UPDATED ON:
Sunday, June 28, 2009
16:00 Mecca time, 13:00 GMT
Focus
The scramble for Iraq's 'sweet oil'
By Nicole Johnston, Al Jazeera correspondent
With proven oil reserves of around 112 billion barrels and up to another 150 billion barrels of probable reserves, Iraq is the greatest untapped prize for international oil companies.
To put that in context, if Iraq does turn out to have around 300 billion barrels of oil, it will rival the world's biggest producer Saudi Arabia - which has around 160 billion barrels of proven reserves.
So it is little wonder that giant international oil companies are lining up to get back into Iraq after the industry was nationalised in the 1970s and the oil majors were kicked out.
On June 30 major companies - including Exxon, Shell, BP and Total - will gather at Iraq's oil ministry in Baghdad for a two-day meeting to take part in the first bidding round for oil service contracts.
However, what the oil companies will be entitled to if they secure a contract has become one of the most controversial elements of the bidding process.
The companies want a long-term share of the oil they produce under a Production Sharing Agreement, which allows them to book reserves in advance and tell the market exactly how much oil they expect to produce.
This is exactly the type of contract that Iraqis in the oil industry are opposed to. They argue oil companies should be awarded Technical Service Agreements, meaning they will be paid solely to develop Iraq's oil fields.
Fayad al-Nema, general manager of Iraq's South Oil Company, has written to Hussein al-Shahristani, the Iraqi oil minister, outlining his company's objections.
Iraqi objections
"We in the South Oil Company, that is all of its leadership, reject the first bidding round because it is against the interests of Iraq's oil industry."
Al-Nema, and others, argue that it would serve the national interest better if foreign companies were brought in on a short-term basis only, until Iraqi firms are capable of managing and developing the oil fields themselves.
Oil workers' unions in Iraq have also spoken out against the contracts.
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"The first round of the allocation of Iraq's oil contracts... have given huge advantages to the foreign companies"
Hassan Joumah, Federation of Iraqi Oil Workers' Union
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Hassan Joumah, president of the Federation of Iraqi Oil Workers Union, says: "Unfortunately, there are many problems with the first round of the allocation of Iraq's oil contracts, which have given huge advantages to the foreign companies to invest in Iraq's oil.
"Giving such returns to foreign companies will put Iraq's economy in the hands of foreign companies."
The Iraqi oil workers gained some concessions including establishing joint operating companies.
Under this arrangement, international oil firms will not receive a share of Iraq's oil but they will be working in the country for the next 20 years with a 75 per cent stake in the operation.
Over the last two weeks, al-Shahristani has been forced to defend the terms of the contracts before parliament.
He argues that without outside help Iraq can not boost its oil production levels, warning lawmakers: "We will not achieve our desired goals and our country will fall behind."
However, the contracts on offer are not the only controversy surrounding the exploitation of Iraqi oil.
KRG dispute
Iraq's newest oil field is not in the desert of western Iraq or the barren landscape of the south near Basra. It is in the semi-autonomous region of northern Iraq which is controlled by the Kurdistan Regional Government (KRG).
The Norwegian company DNO has already excavated the Tawke oil field in this region.
Its owners proudly show off their new field and their enthusiasm is contagious; they have discovered the type of oil Iraq is renowned for - what oil experts here call "sweet oil".
It is easy to produce and costs less than $2 to get out of the ground. Within a couple of years they hope to be exporting 200,000 barrels per day from here.
But Iraq's federal government says contracts signed by the KRG are illegal and refuses to recognise them.
The main bone of contention is who controls Iraq's oil and gas reserves.
The Iraqi constitution should provide the answer, but conflicting articles in the document have exacerbated the power struggle between Baghdad and the KRG over the management of these resources.
Both sides have teams of lawyers and consultants arguing that the constitution gives them the right to sign contracts and manage the resources.
Falah Kadhim Al-Khawaja, an Iraqi oil expert in Amman, says the central government in Baghdad is right.
"Based on the constitution, there is a clause that says oil and gas is the property of the Iraqi people and the central government is responsible for the budget. So the Iraqi budget is based on oil and gas revenues. How can the central government plan without having control of oil and gas resources?"
Nevertheless, the KRG has pushed ahead and signed dozens of oil contracts with foreign companies.
Interestingly, the world's biggest oil companies, Exxon, Shell, BP and Chevron, have avoided signing contracts with the KRG.
They do not want to risk the wrath of the federal government, opting instead to wait for the most lucrative contracts for the super-giant fields in the rest of the country.
Until recently, the Tawke oil field was caught in the middle of the dispute.
Since early 2009, the oil field has been ready to begin exporting around 60,000 barrels a day. Instead, the KRG told DNO to delay exporting until it the conflict with Baghdad is resolved.
So DNO filled up its main exporting pipeline with water and waited.
