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Iraq says Kurds want timely payment of oil
revenue
26.5.2007
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Indian oil deals need to pass new law of Iraq
May 26, 2007
NEW DELHI,-- Iraq's Kurdish region is
demanding that a proposed oil and gas law should
ensure timely payment of oil revenues to the Kurds,
Iraq's oil minister said on Friday.
Iraqi Hussain al-Shahristani, on an official visit
to India, said the Kurds have not questioned the
right of central government to collect oil revenues
but want to ensure they get their share of oil
revenues on time.
"We are negotiating a mechanism for release of their
portion of the budget to them because they say that
the federal ministry of finance sometime delays
release of the portion of the budget that's
allocated to them," Shahristani told reporters in
New Delhi.
He added that the oil revenues could not be retained
and will be distributed through the federal budget.
"Among the first stage it was agreed among all
Iraqis, including Kurdish Regions Government
Authority, that oil revenue will be collected in a
federal reserve and will be distributed from the
federal budget throughout the budget so nobody can
retain them," he said. |
New Delhi, Iraqi Oil Minister Hussain Al-Shahristani
(L) shakes hand with Indian Petroleum minister Murli
Deora (R) prior to a joint working-group meeting in
New Delhi, 25 May 2007 |
On the proposed law ensuring that around 80 percent
of oil reserves will be managed by the Iraqi
National Oil Company, he said the discovered fields
in Iraq were a small fraction of the total
potential.
"So there is a much larger possibility for oil
companies to find new fields and work on it,"
Shahristani said.
"Once you have discovered and we know what there is
and we know what technology is required, we shall
manage to do it from our own resources.
"We do want Indian entities to explore in our
country. Iraqi government is, however, passing a new
law and all contracts or oil field awarded
previously will have to be vetted under the new
law," Iraq Oil Minister Hussein al-Shahristani told
reporters after meeting Prime Minister Manmohan
Singh.
The oil minister explained at a New Delhi press
conference that there were four categories of oil
assets in his country. Among them, national oil
firms would have exclusive rights to 27 fields that
are discovered and developed and 25 others that have
only been discovered.
Only 26 discovered fields, including Tuba, and 65
oil exploration blocks would be opened for bidding,
he said. "Indian companies would be free to
participate. No oil field will be earmarked for a
specific country."
He said specific dates have not been decided on when
the bids will be invited.
Fayadh Hassan Nima, director general at Iraq’s oil
ministry, told reporters earlier this week that the
Iraqi government is preparing tenders for 15 oil and
gas assets, which should be ready for auction when
the hydrocarbon law passes Parliament.
Reuters
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