BP Wants Stability, Oil, Contract Laws, Before Entering Iraq

23 March 2007 UK supermajor BP is staying away from Iraq’s northern Kurdish region, to avoid antagonizing the central government in Baghdad. However, despite the Iraqi government’s recent approval of a draft hydrocarbon law, BP will not venture into the country until there is a rule of law and it can be sure that contracts signed with the existing authorities would survive political change, a senior company executive said. “Every…

Iraq Buys Favor With China on Al-Ahdab

27 March 2007 The Iraqi government decided to renegotiate an old production sharing contract which had been signed by China National Petroleum Corp. (CNPC) to develop the 90,000 barrel per day Al-Ahdab oil field with the former Iraqi regime “for political and legal reasons” rather than retender, a senior Iraqi government official told International Oil Daily late last week. CNPC officials traveled to Baghdad earlier this month for a first…

Kurdish-Iraqi Oil Minister Spat Escalates

1 May 2007 A war of words between Iraqi Oil Minister Hussein al-Shahristani and Kurdish Energy Minister Ashti Hawrami over who has the authority to sign contracts with foreign companies, and over the extent of the proposed new Iraqi national oil company’s control over the country’s oil fields, is threatening to derail the draft oil law approved by the Iraqi cabinet in February. Al-Shahristani last week warned foreign companies that…

Iraqi Oil Law Still Awaits Kurds’ Approval

28 June 2007 Iraq’s draft petroleum law is still awaiting the go-ahead from Kurdish officials following changes to the text introduced by the state Shura Council, a panel of judges tasked with reviewing the legal language of the draft, a senior Iraqi government official said Wednesday. “We have sent the draft to the Kurdistan Regional Government (KRG) and we are waiting for their comments on the changes in the language…