Pipeline politics
At the end of May, the KRG gave DNO the go-ahead to begin pumping oil out of the country through the northern Iraq-Turkey pipeline.
However, the tension between Baghdad and the KRG is far from resolved.
Ashti Hawrami, the KRG's oil minister, accuses the federal government of being "afraid of good news".
"They are afraid [that] oil flowing from Kurdistan shows Baghdad in an even worse light. They failed and this will highlight their failure even more," she says.
This is the KRG's first foray into the oil-producing business and, as Hawrami likes to remind people, the regional authorities "do not want a single penny out of it".
The oil revenues will all go to the federal government and the KRG will receive its 17 per cent share of the national budget to manage its region.
Al-Shahristani, however, insists: "Any contracts for field development that is not approved by the federal government of Iraq has no standing with the Iraqi government and the oil companies have no right to work on Iraqi territory."
The pipeline politics are likely to continue unless a deal is reached between the two parties.
Source: AlJazeera and agencies
http://english.aljazeera.net/focus/2009/06/20096288505111580.html
28/6 2009 21:48 JCBN 0
14427 Ved da ik lige om jeg kan lide tonen mellem KRG og Baghdad i den her artikel...
Nu må vi se... et eller andet må der snart ske.
Nu må vi se... et eller andet må der snart ske.
29/6 2009 16:23 fcras 014461 Iraq May Get Exxon, Shell Bids in Oil Licensing Round Tomorrow
Monday, 29 June 2009
Iraq, holder of the world’s third- largest crude reserves, is set to receive offers to develop oil and natural gas fields tomorrow as the Middle Eastern state starts its first licensing round in more than three decades. Eight of the world’s top 10 non-state oil producers, including Exxon Mobil Corp. and Royal Dutch Shell Plc, are vying for the right to help Iraq develop six oilfields and two gas deposits. The Oil Ministry delayed bidding and contract awards by one day until June 30 after sandstorms shut Baghdad airport.
Companies investing in Iraq will be looking to take a stake in the long-term potential the country’s 115 billion barrels of reserves hold after gaining a foothold through the service contracts for operational fields on offer now.
“Anybody serious about being an international oil company over the next few years has to enter Iraq,” Occidental Petroleum Corp. Chief Financial Officer Stephen Chazen said in a June 24 interview.
Oil companies are seeking access to new reserves as production declines at aging fields in the North Sea and resources like those in Saudi Arabia and Iran are restricted for foreign firms. Saudi Arabia is the world’s largest holder of reserves with 264 billion barrels, followed by Iran with almost 138 billion barrels.
More than 30 companies in total are qualified to bid for $16 billion worth of technical service contracts. Foreign companies will get a fee for developing the deposits without taking stakes in the fields, rather than signing production- sharing agreements, which would give them a direct share of barrels produced. The bidding and awards will be televised and may take two days.
Exxon, Shell
Irving, Texas-based Exxon is still deciding whether to bid, Chief Executive Officer Rex Tillerson said June 16. The Hague- based Shell was in talks with Chinese companies on bidding jointly, CEO Jeroen van der Veer said April 14.
Already the third-largest oil producer in OPEC, Iraq is seeking to raise crude output to 4 million barrels a day after the award of the contracts, from about 2.4 million barrels now, Oil Minister Hussain al-Shahristani said. The government aims to increase that to 6 million barrels a day by 2015 after a second licensing round helps the country’s industry recover from six years of conflict proceeded by sanctions that destroyed its economy and infrastructure.
Al-Shahristani last week assured potential investors the bidding would go ahead as scheduled after parliament and current and former Iraqi oil industry officials called for the round to be scrapped. Prime Minister Nuri al-Maliki’s government has been criticized by lawmakers for failure to raise oil production faster and over concern the deals proposed won’t benefit Iraq.
Oil Revenue
Iraq will earn 100 times more than the foreign companies it hires to develop the deposits, the minister told parliament in Baghdad on June 23. The deposits being offered in the first licensing round may yield $1.7 trillion in profit for the country, based on an oil price of $50 a barrel, while oil companies seeking service contracts will gain $16 billion over the 20-year life of the contracts, he said.
Oil has gained 55 percent this year, trading higher than $70 a barrel last week. Iraq is the only member of the Organization of Petroleum Exporting Countries not bound by production quotas as the group lowers output to bolster prices amid the global recession.
Companies including Heritage Oil Ltd. and DNO International ASA are already exploring for and producing crude in Iraq’s semi-autonomous Kurdish region in the north. The Kurdish government pursued development contracts on its own and began exporting crude earlier this month after resolving a dispute with the national government over how revenue would be divided.
Kurdish Region
The Kurdish government last week said contracts being offered in the round organized by the ministry in Baghdad run foul of Iraqi law and the economic interests of the nation. The award of the Kirkuk and Bai Hassan oilfields, lying in a zone of disputed control between the federal and regional administration, will need local approval, Kurdish leaders said.
