Sharing The Wealth

22 June 2007 After weeks of haggling and tough bargaining, Iraq’s central government and the northern Kurdish region have agreed a draft revenue-sharing law — opening the way for parliament’s approval of a hydrocarbon law regulating international investments in Iraqi oil and gas fields. The draft revenue law is a compromise that ensures the Kurds get an adequate and timely share of state revenues, but keeps the collection and distribution…

Iraq Edges Toward Deal on Government

5 May 2006 Talks on forming Iraq’s next government seem to be edging closer toward an agreement on the main portfolios, including the Oil Ministry, and an announcement could be made as early as next week, Iraqi sources said Thursday. Two candidates emerged this week as the strongest candidates for the oil portfolio: former Oil Minister Thamer al-Ghadban, a technocrat who is backed by several parties including some in the…

Iraqi Minister Begins Oil Sector Turnaround

9 August 2006 More than two months after taking over Iraq’s embattled oil sector and pledging to fight corruption, Iraqi Oil Minister Hussein al-Shahristani is taking timid steps to put the ministry back on track. Al-Shahristani’s first move has been to oust directors-general who were appointed on political merit or as a result of pressure from influential politicians. The purge involves about six employees who were brought in as directors…

Two Years On, Iraq Output Still Struggling

9 March 2005 Almost two years after the US-led war ousted the Baath regime, Iraq is still struggling to meet prewar production levels at its dilapidated oil fields. Iraq’s southern oil fields, which accounted for the majority of prewar production of 2.8 million barrels per day, are currently managing just 1.85 million b/d — and even this rate is causing great distress to reservoirs, Iraq’s interim Oil Minister Thamer al-Ghadban…