Dana and Keystone to boost oil and gas investment in Kurdistan

A flame rises in the Taq Taq oilfield in the Kurdistan region of Iraq. (Reuters)
Updated 10 September 2018
0

Dana and Keystone to boost oil and gas investment in Kurdistan

  • Rising oil price improves payments and output
  • Iran sanctions drives oil price higher

LONDON: The Kurdistan region of Iraq is set to attract increased investment from international oil and gas companies as the improving price of crude boosts sentiment.
Abu Dhabi-listed Dana Gas said it would raise gas production after Pearl Petroleum, in which it has a 35 percent stake, received its latest payment from the Kurdistan Regional Government.
Britain’s Gulf Keystone Petroleum also said it was resuming spending on the Shaikan oilfield in the region as it reported record profit for the first half.
The price of oil has been rising steadily as the US reintroduces sanctions against Iran, a major global crude suppliers. Crude prices have tripled since the 2016 trough of the market.
The prospect of a stronger price is encouraging oil and gas companies to revive spending in the sector.
“The resurgence in oil prices also played a role in the global investment community becoming increasingly positive on the prospects for the oil and gas sector,” Keystone said in a statement.
Dana Gas has been beset by payment problems in Kurdistan but has been encouraged to look at expanding operations after receiving its latest payments through Pearl Petroleum.
Dana said yesterday that Pearl Petroleum had received $21.6 million from the Kurdistan Regional Government in September — taking total collections to $211 million — or $74 million for Dana’s share of the proceeds. It means that all payments are now up to date.
“The continued arrival of these payments on time provides both us and our partners with the confidence to push forward aggressively with our expansion plans,” said Dana Gas CEO Patrick Allman-Ward.
Gulf Keystone also said that it had continued to receive regular payments since Sept. 1, 2015.
Oil prices gained on Monday as US drilling slowed and the market remained watchful of the impact of Iranian sanctions on global crude supplies.
Brent crude oil jumped more than a dollar or 1.4 percent, to a high of $77.92, before paring gains to about $77.60 by early afternoon in London


In airline-business rarity, Air France picks a woman CEO

In this file photo taken on March 26, 2018, Air France's Executive Vice President Customer Division Anne Rigail speaks during a press conference to announce the re-opening of direct flight between Paris and Nairobi, in Nairobi on March 26, 2018. (AFP)
Updated 13 December 2018
0

In airline-business rarity, Air France picks a woman CEO

  • As of June, there were just 18 women holding down jobs of CEO, president or managing director at airlines around the world, according to the Center for Aviation, an Australia-based airline industry research group

PARIS: When the leaders of global airlines posed for a photo in June, there were 25 men in dark suits and a lone woman in the last seat on the far right.
That could be changing, but very slowly.
Air France announced Wednesday that Anne Rigail will take over as CEO next week. Rigail, a 27-year company veteran and currently an executive vice president, will be the first woman to lead the French carrier, which was formed in 1933. Parent company Air France-KLM Group will continue to be led by a man, however.
Few women have run large airlines. Carolyn McCall was CEO of British low-cost carrier EasyJet for seven years until leaving this year to run British broadcaster ITV. Christine Ourmieres-Widener, the woman in the June photo of CEOs, leads Flybe, a European regional airline that has fewer than 100 planes.
In the United States, Air Wisconsin, a regional airline that operates United Express flights, is led by CEO Christine Deister, and another regional, Cape Air, has a female president, Linda Markham.
But no major US carrier has ever had a female CEO, and only a few women hold other top jobs. In May, JetBlue Airways named Joanna Geraghty president and chief operating officer — the No. 2 job. Tammy Romo has been chief financial officer at Southwest Airlines since 2012, succeeding another woman. Elize Eberwein is an executive vice president at American Airlines.
As of June, there were just 18 women holding down jobs of CEO, president or managing director at airlines around the world, according to the Center for Aviation, an Australia-based airline industry research group. That is unchanged from a 2010 survey.
Women in the industry have said airlines need to do more to recruit and promote women, provide better mentoring, and encourage those who take maternity leave to return to their careers.
The International Air Transport Association — that’s the group whose leaders were pictured in June — has declared gender equality a priority. The group reported in March that only 3 percent of aviation CEOs are women, compared with 12 percent in other industries.
It didn’t help, however, that the association’s new president, Akbar Al Baker, the CEO of Qatar Airways, suggested that women aren’t up to the job of running an airline.
“Of course it has to be led by a man, because it is a very challenging position,” he said at a news conference. He later apologized.
As the new CEO at Air France, Rigail will certainly have her challenges. The airline faces contentious wage negotiations with pilots and flight attendants and has been hit by a series of damaging strikes. The last CEO quit after union employees rejected his offer of small pay raises for the next four years.
In a statement issued by Air France, Rigail said she is extremely honored by the promotion. Benjamin Smith, the CEO of parent Air France-KLM Group, said Rigail has always paid special attention to employees, and he expressed confidence that the airline can meet its challenges.