“It’s tit for tat,” said Thamir Uqaili, an independent consultant and associate of the Centre for Global Energy Studies in London. “The Iraqi government has always been saying that Kurdish oil investments are illegal. And so the Kurds are also talking in the same manner.”
In 1972, Iraq nationalized concessions owned by companies now known as BP Plc, Shell and Exxon. Political opposition now is compounded by security threats that will face companies seeking to send workers into Iraq.
U.S. troops are due to pull out of Iraq’s cities tomorrow and the entire country by the end of 2011, and Iraqi officials have said the nation’s security forces will be able to cope alone. Iraq and Britain signed a draft agreement on June 3 for some U.K. troops to remain in the country to help Iraqi naval forces protect oil platforms.
Source: Bloomberg
http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=53913&Itemid=79
Aksjonærliste oppdatert pr. 27.04.2009
- Ingen på topp 20 reduserer utover HSBC.
- Bank of New York øker noe
- Ø.H. Holding ny på listen (5,6 mill.)
Holding Percentage Name Account type Citizenship
48,789,861 5.39 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,059,544 4.43 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
22,509,960 2.49 HSBC BANK PLC. A/C IB CLIENTS SAFE NOM GBR
18,816,201 2.08 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
14,911,340 1.65 BANK OF NEW YORK MEL S/A MELLON NOMINEE 1 NOM USA
14,500,000 1.60 DEUTSCHE BANK AG LON PRIME BROKERAGE FULL NOM GBR
12,800,000 1.41 EGD HOLDING AS NOR
12,200,000 1.35 DNB NOR LUXEMBOURG S S/A ENDRE ROESJOE NOR
9,314,820 1.03 STATE STREET BANK & A/C CLIENT FUND NUMB NOM USA
9,252,677 1.02 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
7,853,994 0.87 SIX SIS AG 25PCT NOM CHE
6,712,249 0.74 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,609,334 0.73 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
6,294,885 0.70 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
6,166,758 0.68 NORDNET SECURITIES B NOM SWE
5,691,900 0.63 GOLDMAN SACHS & CO - SECURITY CLIENT SEGR NOM USA
5,600,000 0.62 Ø. H. HOLDING AS NOR
Innlegg av: Gjest (28.06.09 11:13 ), lest 454 ganger
Ticker: DNO
RE^2: DNO - Svogern laster opp; 7,730,000 0.85 Ø. H. HOLDING AS
Denne her er fra i dag 28.06.2009. Etter denne listen stemmer det ikke at Oppenheimer har solgt seg ut som Hegnar Online hadde artikkel på her om dagen. EGD Holding A/S er ut av listen, men kommer sikkert inn igjen med Corleone som tidligere når kursen har gått litt ned
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,059,544 4.43 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
25,537,369 2.82 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
21,028,435 2.32 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,055,800 1.88 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
10,203,574 1.13 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
9,911,975 1.10 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
9,282,380 1.03 SIX SIS AG 25PCT NOM CHE
8,130,499 0.90 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,139,643 0.79 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
7,080,608 0.78 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
6,807,238 0.75 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
6,196,970 0.68 RBC DEXIA INVESTOR S S/A LUX-NON-RESIDENT NOM LUX
5,860,000 0.65 STATE STREET BANK AN A/C CLIENT OMNIBUS N NOM USA
363,667,234 40.19
- Ingen på topp 20 reduserer utover HSBC.
- Bank of New York øker noe
- Ø.H. Holding ny på listen (5,6 mill.)
