BP delegation to finalize Kirkuk oil field deal to boost production, 27 NOV

 BP delegation to finalize Kirkuk oil field deal to boost production

Shafaq News/ A delegation from British Petroleum (BP) has arrived in Kirkuk to hold intensive discussions with the North Oil Company, aiming to finalize an agreement to develop the region’s oil fields, according to a senior company source.

This follows the memorandum of understanding signed on August 1 under the supervision of Prime Minister Mohammed Shia Al-Sudani. The agreement, involving Iraq’s Ministry of Oil and BP, focuses on rehabilitating and expanding production in key Kirkuk oil fields, including the Baba and Avanah domes and three adjacent fields – Bai Hassan, Jambur, and Khabbaz – that are operated by the Government of Iraq’s North Oil Company (NOC), with the possibility of adding more fields in the future.

The source revealed that “BP presented its initial plan during meetings with North Oil Company officials, outlining surveys and preparations for oil wells. A meeting with Kirkuk Governor Rebwar Taha is also scheduled to discuss the progress.”

Additionally, the North Oil Company has already initiated a work plan to boost production, focusing on connecting wells in Bai Hassan, upgrading the pipeline network in the Avanah field, repairing damaged pipelines at Shoraw station, and implementing a drilling and reclamation plan.

Economic expert Abbas Al-Ali explained that the partnership aims to increase oil production in Kirkuk’s fields, which currently produce approximately 325,000 barrels per day (bpd). The target is to more than double output to 650,000 bpd.

“The agreement also includes a three-dimensional seismic study of the reservoirs to maximize extraction efficiency,” Al-Ali said.

Estimates indicate that the Kirkuk field contains around nine billion barrels of recoverable oil, underscoring its strategic importance for Iraq’s energy sector.

shafaq.com

MILITIAMAN CC HIGHLIGHTS CC NOTES, 27 NOV

 MILITIAMAN CC HIGHLIGHTS CC NOTES

Summary

Updates on Iraq’s federal court decisions regarding salaries, budget discussions, and Central Bank initiatives highlight economic reforms and oil export challenges.

Highlights

• ⚖️ Federal Court decisions impact salaries of Kurdistan region employees.
• 💰 2023-2025 budget discussions are underway, focusing on investment and operational spending.
• 🛢️ Oil exports from Kurdistan await parliamentary approval, with significant financial implications.
• 🏦 Central Bank workshops on financial risk management signal preparations for economic reforms.
• 📈 The introduction of the RL USD stablecoin aims to enhance international transactions and economic stability.
• 🔄 Ongoing discussions on merging state and private banks to improve financial viability.
• 🌍 Iraq’s digital transformation reflects its ambition to integrate into the global economy.

Key Insights

• ⚖️ Impact of Federal Court on Salaries: The Federal Court’s rulings are crucial for ensuring timely salary disbursements to Kurdistan region employees, reflecting a broader commitment to uphold workers’ rights.
• 💰 Budgeting for Growth: The urgency in finalizing the 2025 budget amidst discussions on 2023-2024 highlights the need for strategic fiscal planning to support long-term economic growth.
• 🛢️ Oil Export Dynamics: The delay in Kurdish oil exports not only affects regional revenues but also poses risks to Iraq’s overall financial health, emphasizing the need for legislative action.
• 🏦 Central Bank’s Role in Risk Management: The Central Bank’s focus on risk management indicates a proactive approach to safeguard against financial instability and enhance banking sector resilience.
• 📈 Emergence of RL USD: The introduction of the RL USD stablecoin signifies Iraq’s shift towards digital finance, potentially providing stability and efficiency in international transactions.
• 🔄 Banking Sector Restructuring: The merging of state and private banks aims to create a more robust financial system, crucial for attracting investments and fostering economic diversification.
• 🌍 Global Integration Efforts: Iraq’s ongoing digital transformation and focus on international cooperation underscore its intent to become a competitive player in the global economy, which is vital for sustainable development.

MNT GOAT: "We are still seeing lots of news from Iraq on educating the citizens in many areas"

 

Economist: Non-Oil Revenues To Achieve Significant Growth In 2024, 27 NOV

 Economist: Non-Oil Revenues To Achieve Significant Growth In 2024

Wednesday 27 November 2024 | Economic Number of readings: 141  Baghdad / NINA / Economic expert Manar Al-Obaidi, a member of the Political Economic Center, announced that the non-oil revenues of the Iraqi state grew during the first nine months of 2024 by 198% to reach the 12.3% barrier of its contribution to the total revenues of the Iraqi state.

 Al-Obaidi said in a statement that the total non-oil revenues of the Iraqi state during this period amounted to 14 trillion Iraqi dinars, up from the same period in 2023, which was about 4.7 trillion dinars.

Despite the decrease in the value of revenues resulting from taxes on income and wealth by 17%, the increase in commodity taxes by 275% and the increase in the budget's share of public sector profits by 243% contributed to this significant increase.

