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KRG publishes draft Federal Oil and Gas Law of Iraq
in English and Arabic
10.3.2007
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March 10, 2007
Kurdistan region (Iraq),-- The Kurdistan Regional
Government (KRG) Spokesman on Friday published an
authorised English translation of the draft Federal
Oil and Gas Law for Iraq. The original Arabic draft,
also published by the KRG today, was prepared by the
Oil and Energy Committee of the Iraq Council of
Ministers on 15 February 2007. That draft was later
approved by the Council.
The English translation published today was prepared
and authorised by the KRG. “These are the drafts
recognised by the KRG”, said KRG Natural Resources
Minister Dr. Ashti Hawrami. “Old and inaccurate
translations of this vital draft law have been
circulating in the media in recent weeks. By
publishing the original Arabic and the authoritative
English translation together, we hope to make the
picture clearer for potential investors in Iraq.”
Dr. Hawrami represents the KRG on the Oil and
Energy Committee. |
Kurdistan oil |
Allocation of fields,
model contracts, and Revenue Sharing Law outstanding
Pursuant to the Iraq Constitution and the draft law,
the KRG will sign contracts for new fields in the
Kurdistan Region. In a departure from the Iraq
Constitution, the law establishes an independent
advisory body, to be jointly appointed by the KRG
and the Federal Government, to ensure that all
contracts will meet certain minimum economic
guidelines. The KRG has also voluntarily agreed that
existing KRG petroleum contracts, which are
explicitly validated by the Iraq Constitution, may
also be reviewed by a panel of independent advisors.
The 15 February draft has not yet been introduced to
the Iraq Council of Representatives (the
Parliament), pending the completion of related
matters. The Oil and Energy Committee will next
prepare the four critical Annexes referred to in the
draft Oil and Gas Law, which allocate the management
of particular petroleum fields and exploration areas
in Iraq to the KRG, the Iraq National Oil Company,
and the Iraq Ministry of Oil.
The Committee also needs to agree model petroleum
contracts and guidelines for contractual terms,
without which no investment in Iraq can begin. The
Kurdistan Regional Government has agreed with the
Federal Government that it will support the draft
Federal Oil and Gas Law provided that the Annexes
and other documents are concluded to the KRG's
satisfaction, and if it is accompanied by an agreed
Revenue Sharing Law for submission as a package to
the Council of Representatives.
“The KRG has always been prepared to step down from
its Constitutional rights and share petroleum
management with the Federal Government”, said
Minister Hawrami. “But if we do so, we must make
sure that the Federal Government, like Kurdistan, is
doing all it can to attract new investment to Iraq.
It is vital that the Federal Government adopt the
same market-friendly approach that the KRG has been
using in its contracts.”
To download the draft law in
English, PDF - click here.
To download the draft law in
Arabic, PDF- click here.
For further information, please contact:
spokesman(at)krg.org
krg org
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