Holding Percentage Name Account type Citizenship
48,789,861 5.39 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,059,544 4.43 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
22,509,960 2.49 HSBC BANK PLC. A/C IB CLIENTS SAFE NOM GBR
18,816,201 2.08 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
14,911,340 1.65 BANK OF NEW YORK MEL S/A MELLON NOMINEE 1 NOM USA
14,500,000 1.60 DEUTSCHE BANK AG LON PRIME BROKERAGE FULL NOM GBR
12,800,000 1.41 EGD HOLDING AS NOR
12,200,000 1.35 DNB NOR LUXEMBOURG S S/A ENDRE ROESJOE NOR
9,314,820 1.03 STATE STREET BANK & A/C CLIENT FUND NUMB NOM USA
9,252,677 1.02 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
7,853,994 0.87 SIX SIS AG 25PCT NOM CHE
6,712,249 0.74 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,609,334 0.73 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
6,294,885 0.70 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
6,166,758 0.68 NORDNET SECURITIES B NOM SWE
5,691,900 0.63 GOLDMAN SACHS & CO - SECURITY CLIENT SEGR NOM USA
5,600,000 0.62 Ø. H. HOLDING AS NOR
Innlegg av: Gjest (28.06.09 11:13 ), lest 454 ganger
Ticker: DNO
RE^2: DNO - Svogern laster opp; 7,730,000 0.85 Ø. H. HOLDING AS
Denne her er fra i dag 28.06.2009. Etter denne listen stemmer det ikke at Oppenheimer har solgt seg ut som Hegnar Online hadde artikkel på her om dagen. EGD Holding A/S er ut av listen, men kommer sikkert inn igjen med Corleone som tidligere når kursen har gått litt ned
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,059,544 4.43 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
25,537,369 2.82 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
21,028,435 2.32 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,055,800 1.88 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
10,203,574 1.13 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
9,911,975 1.10 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
9,282,380 1.03 SIX SIS AG 25PCT NOM CHE
8,130,499 0.90 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,139,643 0.79 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
7,080,608 0.78 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
6,807,238 0.75 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
6,196,970 0.68 RBC DEXIA INVESTOR S S/A LUX-NON-RESIDENT NOM LUX
5,860,000 0.65 STATE STREET BANK AN A/C CLIENT OMNIBUS N NOM USA
363,667,234 40.19
Watch -Mellemlang sigt, 29. jun 2009 Analyseforklaring
DNO International har brudt ned gennem bunden i en stigende trendkanal. Dette signalerer i første omgang om svagere stigningstakt, eller indledning til en mere horisontal udvikling. Aktien har støtte ved ca. 6.40 kroner og modstand ved ca. 8.50 kroner. Aktien anses teknisk neutral på mellemlang sigt.
DNO International har brudt ned gennem bunden i en stigende trendkanal. Dette signalerer i første omgang om svagere stigningstakt, eller indledning til en mere horisontal udvikling. Aktien har støtte ved ca. 6.40 kroner og modstand ved ca. 8.50 kroner. Aktien anses teknisk neutral på mellemlang sigt.
Dagens kæmpeudsving, ender med en beskeden stigning på 8-9%
Olie og Politik handler uløseligt sammen.
Dette er særligt sandt for olien i Irak. The Times havde en interessant artikel om det som jeg tidligere har linket til.
Forholdet mellem kurdistan og Irak er i øjeblikket temmeligt meget i spil over både selvstændighed og Olie. Det at Sinopec har købt sig ind i Addax, som har Taq Taq i Kurdistan kan være et vink med en vognstang om at den svage centralregering i Irak er ved at spille sig sine kort af hænde.
Kina har et erklæret mål om at sikre sig råvarer og energi til sin produktion og forfølge dette rimeligt konsekvent. Kloge som de er de kinesere.
Dette er meget gode nyheder for DNO, som i givet fald, nu kan blive takeover mål for Chevron/Exxon eller måske nogle af de 4 kinesesiske og koreanske olieselskaber der forgæves bød på Addax.
Dagens meddelelse om at JP Morgan igen øger og nu på 3 forskellige konti med JPM morgan kontrollerer over 14 % af DNO er i den forbindelse interessant.
Igen svogerens øgning i ØH Holding er også et godt signal. I skrivende stund ligger DNO oppe 4% i 8,47
Dette er særligt sandt for olien i Irak. The Times havde en interessant artikel om det som jeg tidligere har linket til.
Forholdet mellem kurdistan og Irak er i øjeblikket temmeligt meget i spil over både selvstændighed og Olie. Det at Sinopec har købt sig ind i Addax, som har Taq Taq i Kurdistan kan være et vink med en vognstang om at den svage centralregering i Irak er ved at spille sig sine kort af hænde.
Kina har et erklæret mål om at sikre sig råvarer og energi til sin produktion og forfølge dette rimeligt konsekvent. Kloge som de er de kinesere.
Dette er meget gode nyheder for DNO, som i givet fald, nu kan blive takeover mål for Chevron/Exxon eller måske nogle af de 4 kinesesiske og koreanske olieselskaber der forgæves bød på Addax.
Dagens meddelelse om at JP Morgan igen øger og nu på 3 forskellige konti med JPM morgan kontrollerer over 14 % af DNO er i den forbindelse interessant.
Igen svogerens øgning i ØH Holding er også et godt signal. I skrivende stund ligger DNO oppe 4% i 8,47
7/7 2009 12:26 CHjort 014850 Egentlig et par interessante pile, og en lidt alternativ måde at fortolke volume og chart på, 
7/7 2009 12:06 whenif 014844 Ja, politik er nok det, der lægger en dæmper på det hele. Særlig da Irak endnu ikke har en oil law. Olien i området er billig at producere og behandle men grundet manglende oil law og spekulation i om Sharistani forbliver på posten gør det hele usikkert og derfor lader det til at man er afventende og regner med ny udbudsrunde.
