4th Annual Ultimate Energy Conference

Just listened to this again and I'm not sure if someone has mentioned this but JG said that SA is effectively an extension of Shaikan which we all knew BUT it will be operated via flowlines into the Shaikan PFs. So not only do we get 80% of SA but the only cost will be for the well & flowlines and not expensive PFs! More View thread 32 Respond Login to Vote up ------- Gulf Keystone Petroleum Ltd. 4th Annual Ultimate Energy Conference December 2, 2014 - December 3, 2014 New York, N.Y. Gulf Keystone Petroleum Ltd. is an independent oil and gas exploration and production company and a leading operator in the Kurdistan Region of Iraq, where the company has been present since 2007. Commercial production and crude oil sales have been ramping up from Shaikan, a world-class discovery and our flagship project. Two production facilities are on track to produce 40,000 barrels of oil per day with both international and domestic markets being established for the Shaikan crude. In order to realise further multi-billion barrel resource potential, Gulf Keystone continues exploration, appraisal and early production operations on the Sheikh Adi, Ber Bahr and Akri-Bijeel blocks, all with discoveries. See full profile... John Gerstenlauer Chief Executive Officer John Gerstenlauer joined Gulf Keystone in 2008 as Chief Operating Officer and was appointed Chief Executive Officer in July 2014. He holds Bachelor of Science degrees in Marine Biology, Civil Engineering, a Master of Science degree in Ocean Engineering and has written numerous technical papers on Petrophysical topics and drilling techniques. Mr Gerstenlauer’s oil & gas industry career began when he joined Shell Coastal Division, New Orleans in 1978. Over subsequent years, he assumed increasingly senior production engineering and drilling engineering roles within various New Orleans-based Shell operating divisions including Coastal, Onshore and Offshore, Shell Oil subsidiary Pecton do Brasil, Canadian Occidental Yemen, UMC Petroleum, and Wintershall AG Kassel, Germany before becoming Managing Director of Wintershall Nederland Group, The Hague. If you are experiencing any issues with the webcast, please try the following steps to resolve the issue: - Press the play button - Refresh your page - Switch to a different browser - Switch to a different network - Contact WSW http://wsw.com/contact.html ================== Iraq says to export oil from Kirkuk and Kurdish region via Turkey Tue, Dec 02 05:04 AM EST BAGHDAD, Dec 2 (Reuters) - Iraq's government and Kurdish authorities agreed on Tuesday to export 300,000 barrels per day (bpd) of oil from Kirkuk and 250,000 bpd from the northern Kurdish region through Turkey, Finance Minister Hoshiyar Zebari said. The agreement aims to overcome months of dispute which all but halted exports from Kirkuk and stopped payments of Kurdish salaries by the central government earlier this year. "The deal was reached today and endorsed by the Iraqi cabinet. Now it's a done deal," Zebari told Reuters. (Reporting by Dominic Evans; Editing by Alison Williams) =============== Iraq exports boost to add pressure on 2015 oil market Thu, Dec 04 05:55 AM EST * Iraqi exports expected to reach record rates * Supply boost to pressure Russian crude in Med market * Higher Iraqi output cited as factor against OPEC cut By Alex Lawler LONDON, Dec 4 (Reuters) - Iraq's plan for higher oil exports in 2015, emerging in detail just days after OPEC shunned any output cut, will add to global over supply and is likely to entrench the reluctance of other OPEC members to curb their own supplies. Iraq's government on Tuesday reached a temporary agreement with Kurdish regional authorities, preparing the ground for flows of 300,000 barrels per day (bpd) of Kirkuk crude exports to resume, on top of 250,000 bpd from the region's own fields. The increase could cause unease for other members of the Organization of the Petroleum Exporting Countries unable to boost exports and receiving lower revenues for crude sales following a 40 percent drop in prices since June. Extra Iraqi crude is set to reach a market forecast to need less OPEC oil globally in 2015 because of rising supply of U.S. shale oil and other competing sources, and no significant increase in world demand growth. "In purely volumetric terms, it's a rather unfortunate time for prices that this is coming on," said Eugene Lindell, analyst at JBC Energy in Vienna, who added that the oil would be a "game changer" for the local Mediterranean crude market. When OPEC met on Nov. 27, Saudi Arabia and its Gulf allies opposed calls from poorer members including Venezuela and Algeria for production cuts, sending prices plunging. Crude has since fallen further, slipping to below $68 on Monday, the lowest since 2009. Iraqi Oil Minister Adel Abdel Mehdi expressed concern about lower prices on arrival for the meeting, but later told reporters Iraqi exports would rise in 2015 to an average of 3.2 million bpd including Kurdistan. Before the meeting, OPEC delegates cited Iraq's rising production, as well as a lack of willingness by non-OPEC producers such as Russia, as a reason against other OPEC members cutting supply. "If you are going to cut production and Iraq is going to increase with others from non-OPEC, then you will achieve nothing," said one. 