LONDON, September 20, -- Dr.
Ashti Hawrami, the Kurdistan Regional Government’s (KRG) Minister
for Natural Resources, held a briefing today on petroleum
exploration and development in the Kurdistan Region to an audience
of more than 60 oil industry representatives, analysts and
journalists.
KRG officials organised the briefing to meet the considerable demand
for more information after the government published a draft
Petroleum Act for the Kurdistan Region.
Dr. Hawrami said, “We are confident that the draft Petroleum Act is
inclusive of all of Iraq, and is fair, clear and investor-friendly.
It creates a win-win situation for all of Iraq.
If it is passed by the Kurdistan National Assembly, it will bring
inward investment that will benefit the people of both the Kurdistan
Region and all of Iraq.”
Dr. Hawrami added, “We have incorporated into the Draft Act
constructive comments and feedback from Kurdistan and abroad, from
oil companies, NGOs and the wider investment community.”
Dr. Khalid Salih, the KRG’s Official Spokesman and former
constitutional advisor, told the participants that Iraq’s
constitution, which is the basis for the Kurdistan Region’s draft
Petroleum Act, gives priority to regional laws.
He said, “The whole point of regions and governorates sharing
revenues from natural resources is that it will prevent conflicts in
the future.”
Dr. Jonathan Morrow, the ministry’s senior legal advisor, emphasised
the draft Petroleum Act’s modern and socially responsible
stipulations.
He said, “The proposed Act includes provisions regarding
environmental protection and local participation, as well as
anti-corruption and investor-friendly provisions. The draft has also
been improved thanks to the feedback we received.”
Mr. Magne Normann, DNO’s Senior Vice-President for the Middle East,
spoke of his company’s positive experience on the ground exploring
for oil in the Kurdistan Region.
He said that his company and staff had had no security problems and
enjoyed the full support of the KRG.
Several multinational and smaller petroleum exploration companies
attended the briefing, as well as industry service providers,
analysts and journalists.
Krg org Top |
® 