Artiklen i Economist forklarer et lidt andet syn på Shahristani lovprisninger angående udbudsrunden.
http://www.economist.com/businessfinance/displayStory.cfm?story_id=13962515&source=hptextfeature
Omvent er der ingen tvivl om at CNPC er sultne. En del gode artikler under scmp.com - business - companies hvis underliggende link ikke virker
http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=3e463ceeea132210VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Companies&s=Business
Artiklen i Economist forklarer et lidt andet syn på Shahristani lovprisninger angående udbudsrunden.
http://www.economist.com/businessfinance/displayStory.cfm?story_id=13962515&source=hptextfeature
Omvent er der ingen tvivl om at CNPC er sultne. En del gode artikler under scmp.com - business - companies hvis underliggende link ikke virker
http://www.scmp.com/portal/site/SCMP/menuitem.2c913216495213d5df646910cba0a0a0/?vgnextoid=3e463ceeea132210VgnVCM100000360a0a0aRCRD&vgnextfmt=teaser&ss=Companies&s=Business
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article6639027.ece
10/7 2009 09:58 JCBN 015048 http://www.iraqoilreport.com/the-biz/krg-oil-chief-optimistic-on-agreements-1933/
Nyt omkring betaling...
Nyt omkring betaling...
50,896,444 5.62 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
39,900,000 4.41 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
26,057,205 2.88 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
19,595,085 2.17 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,069,941 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
13,379,891 1.48 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,293,787 1.14 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,110,981 0.79 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,078,693 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,714,757 0.74 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
6,205,879 0.69 SIX SIS AG 25PCT NOM CHE
5,072,086 0.56 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,580,608 0.51 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
368,328,556 40.72
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
39,900,000 4.41 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
26,057,205 2.88 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
19,595,085 2.17 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,069,941 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
13,379,891 1.48 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,293,787 1.14 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,110,981 0.79 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,078,693 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,714,757 0.74 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
6,205,879 0.69 SIX SIS AG 25PCT NOM CHE
5,072,086 0.56 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,580,608 0.51 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
368,328,556 40.72
NEW YORK (Fortune) -- JPMorgan Chase is grabbing a bigger slice of a smaller dealmaking pie -- leaving less for rival Bank of America.
New York-based JPMorgan (JPM, Fortune 500) was the biggest fee earner on Wall Street in the first half of 2009, according to figures released Thursday by markets data firm Dealogic.
JPMorgan generated $2.4 billion in fees for arranging stock and bond sales and mergers worldwide, Dealogic said.
JPMorgan was the leading arranger of debt and equity offerings in the first half, displacing last year's No. 1 underwriter, the combination of Bank of America and Merrill Lynch. BofA Merrill fell to second in debt underwriting and fourth in equity underwriting.
The first half declines aside, BofA is hardly starving. BofA earned underwriting fees of $1.4 billion, in the first half, according to Dealogic data.
Neither JPMorgan Chase nor BofA was able to supplant Goldman Sachs (GS, Fortune 500) as the top mergers and acquisitions adviser, though. JPMorgan was second and BofA fifth this year -- the same as last year.
JPMorgan's gains came as merger activity and equity issuance slowed along with the global economy, in spite of a flurry of second-quarter debt and equity sales tied to the bank stress tests and Troubled Asset Relief Program repayments.
New York-based JPMorgan (JPM, Fortune 500) was the biggest fee earner on Wall Street in the first half of 2009, according to figures released Thursday by markets data firm Dealogic.
JPMorgan generated $2.4 billion in fees for arranging stock and bond sales and mergers worldwide, Dealogic said.
JPMorgan was the leading arranger of debt and equity offerings in the first half, displacing last year's No. 1 underwriter, the combination of Bank of America and Merrill Lynch. BofA Merrill fell to second in debt underwriting and fourth in equity underwriting.
The first half declines aside, BofA is hardly starving. BofA earned underwriting fees of $1.4 billion, in the first half, according to Dealogic data.
Neither JPMorgan Chase nor BofA was able to supplant Goldman Sachs (GS, Fortune 500) as the top mergers and acquisitions adviser, though. JPMorgan was second and BofA fifth this year -- the same as last year.
JPMorgan's gains came as merger activity and equity issuance slowed along with the global economy, in spite of a flurry of second-quarter debt and equity sales tied to the bank stress tests and Troubled Asset Relief Program repayments.
Årsaken til DNOs aksjesjonglering?
Berge Gerdt Larsen - Foto: Finansavisen
En analytiker spekulerer i hva som ligger bak sjongleringen.
Artikkel av: Sverre Rørvik Nilsen (HegnarOnline - 26.6.09 12:49)
Tips en venn Skriv ut
Se aksjeticker
DNO
DNO utøvde i dag en call-opsjon på 40.000.000 DNO-aksjer til en pris på 2,50 kroner per aksje. På samme tid solgte selskapet 40.000.000 egne aksjer til en pris av 7,40 kroner. Begge disse grepene er kjent i markedet.
I tillegg kjøpte DNO en amerikansk call opsjon på 40.000.000 DNO-aksjer til 3 kroner per aksje, med en opsjonspremie på 4,55 kroner og en utløpsdato satt til 26. august 2009.
