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'A house united shall always prosper'
That's the parting message from outgoing US CG Irvin Hicks Jr. to the Kurdistan Region. During his 12 month tenure, the US had public displays of exasperation at the tensions within the Kurdistan Region just as it faces a bevy of challenges from outside.
He begins by quoting Shakespeare (of course) with "parting is such sweet sorrow," before hailing the friendships he's made along the way.
The video ends with a decent slideshow of pictures from his time as US CG in Erbil to the tune of Nat King Cole's Unforgettable (the 1991 the cover version/virtual duet by daughter Natalie Cole, to be exact).
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Three Iraqi soldiers reportedly injured in Kirkuk roadside bombing
Three Iraqi soldiers have reportedly been injured after their patrol vehicle struck a bomb near the village of Talhida in Kirkuk's Daquq district, an area known for hit-and-run attacks by remnants of terrorist groups.
Despite losing its territorial hold since its 2014 peak, the Islamic State continues to launch attacks in Iraq and Syria, particularly in disputed Kurdish regions where security has been compromised since pro-Iran militias took control in 2017.
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Lawyer Kamran Sarmami asserts Zebari bought the car as-is and suggests Toyota should have been the complainant.
A press conference planned in Erbil by Zebari's lawyers, family, and journalists was interrupted by security forces last night.
It should be noted Esta is a PUK-linked news agency. Both the KDP and PUK accuse each other of violations against free expression in the respective zones they control. They're both right.
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DNO resumes production at Tawke oilfield
Norwegian oil giant DNO ASA has signaled a comeback by restarting production at its Tawke oil field in the Kurdistan Region, following a four-month suspension due to Iraq-Turkey Pipeline export route's closure. Currently, the oilfield is generating around 40,000 barrels of oil per day (bopd).
Earlier this year, the International Chamber of Commerce (ICC) decreed that Kurdistan's crude exports breached a pipeline agreement between Baghdad and Ankara, leading to the subsequent halt of exports. Prior to this ruling, the Kurdistan Region was shipping approximately 450,000 barrels daily, contributing to half a percent of the world's oil supply. The abrupt suspension played a role in the elevation of global oil prices.
While DNO aims to supply half of Tawke's output to the Kurdistan Regional Government, the remainder is slated for sale, split between DNO and its contractors. However, these sales are expected to take place at nearly half their previous rates. The long-standing closure of the Iraq-Turkey Pipeline has financially crippled the Kurdistan Region, which was already on a fiscal precipice even before the shutdown.
In a statement, Bijan Mossavar-Rahmani, DNO Executive Chairman, expressed cautious optimism, noting the uptick in tanker trucks loading Tawke cargoes despite the ongoing pipeline woes.
Yet, DNO faces a challenging landscape. While they showcased discoveries offshore Norway since 2021, the company's second quarter of 2023 reveals concerning figures. DNO reported its lowest net production in 13 years, paired with a 78% quarter-on-quarter revenue drop, concluding with a net loss of $19m. This stark downturn contrasts sharply with the previous quarter's $87m net profit.
Despite financial setbacks, DNO's board has given the nod to a dividend payment of NOK 0.25 per share, reflecting a degree of confidence in the company's medium-term prospects.
The intricate dynamics of the global oil market, combined with regional tensions, ensure that DNO's performance, and that of the Kurdistan Region, remains a focal point for industry analysts and stakeholders.
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Morning briefing
Hello! Some good news on the oil front as DNO announces a resumption of production at Tawke for domestic consumption. This comes more than 150 days since Turkey shut the Iraq-Turkey Pipeline that carried most Kurdish crude exports out.
We'll bring you all the details on that plus all other news as the day progresses.
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