'UNACCEPTABLE' Kuwait's Oil Minister Ali Saleh al-Omair on Wednesday cricitized unnamed OPEC members for boosting output and said maintaining supplies was the appropriate response. "All of them ask you to cut your production, however they increase theirs. This is unacceptable," the official Kuwait News Agency cited him as saying. "So we should maintain our marketing quotas and production to meet our needs." Iraq is expanding its oil industry with the help of Western oil companies and has argued it should be exempt from OPEC supply restraint as it is recovering from years of sanctions and conflict. Exports have been held back for most of 2014 because of the closure in March of Iraq's northern pipeline, which flows to the Turkish port of Ceyhan from the Kirkuk fields, due to attacks from Sunni militants from Islamic State, which controls much of the north and west of Iraq. At present, Iraq is exporting about 2.50 million bpd from its southern fields - which have kept pumping and remained secure despite battles in other parts of Iraq - and an estimated 250,000 bpd of Kurdish shipments. Smooth progress is not certain. Iraq has missed its targets to expand supplies in the past, but only a small increase is needed to push Iraq's exports above the record high of 2.80 million bpd set in February. This could happen as soon as December as an initial 150,000 bpd of Kirkuk is scheduled to flow this month. The prospect of extra supplies has already put prices of competing, sour crude oils, such as Russian Urals, under pressure in the Mediterranean market. "We might see more flows soon," said a trader with a company that buys Iraqi crude, who sees Iraq's plan to export 3.2 million bpd next year as realistic. (Editing by William Hardy) =============== Chinese police arrest employee of commodity trader Trafigura as part of an investigation into an alleged $32 million oil fraud Exclusive: Trafigura China employee arrested over alleged oil fraud Thu, Dec 04 05:05 AM EST By Chen Aizhu BEIJING (Reuters) - Chinese police have arrested an employee of commodity trader Trafigura as part of an investigation into an alleged $32 million gasoline trade fraud, according to an official arrest warrant seen by Reuters. Tian Meng, 39, who works at Trafigura's oil marketing team in Beijing, has been held without charge in the northern city of Cangzhou since August, three sources with direct knowledge of the situation said. Under Chinese law, police can arrest suspects and detain them for up to seven months without charge. Tian could not be reached for comment, while a spokeswoman for Trafigura, which is the world's second-largest metals trader and third-largest oil trader, declined to comment. Commodity financing deals in China are already under the spotlight after a billion-dollar scandal at Qingdao Port, where a private Chinese trading firm has been accused of duplicating warehouse certificates to secure bank loans. The investigation into Tian was launched after private Chinese trader Qingdao United Energy (QUE) filed a complaint to police in early August, alleging it had lost $32 million via trade financing deals arranged without its knowledge between Tian and local trader Zhang Wei, according to two sources with direct knowledge of the investigation. Zhang was arrested in May, according to a warrant seen by Reuters. He could not be reached for comment. A spokesman for the Cangzhou police bureau declined to comment when asked to confirm the investigation into Tian and Zhang. A senior Trafigura source said Zhang, who had been trading derivatives with Trafigura since 2011 using collateral and credit backed by a local-government-backed firm, had accumulated losses of $32 million by late 2013 and agreed to a financing scheme with Tian and his Singapore-based gasoline team to settle the losses. Zhang bought 700,000 barrels of gasoline from Trafigura at market price using letters of credit issued by QUE and then sold them back to Trafigura at a discount of $32 million, two official sources with direct knowledge of the investigations said. Li Yixing, founder of QUE, told Reuters he was not aware of the loss-covering agreement made by Zhang, who was a shareholder in his company but was not authorized to enter into such deals. The senior Trafigura source said Tian believed Zhang was the authorized agent of QUE, adding that Zhang had represented other companies in previous transactions without problems. (Editing by Fayen Wong, Ed Davies and Will Waterman)