He explained that for the first time since 2003, non-oil revenues constituted 12% of total revenues and the contribution of oil revenues decreased to reach 88% of total revenues.

He added that the total revenues until September 2024 amounted to 114 trillion Iraqi dinars, an increase of 19% compared to the same period in 2023, which amounted to 95.85 trillion Iraqi dinars.

The improvement in non-oil revenues is due to the reforms made in the tax and customs file, in addition to encouraging profitable public companies to increase their contribution to government revenues. It is expected that non-oil revenues in 2024 will reach the barrier of 18 trillion Iraqi dinars. Despite the increase in this number,

it is still far from the planned number in the budget, which amounts to about 28 trillion Iraqi dinars. However, this improvement in these revenues reflects the success of the reforms made in the field of collection and work to increase payment through electronic outlets. / End 9 https://ninanews.com/Website/News/Details?key=1171400

SANDY INGRAM CC HIGHLIGHTS NOTES, 27 NOV

 SANDY INGRAM CC HIGHLIGHTS NOTES

Summary

Investors can utilize Iraqi dinars to invest in the Iraqi stock market (ISX), which is currently growing, while navigating political tensions and market liquidity issues.

Highlights

• 📈 Investors can use Iraqi dinars to trade on the ISX.
• 💼 Minimum investment for ISX brokers starts at around $73,000.
• 🔄 Liquidity issues can hinder quick buying or selling of shares.
• 🕒 Trading hours on ISX are from 10 a.m. to 12 p.m. Baghdad time.
• 🌍 Foreigners can invest in various sectors listed on the ISX.
• ⚠️ Political volatility poses risks for investments in Iraq.
• 📞 Recent calls between Iraq and global leaders highlight regional tensions.

Key Insights

• 💸 Investment Opportunities: The ISX presents a unique opportunity for investors using Iraqi dinars, especially in a growth phase. However, high minimum investment thresholds may restrict individual participation.

• 📊 Market Liquidity: The limited trading volume on the ISX can make it difficult to execute large trades swiftly, necessitating careful planning for investors.

• 🌐 Foreign Investment: Foreign investors can engage with the ISX, diversifying their portfolios in Middle Eastern markets, but must understand local regulations.

• ⚠️ Political Risks: The ongoing geopolitical tensions, especially involving Israel and Iran, can significantly impact market stability, creating a risky environment for investments.

• 🗓️ Trading Sessions: ISX operates on specific hours, making it crucial for investors to be aware of the trading schedule to optimize their transactions.

• 📊 Corporate Transparency: Investors should be cautious as Iraqi companies may not provide the same level of transparency in their operations and financial disclosures as those in more developed markets.

• 📞 Global Relations: Recent dialogues with international leaders, notably regarding energy and security, indicate Iraq’s strategic positioning, which could influence investor confidence and market movements.

FIREFLY: ECONOMIST ON TV ARE EXPLAINING THE PROCESS OF THE RV AND THAT THE PLANS OF RV IS DONE!!

 

What Is Iraq's Connection? Goldman Sachs: OPEC+ Cuts May Support Oil In The Short Term, 27 NOV

 What Is Iraq's Connection? Goldman Sachs: OPEC+ Cuts May Support Oil In The Short Term

Energy  Economy News - Follow-up  [rtl]Crude oil production in Iraq, Kazakhstan and Russia has fallen in compliance with OPEC+ production cuts, supporting some upside for Brent prices in the near term, according to a recent note from Goldman Sachs.

The investment bank added in its note issued yesterday, Tuesday, that Saudi Arabia is likely to extend oil production cuts due to the recent decline in prices, and that it now believes that oil production cuts will continue until April 2025 instead of January.

Goldman Sachs maintained its forecast for the average price of Brent crude for 2025 at $76 per barrel.

Two OPEC+ sources told Reuters that the group, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is discussing another delay to the oil production increase that was scheduled to start in January.

At the group's most recent meeting on November 3, OPEC+ agreed to postpone a production increase scheduled for December for a month.

he bank said that "any increase in OPEC+ production will be gradual and data-dependent."

Goldman Sachs added that the high level of compliance with OPEC+ production cuts indicates that the group's member states are working together to stabilize oil prices.

 He said that the production of Iraq, Kazakhstan and Russia decreased by 0.5 million barrels per day in November.

OPEC members are unlikely to backtrack on voluntary production cuts in the near term, executives from global commodity trading giants Vitol, Trafigura and Gunvor told the Energy Intelligence Forum in London.

But despite OPEC+ production cuts and delays to boost output, Brent crude futures have mostly remained in a $70-$80 range this year, trading below $74 on Tuesday.

]Goldman Sachs last week revised its forecast for Brent prices to an average of $80 per barrel this year, despite a supply deficit and geopolitical uncertainty in 2024, pointing to an expected surplus in 2025.     https://economy-news.net/content.php?id=50280