Thread: Iraqi/Dinar News History 2-3-07 thru 3-5-07(at 11:30am cst)

The oil law allows regions of Iraq to conclude contracts

The oil law allows regions of Iraq to conclude contracts
Translated by IRAQdirectory.com - [03/03/2007]
Barham Salih, Iraqi Deputy Prime Minister, told Reuters that regional authorities in Iraq will be able to negotiate oil contracts with foreign companies under a new oil law approved by the Cabinet on Monday.

Salih, who heads the committee that wrote the law draft, said that regional authorities can conduct negotiations in accordance with the procedures and guidelines to be established by the federal Council of oil and gas.

He explained that the negotiations must be based on a basic standard which is maximizing revenues for the benefit of Iraqi people.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3329

It's starting...

Attention Business Editors:

Exploration Contract Ratified by Kurdistan Regional Government
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/

CALGARY, March 2 /CNW/ - WesternZagros Limited ("WesternZagros"), a wholly-owned subsidiary of Western Oil Sands Inc. ("Western"), received confirmation today that its Exploration and Production Sharing Agreement ("EPSA") has been ratified by the Kurdistan Regional Government ("KRG") and confirmed by His Excellency Nerchivan Barzani, Prime Minister of Iraqi Kurdistan. As part of the ratification process, WesternZagros has worked with the KRG to finalize its EPSA area boundary and other key terms in line with draft petroleum legislation. The final EPSA area encompasses 2,120 square kilometers (approximately 524,000 acres) and holds a number of high potential prospects. Dr. Ashti Hawrami, the KRG's Minister for Natural Resources commented, "We're delighted WesternZagros is moving forward with its exploration program.
WesternZagros is one of the most professional companies in the Kurdistan
region of Iraq and we welcome the investment and expertise they bring to the
region. The KRG is committed to providing a strong investment environment for companies such as WesternZagros."
Kurdistan offers tremendous long-term growth potential and WesternZagros
is committed to working alongside the government and the people of the
Kurdistan region to ensure its goals are consistent with the aspirations of
the new democratic regime over the long-term. WesternZagros is encouraged by recent developments with respect to the draft Federal Oil Law which has been approved by the Iraqi cabinet for consideration by the Iraq Council of Representatives.
About Western Oil Sands

Western Oil Sands Inc. is a Canadian corporation listed on the Toronto
Stock Exchange under the symbol WTO. Our vision is to create shareholder value
through the opportunity capture and development of large, world-class
hydrocarbon resources. Our primary asset is our 20 per cent undivided interest in the Athabasca Oil Sands Project. Western is also pursuing initiatives related to in-situ and technology development as well as downstream opportunities. WesternZagros Limited, a wholly-owned subsidiary of Western, is pursuing conventional oil and gas exploration opportunities in the Federal Region of Kurdistan in Northern Iraq. For additional information, visit Western Oil Sands :: Home.

Source: Western Oil Sands

The Fair of (Made in Iraq) will be held in Baghdad next April

The Fair of (Made in Iraq) will be held in Baghdad next April
Translated by IRAQdirectory.com - [03/03/2007]
The General Company of Iraqi Exhibitions intends to organize an exhibition in Baghdad under the title (Made in Iraq), starting from the 5th and 20th of the next April and for four days. The Ministry of Trade had invited ministries, government departments and the private sector to participate in this large exhibition which will include productive and consumer goods manufactured by companies of the public, the private and mixed sectors.

This exhibition aims to familiarize citizens with the level of industrial activities and the relative range of the products' quality; also to encourage investment and stimulate Iraqi commercial and economic activities through both stages, current and future. The participation in this exhibition is expected to be wide, especially that it will provide the possibility of direct sales of goods and displayed products to citizens.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3320

Originally Posted by notazbad2000

Can anyone expalin why the rates differ in the CBI and oando?

According to the CBI the rate as of 1 Mar is 1281. On oando it's 1225. Tracking back to 28 Dec the rate of oando was 1293, and it showed a steady decline. Any thoughts?

CBI holds the exchange at an artificial rate...

Thanks Lunar, I appreciate the update!

Despite what appears to be an agreement, Hawrami set a window of two months for action. If in two months time the law is still under debate by the Council of Representatives, then we will be reasonable about it and maintain support for the process being completed. However, if the oil law is still facing difficulties and the annexes and the Revenue Sharing Law have not been agreed, Hawrami said, then that would be unfortunate as we will be facing a new situation and we will have to review our options again.........................a friend found this from the UPI...........

Turkey readying for oil search in northern Iraq
Wednesday, February 28, 2007
Turkey, Iraqi government and the United States will sit at the negotiating table in March to discuss oil exploration in oil-rich northern Iraq, says energy minister

ANKARA – Turkish Daily News
As the Turkish government is debating whether to establish dialogue with the Iraqi Kurdish leaders, Energy Minister Hilmi Güler said Turkey would be sitting at the negotiating table next month with the United States and the central Iraqi government in order to explore oil in oil-rich northern Iraq.

“The first step in that regard will be taken in March,” Güler said in an exclusive interview with business daily Referans. He added that the meetings with U.S. and Iraqi officials would take place in Turkey.

The Iraqi side requested help from Turkey in the area of oil exploration, said Güler, stressing that Turkey's interlocutor was the central Iraqi government and that the Turkish Foreign Ministry was also following the issue.