Samtidig la selskapet ut en europeisk put opsjon for 40.000.000 DNO-aksjer til 3 kroner per aksje, med en opsjonpremie på 0,10 kroner per aksje og utløpsdato satt til 26. august 2009.
DNO sitter i etterkant på 10 millioner egne aksjer og opsjoner for å kjøpe 40 millioner egne aksjer.
Men hvorfor?
DNO skal ikke eie mer enn 10 prosent av egne aksjer, og oppgir dette som årsak til hvorfor de gjør en slik komplisert manøver gjentatte ganger.
Flere markedsaktører påpekte når DNO meldte om den overnevnte manøveren, at selskapet trolig gjorde dette for å frigjøre kapital. Med tanke på at selskapet kun nettet omtrent 40 millioner kroner, er dette lite trolig.
- Dette er trolig en operasjon for å sikre Berge Gerdt Larsen kontrollen over DNO, slik at selskapet ikke kan bli tatt over før han sier det er greit. Ved å gjøre slike manøvre har han tidligere kontrollert opp til 30 prosent av selskapet, sier en analytiker til HegnarOnline
Berge Gerdt Larsen - Foto: Finansavisen
En analytiker spekulerer i hva som ligger bak sjongleringen.
Artikkel av: Sverre Rørvik Nilsen (HegnarOnline - 26.6.09 12:49)
Tips en venn Skriv ut
Se aksjeticker
DNO
DNO utøvde i dag en call-opsjon på 40.000.000 DNO-aksjer til en pris på 2,50 kroner per aksje. På samme tid solgte selskapet 40.000.000 egne aksjer til en pris av 7,40 kroner. Begge disse grepene er kjent i markedet.
I tillegg kjøpte DNO en amerikansk call opsjon på 40.000.000 DNO-aksjer til 3 kroner per aksje, med en opsjonspremie på 4,55 kroner og en utløpsdato satt til 26. august 2009.
Samtidig la selskapet ut en europeisk put opsjon for 40.000.000 DNO-aksjer til 3 kroner per aksje, med en opsjonpremie på 0,10 kroner per aksje og utløpsdato satt til 26. august 2009.
DNO sitter i etterkant på 10 millioner egne aksjer og opsjoner for å kjøpe 40 millioner egne aksjer.
Men hvorfor?
DNO skal ikke eie mer enn 10 prosent av egne aksjer, og oppgir dette som årsak til hvorfor de gjør en slik komplisert manøver gjentatte ganger.
Flere markedsaktører påpekte når DNO meldte om den overnevnte manøveren, at selskapet trolig gjorde dette for å frigjøre kapital. Med tanke på at selskapet kun nettet omtrent 40 millioner kroner, er dette lite trolig.
- Dette er trolig en operasjon for å sikre Berge Gerdt Larsen kontrollen over DNO, slik at selskapet ikke kan bli tatt over før han sier det er greit. Ved å gjøre slike manøvre har han tidligere kontrollert opp til 30 prosent av selskapet, sier en analytiker til HegnarOnline
9/7 2009 11:24 collersteen 014977 Tak for den Aka. Det lyder som en ret plausibel forklaring.
Det er jo noget "billigere"/nemmere at kontrollere 40mio aktier via optioner end via cash. I hvert fald på kort sigt.
Det er jo noget "billigere"/nemmere at kontrollere 40mio aktier via optioner end via cash. I hvert fald på kort sigt.
51,517,544 5.69 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
27,867,219 3.08 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
19,095,085 2.11 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,076,580 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
12,992,840 1.44 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,137,220 1.12 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,168,281 0.79 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,023,693 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,872,879 0.76 SIX SIS AG 25PCT NOM CHE
6,748,691 0.75 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
5,034,658 0.56 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,580,608 0.51 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
370,488,497 40.96
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
30,697,870 3.39 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
27,867,219 3.08 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
19,095,085 2.11 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,076,580 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
12,992,840 1.44 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,137,220 1.12 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,168,281 0.79 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,023,693 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,872,879 0.76 SIX SIS AG 25PCT NOM CHE
6,748,691 0.75 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
5,034,658 0.56 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,580,608 0.51 CREDIT SUISSE SECURI (EUROPE) PRIME BROKE NOM GBR
370,488,497 40.96
14/7 2009 01:16 JCBN 015199 Øger stadig...
