Iraqi Parties Revive Older Hydrocarbon Law

5 September 2007 The Iraqi cabinet has withdrawn a draft hydrocarbon law it sent to parliament in July after it failed to muster enough support from lawmakers to approve it. The cabinet has instead reverted to an older version endorsed by the council of ministers in February which it hopes will be backed by five parties when it’s put to a vote before the end of the year, a senior…

Iraq Courts Four Majors for Technical Deals

6 December 2007 Four majors met with Iraqi oil ministry officials in Amman last week to initiate talks on the first commercial technical support contracts to be awarded since the US-led invasion over four years ago, Iraqi and industry sources told International Oil Daily Wednesday. The ministry is aiming to raise output by 500,000 barrels per day over the next two years. The talks with BP, Chevron, Exxon Mobil and…

Oil Chaos

2 March 2007 Iraq’s draft petroleum law, approved by the cabinet this week, claims to be fair, clear, transparent and efficient. It’s anything but. The bill, which has to be approved by parliament before coming into force, emerged after a series of compromises — and US pressure — aimed at overcoming Kurdish opposition to any form of centralized power. The result is to enhance the country’s division along ethnic lines…

Iraq: Splits Dog Oil Law

9 March 2007 Having waited so long for a law offering the framework necessary to regularize and legitimize future investments in Iraq’s vast oil resources, international firms itching to get their hands on the biggest Mideast opportunity in decades now find consensus — perhaps the most important ingredient of all — lacking. Iraqis are divided over the legitimacy of signing contracts while the country is wracked by chaos, and some…