There is no chance that INOC draft law would be voted by parliament before the draft oil and gas law is legislated, according to Oil Minister Hussein al-Shahristani. Why? Because there is close linkage between the two laws as well as two other laws pending legislation; the oil ministry restructuring law and the revenue sharing law, “without which the state company would be paralyzed.” And that’s not all. There is…
Category: The View from Baghdad
The weekly article from Baghdad
Power Machine
The law establishing (or re-establishing) Iraq National Oil Co (INOC) has finally passed the first hurdle, by getting the approval of the council of ministers, not without some opposition as one would expect. After all, the new company to be established as a holding company with considerable powers is set to become the most important institution in the operation of Iraq’s oil sector due first to its structure and second…
Rigging vs Drilling
I personally had never heard of Ramco Energy or the man behind it, Steve Remp, before July 2008 when oil minister Hussein Al-Shahristani said to me in an interview in his office in Baghdad that Iraq Drilling Co (IDC) is forming a joint venture with this company that would transform the Iraqi state company into a drilling giant. A quick search and I understood why I could have never heard…
The BP Prize
Once again, the results of Iraq’s first bid round proved that access to Mideast oil comes at a premium to international oil companies. Call it an entry fee for securing a foot in this vast oil hub. The prize is the giant Rumaila fields which despite producing since 1954 for South Rumaila and 1972 for its northern extension, still carry a huge potential but not without challenges. Oil in place…