Og en ny på listen:
#17
6,607,000 0.73 BROWN BROTHERS HARRI S/A OPPENHEIMER GLOB USA
52,198,944 5.77 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
28,197,870 3.12 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
27,904,281 3.08 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
19,095,085 2.11 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,076,580 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
13,131,440 1.45 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,091,220 1.12 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,405,879 0.82 SIX SIS AG 25PCT NOM CHE
7,016,750 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,907,582 0.76 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
6,738,792 0.74 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,607,000 0.73 BROWN BROTHERS HARRI S/A OPPENHEIMER GLOB USA
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,761,568 0.53 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
Og en ny på listen:
#17
6,607,000 0.73 BROWN BROTHERS HARRI S/A OPPENHEIMER GLOB USA
52,198,944 5.77 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
28,197,870 3.12 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
27,904,281 3.08 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
19,095,085 2.11 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,076,580 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
13,131,440 1.45 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,091,220 1.12 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,405,879 0.82 SIX SIS AG 25PCT NOM CHE
7,016,750 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,907,582 0.76 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
6,738,792 0.74 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,607,000 0.73 BROWN BROTHERS HARRI S/A OPPENHEIMER GLOB USA
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,761,568 0.53 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
De har reduseret i casenove dog, så træerne vokser ind i den konspiratoriske himmel.
15/7 2009 10:28 JCBN 015250 52,198,944 5.77 JPMORGAN CHASE BANK OPPENHEIMER LENDING NOM USA
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
27,904,281 3.08 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
27,560,870 3.05 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
18,545,085 2.05 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,076,580 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
13,131,440 1.45 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,216,320 1.13 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 BROWN BROTHERS HARRI S/A OPPENHEIMER GLOB USA
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,594,938 0.84 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,255,879 0.80 SIX SIS AG 25PCT NOM CHE
7,022,750 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,730,792 0.74 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,911,524 0.54 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
373,824,732 41.32
49,289,861 5.45 KAS DEPOSITARY TRUST CLIENTS ACCOUNT NON- NOM NLD
45,263,220 5.00 LARSEN OIL & GAS AS NOR
40,000,000 4.42 ABG SUNDAL COLLIER N EGENHANDELSKONTO NOR
27,904,281 3.08 JPMORGAN CHASE BANK NORDEA TREATY ACCOUN NOM GBR
27,560,870 3.05 J.P MORGAN CAZENOVE A/C CLIENT ASSETS NOM GBR
18,545,085 2.05 CLEARSTREAM BANKING CID DEPT, FRANKFURT NOM LUX
17,076,580 1.89 J.P. MORGAN BANK LUX S/A LUXEMBOURG MUTUA NOM LUX
13,131,440 1.45 STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM USA
10,216,320 1.13 NORDNET SECURITIES B NOM SWE
10,000,000 1.11 BROWN BROTHERS HARRI S/A OPPENHEIMER GLOB USA
10,000,000 1.11 DNO INTERNATIONAL AS NOR
7,730,000 0.85 Ø. H. HOLDING AS NOR
7,594,938 0.84 JPMORGAN CHASE BANK S/A ESCROW ACCOUNT NOM GBR
7,255,879 0.80 SIX SIS AG 25PCT NOM CHE
7,022,750 0.78 NORDEA BANK DENMARK S/A NORDEA (DK) CCA NOM DNK
6,730,792 0.74 DANSKE BANK A/S 3887 OPERATIONS SEC. NOM DNK
6,392,248 0.71 PENSJONSKASSEN STATO JP MORGAN CHASE BANK NOR
5,000,000 0.55 KIRKESUNDET INVEST A NOR
4,911,524 0.54 MORGAN STANLEY & CO S/A MSIL IPB CLIENT NOM GBR
373,824,732 41.32
læg mærke til at de har solgt internt til hinanden, hvilket gør at vi med større sikkerhed kan tro at de 5 forskellige JPMorgan positioner faktisk er en.
22/7 2009 13:18 whenif 015594 Så er der om BP og CNPC's og deres bekymring om at underskrive kontakten med Irak om olieudvindingen i Rumaila distriktet.
UPDATE 1-Aug deadline for BP Iraq deal optimistic-BP source
22-07-2009 10:37:00
* BP submission of field development plan overview imminent
* Still significant grey areas in the contract
(Adds background on contract clarification, bidding)
By Simon Webb and Tom Bergin
DUBAI/LONDON, July 22 (Reuters) - An August deadline for BP (BP) to sign a deal with Iraq to develop the country's largest producing oilfield looks optimistic, but the company is sanguine the contract will proceed, a BP source said on Wednesday.
A BP-led consortium including China's CNPC [CNPET.UL] won the right to develop the field at an oil and gas field auction last month in Baghdad. The auction was the first opportunity since the U.S.-led invasion in 2003 for foreign firms to compete for deals to work on the world's third-largest oil reserves.
BP was close to submitting to Iraq an overview of its plan to redevelop and boost production from the giant Rumaila oilfield, the source said.
BP requested an extension of a week to the July 15 deadline for the plan's submission, another oil industry source said.
Under bidding terms, the contract was due for signing in August, although BP still had a lot of work to do before it inked the deal, oil industry executives from other companies that competed for contracts in Iraq said.