Güler said the Turkish Petroleum Corporation (TPAO) was currently searching for oil in Kazakhstan, Azerbaijan and Syria. “We have oil exploration work around Mountain Cudi in Şırnak and have found oil, though it's very little.”

Can you stand one more article about oil...I promise this will be my last one. Thanks.

Addax Petroleum announces results of continued appraisal drilling at Taq Taq
Appraisal well TT-05 flows at an aggregate rate of 26,550 barrels per day

CALGARY, March 1 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum")
(TSX:AXC) today announced flow test results for the TT-05 well, the second
appraisal well recently drilled on the Taq Taq field by Taq Taq Operating
Company ("TTOPCO"), the joint venture company formed by Genel Enerji A.S.
("Genel") and Addax Petroleum to carry out the petroleum operations in the Taq
Taq license area.
Two reservoir intervals were tested separately and flowed at an aggregate
rate of 26,550 bbl/d of light oil, measured gravity ranging from 44 to
50 degrees API with low gas oil ratio. The intervals tested were a 105 meter
perforated interval in the Shiranish formation which flowed at a rate of
12,890 bbl/d and a 82 meter interval in the Qamchuga formation which flowed at a rate of 13,660 bbl/d. Oil flow rates from the Shiranish and Qamchuga
intervals were restricted by 56/64" and 64/64" choke size respectively, and in
each instance, limited by the capacity of the surface testing facilities.
Evaluation of these flow test results is ongoing.
Commenting, Jean Claude Gandur, President and Chief Executive Officer of
Addax Petroleum said: "I am delighted at the continued successful appraisal of
the Taq Taq field and the excellent cooperation amongst the Taq Taq field
partners. I believe that this operational momentum, alongside the constructive efforts of the Kurdistan Region and Iraq towards finalising a legal framework, will expedite the development of the Taq Taq field. We believe that the development of the Taq Taq field can deliver excellent value to the people of the Kurdistan Region, to the people of Iraq and to our shareholders."
The TT-05 well is located on the crest of the Taq Taq field and was
drilled approximately 580 metres north-northeast of the TT-04 well. The TT-05 well was spudded in late October, 2006 and completed drilling in late
December, 2006 at a total depth of 2,070 metres. Testing commenced in
mid-February, 2007. Interpretation of data acquired, including wireline and core data, confirm the presence of a significant and extensive fracture system as observed in the TT-04 well. The TT-05 well was the second of an initial three well drilling program by Genel and Addax Petroleum. The drilling of the third appraisal and development well, TT-06, is now in progress. The TT-06 well location is approximately 3.6 kilometres north-northwest of the TT-05 well.
The Taq Taq field is located in the Kurdistan Region of Iraq some 60
kilometres northeast of Kirkuk, 85 kilometres northeast of Erbil and 120
kilometres northwest of Sulaimaniyah.

WOW!!! An Iraqi official announced the return of 85 thousand of the former Iraqi army to the ranks of the new army on the eve of the National Reconciliation Conference. Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

Originally Posted by mustang sally

It's starting...

Attention Business Editors:

Exploration Contract Ratified by Kurdistan Regional Government
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/

CALGARY, March 2 /CNW/ - WesternZagros Limited ("WesternZagros"), a wholly-owned subsidiary of Western Oil Sands Inc. ("Western"), received confirmation today that its Exploration and Production Sharing Agreement ("EPSA") has been ratified by the Kurdistan Regional Government ("KRG") and confirmed by His Excellency Nerchivan Barzani, Prime Minister of Iraqi Kurdistan. As part of the ratification process, WesternZagros has worked with the KRG to finalize its EPSA area boundary and other key terms in line with draft petroleum legislation. The final EPSA area encompasses 2,120 square kilometers (approximately 524,000 acres) and holds a number of high potential prospects. Dr. Ashti Hawrami, the KRG's Minister for Natural Resources commented, "We're delighted WesternZagros is moving forward with its exploration program.
WesternZagros is one of the most professional companies in the Kurdistan
region of Iraq and we welcome the investment and expertise they bring to the
region. The KRG is committed to providing a strong investment environment for companies such as WesternZagros."
Kurdistan offers tremendous long-term growth potential and WesternZagros
is committed to working alongside the government and the people of the
Kurdistan region to ensure its goals are consistent with the aspirations of
the new democratic regime over the long-term. WesternZagros is encouraged by recent developments with respect to the draft Federal Oil Law which has been approved by the Iraqi cabinet for consideration by the Iraq Council of Representatives.
About Western Oil Sands

Western Oil Sands Inc. is a Canadian corporation listed on the Toronto
Stock Exchange under the symbol WTO. Our vision is to create shareholder value
through the opportunity capture and development of large, world-class
hydrocarbon resources. Our primary asset is our 20 per cent undivided interest in the Athabasca Oil Sands Project. Western is also pursuing initiatives related to in-situ and technology development as well as downstream opportunities. WesternZagros Limited, a wholly-owned subsidiary of Western, is pursuing conventional oil and gas exploration opportunities in the Federal Region of Kurdistan in Northern Iraq. For additional information, visit Western Oil Sands :: Home.

Source: Western Oil Sands

WOoT!!!!
grabbin you up and kissin ya right on the face!!!
i hear that cash register startin up to playin our favorite tune!!!!

did anyone notice this at the top of the article?? >>> NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ CALGARY, March 2 /CNW

must be a canadian exclusive??