The Shaikan wells in Kurdistan, operated by Gulf Keystone and MOL Hungarian Oil & Gas, need $71 million in investment to maintain current production levels of 40,000 barrels a day. The Kurdish government still (http://gulfnews.com/business/sectors/energy/gulf-keystone-bondholders-said-to-weigh-debt-options-1.1664678) owes GKP about $298 million, though the paperwork stating the outstanding payment was never filed to the London Stock Exchange as required by law.
Executives of the company say they are confident that GKP will be able to make a comeback, but bondholders are already preparing a plan that would swap some debt into equity to take control of the company, sources close to the discussions told IBT.
If GKP does not pay the $26 million in bond interest, the bondholders will take control of the company's assets.
As the chaos in GKP plays out in the boardroom, the Iraqi Kurds are still no closer to seeing the revenue from oil investment.
Cuso International, the third partner with GKC and GKP in the tripartite alliance, presented its approach through a video from Evelyn Guindon, CEO of Cuso, and a live message from Nefertiti Saleh, Cuso manager for Programs, Partners and Outreach.
Volunteer organization Cuso will partner with GKP and GKC through a recently launched program called The Voice, funded primarily by the government of Canada's Department of Foreign Affairs and Trade and Development.
From the inception of the GKP, its partner organizations served a wide range of different objectives and provided diverse products and services.
(25) By establishing a positive correlation between access to information and knowledge and economic well-being and empowerment, the GKP can cast ICTs as a fundamental means to improve the economic situation of the disadvantaged.
This type of diagnosis has enabled the GKP to define its own role and concrete activities along three important lines.
One annual meeting and a series of regional meetings constitute arenas for knowledge exchange and sharing between the partners, complemented by activities on a GKP Intranet.
In terms of governance, the GKP has never really had any clear-cut regulations and systems of sanction.
The GKP is committed to flexible, efficient decision-making ...