NEEDS A LOT OF CLARIFICATION
The draft contract sent to bidders needed a lot of clarification before BP would be prepared to make billions of dollars of risky investment, they said.
"A huge amount of the contract was based on trust," said one senior oil executive at another international oil firm. "Companies don't like this at all, especially when there is high risk and you are committing billions of dollars."
Several companies sent a list of their concerns to the oil ministry ahead of the bidding round detailing what they saw as issues that needed to be resolved before signing, should they win contracts.
The issues have long dogged Iraq's attempts to attract foreign investment in its battered oil industry, performing well below its potential after years of sanctions and war.
Among them are security, method of payment, ratification of contracts, Iraq's fiscal stability and how foreign firms will cooperate with the local unit of Iraq's state oil firms.
BP's was the only contract awarded of eight that Iraq offered to international energy companies, after the country demanded bidders accept much lower payment for work than most participating companies were prepared to accept.
BP and CNPC cut their bid terms to remuneration of $2 per barrel from their initial target of nearly $4 to secure the contract. (Editing by James Jukwey) (([email protected]; +971 43918301; Reuters Messaging: [email protected]
UPDATE 1-Aug deadline for BP Iraq deal optimistic-BP source
22-07-2009 10:37:00
* BP submission of field development plan overview imminent
* Still significant grey areas in the contract
(Adds background on contract clarification, bidding)
By Simon Webb and Tom Bergin
DUBAI/LONDON, July 22 (Reuters) - An August deadline for BP (BP) to sign a deal with Iraq to develop the country's largest producing oilfield looks optimistic, but the company is sanguine the contract will proceed, a BP source said on Wednesday.
A BP-led consortium including China's CNPC [CNPET.UL] won the right to develop the field at an oil and gas field auction last month in Baghdad. The auction was the first opportunity since the U.S.-led invasion in 2003 for foreign firms to compete for deals to work on the world's third-largest oil reserves.
BP was close to submitting to Iraq an overview of its plan to redevelop and boost production from the giant Rumaila oilfield, the source said.
BP requested an extension of a week to the July 15 deadline for the plan's submission, another oil industry source said.
Under bidding terms, the contract was due for signing in August, although BP still had a lot of work to do before it inked the deal, oil industry executives from other companies that competed for contracts in Iraq said.
NEEDS A LOT OF CLARIFICATION
The draft contract sent to bidders needed a lot of clarification before BP would be prepared to make billions of dollars of risky investment, they said.
"A huge amount of the contract was based on trust," said one senior oil executive at another international oil firm. "Companies don't like this at all, especially when there is high risk and you are committing billions of dollars."
Several companies sent a list of their concerns to the oil ministry ahead of the bidding round detailing what they saw as issues that needed to be resolved before signing, should they win contracts.
The issues have long dogged Iraq's attempts to attract foreign investment in its battered oil industry, performing well below its potential after years of sanctions and war.
Among them are security, method of payment, ratification of contracts, Iraq's fiscal stability and how foreign firms will cooperate with the local unit of Iraq's state oil firms.
BP's was the only contract awarded of eight that Iraq offered to international energy companies, after the country demanded bidders accept much lower payment for work than most participating companies were prepared to accept.
BP and CNPC cut their bid terms to remuneration of $2 per barrel from their initial target of nearly $4 to secure the contract. (Editing by James Jukwey) (([email protected]; +971 43918301; Reuters Messaging: [email protected]
22/7 2009 15:11 whenif 015601 lidt mere om Irak versus BP og CNPC oilekontrakt.
Iraq meets BP, CNPC over oil field
21 minutes ago
(AP:BAGHDAD) Iraq's oil minister has met representatives of a British Petroleum-led consortium to discuss plans to develop a prized southern oil field.
BP and Chinese consortium partner CNPC walked away from an international oil auction on June 30 with development rights for the 17.8 billion barrel Rumaila field. Their win came after they agreed to take less money for the oil then they had first asked for.
Oil ministry spokesman Assem Jihad says Minister Hussain al-Shahristani spoke Wednesday with the consortium.
According to the ministry, the field's development plan should be submitted in July and the final contract should be signed in August.
Last month's auction was Iraq's first international oil licensing round in over three decades.
Iraq meets BP, CNPC over oil field
21 minutes ago
(AP:BAGHDAD) Iraq's oil minister has met representatives of a British Petroleum-led consortium to discuss plans to develop a prized southern oil field.
BP and Chinese consortium partner CNPC walked away from an international oil auction on June 30 with development rights for the 17.8 billion barrel Rumaila field. Their win came after they agreed to take less money for the oil then they had first asked for.
Oil ministry spokesman Assem Jihad says Minister Hussain al-Shahristani spoke Wednesday with the consortium.
According to the ministry, the field's development plan should be submitted in July and the final contract should be signed in August.
Last month's auction was Iraq's first international oil licensing round in over three decades.
