Petrel Resources - moderated discussion/research part II
mixitup12 - Thu, 28 Dec 06 :
Markqi, There are only 2 certainties in life and the other one is taxes. So, there is no certainty that PET will get a PSA. However, to whom can the IOM award contracts? Oil majors that are not in Iraq and won't go there or a company to whom they have awarded the largest reconstruction contract and have a major oil company as a JV partner. In reality the Iraq government doesn't have many options. However, one of the options is the JV company of PET/Makman/itochu, already established in Iraq and working on schedule for the refurbishment of S & L. That JV company is capable of undertaking any large contracts that may come their way. I know that the Arab community will reward loyalty and PET have been loyal. No certainty but a good probablity. So, watch this space.
The market closes tomorrow early and the Iraq government continues to work over the New Year holiday. Don't be out before the market opens. The HCL is supposed to be agreed by end Jan.
Markqi, believe what you may. The ME doesn't agree with you.
