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…
Tag: exploration
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…
Iraq-India: Special Friends
15 December 2000 A deal reached with India last month could set the ball rolling for a new type of arrangement between Baghdad and “friendly countries.” In return for the award of an exploration contract in the western desert, India could trade wheat and rice for Iraqi oil outside the UN oil-for-food program, Iraqi sources say. New Delhi is now talking to the UN about applying for a sanctions waiver,…