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Iraqi Kurdistan Government KRG publishes final draft oil law,
model contract, exploration blocks |
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Kurd Net
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Iraqi Kurdistan Government KRG publishes final
draft oil law, model contract, exploration blocks
29.6.2007
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June 29, 2007
Erbil, Kurdistan region (Iraq), -- The
Kurdistan Regional Government (KRG) is pleased to
publish the final draft of the Kurdistan Region
Petroleum Law in
ARABIC and
ENGLISH , which
has now been approved by the Legal Committee of the
Council of Ministers. In its next meeting the
Council of Ministers will review the law and is
expected to put it to the Kurdistan National
Assembly (parliament) for approval.
The first draft of this law was published in August
last year, and has benefited from extensive comments
from petroleum companies, NGOs, and citizens of the
Kurdistan Region and other parts of Iraq.
The KRG is also pleased to publish its final
Kurdistan Region
MODEL PSC,
which was also first published in August last year
and received significant input from many experts to
make sure that it meets international standards as
well as being consistent with the draft law. Dr.
Ashti Hawrami, the KRG Minister for Natural
Resources, said, “This model contract will form the
basis for all our future negotiations and contract
awards in Kurdistan and some of the existing
contracts have also been adjusted using this Model
Contract.”
The Iraq Constitution grants petroleum
administration powers to the Kurdistan Region. "The
Kurdistan Region Petroleum Law will be a great step
forward for the Kurdistan Region and for all of
Iraq. It is a modern, simple, unambiguous and
investor-friendly law that will attract experienced
operators to the region to maximise timely financial
returns for all the peoples of Iraq", commented
Minister Hawrami.
A federal draft Oil and Gas Law for Iraq was agreed
earlier this year, but its approval has been delayed
until an acceptable formula is found for revenue
sharing and until the role of the Iraqi National Oil
Company (INOC) is defined – in other words, the
Annexes to the law. “On that front, we are very
pleased with the outcome. Firstly, last week an
agreement was reached with Baghdad on the draft
revenue sharing law, and secondly we have now
resumed our discussions on the INOC and we are
confident that this will be agreed upon soon”, said
Minister Hawrami.
He added, "In the KRG, we look forward to
implementing this regional Law, which will be in
harmony with the federal Law once it is finalised in
a consistent manner with the Iraq Constitution.
Partnership between the KRG and the Baghdad
Government on modern petroleum administration, and
on revenue sharing, is the best hope for Iraq.”
The KRG is also publishing the details of some 40
new
BLOCKS
and their
COORDINATES ,
and the basic
COMMERCIAL TERMS
that it will use in negotiations to award contracts
to qualified investors.
Dr. Hawrami said, ”When the draft Kurdistan Region
Petroleum Law goes to the Parliament, we will
organise conferences soon in Erbil, London and maybe
in Houston to clarify the tendering process.
Priority will go to those companies who can move and
organise themselves quickly to contribute to our
stated goal of a daily production level of one
million barrels of new oil from the Kurdistan Region
in around five years time,” said Minister Hawrami.
“This way we shall be making a great contribution to
Iraq’s revenues to be shared by all, hence assisting
with the reconciliation process and Iraq’s unity.”
Krg org
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