hours.   We are going to watch it closely.

 [via PDK]   Comment:  [Guru] Nader said IQD is going international in a couple of days!    MarkZ:  That is huge and I continue to get the same from my Iraqi sources as well.  

 I’m told to expect it Friday – if not before…with an announcement coming out of Iraq .  We’ll see. Just stay calm. IMO if they are telling us an exact date- It’s probably not accurate. It could be before or after…but they are going to cloud the timing.

  I know a number of group leaders have been traveling for this thing…but, they are not giving me any specifics. They have been cracked down on what they can say and NDA’s. They have been leaned on hard to not leak the timing of this event. To me this means timing is “sooner” rather than “later”.