Mermermerdymer

Baghdad (Platts)--29Aug2011/1129 am EDT/1529 GMT Iraq's cabinet has approved a new draft of the country's long-awaited federal oil and gas law which should supersede all previous drafts, Ali al-Dabbagh, the cabinet spokesman, announced on his website Monday. The cabinet will refer the draft to Iraq's parliament, which has previously attempted to debate a different draft of the oil law proposed by the parliamentary oil and energy committee. Baghdad wants that version dropped. "All other previous drafts are regarded as cancelled and withdrawn and this draft is regarded as the only one that is presented to the Council of Representatives," Dabbagh said. Iraq's federal hydrocarbon law was first introduced in late 2006, following a 2005 Constitutional clause mandating a new law be put forward to govern the energy sector in the post-war era. The law was delayed by politics, especially the dispute between Baghdad and the Kurdish Regional Government over the extent of federalism and rights to sign contracts. Nonetheless, enacting the law is a priority for the various political elements forming Iraq's current Parliament. The Kurdish block made its timely passage a precondition for joining the fragile coalition government led by Prime Minister Nouri al-Maliki. Pressure for Cabinet to present its draft has been building since July, when the parliamentary oil committee demanded that Baghdad stop issuing oil and gas licenses pending the law's enactment. Iraq's oil ministry is preparing to hold its fourth post-war licensing round in January 2012, in which it will seek to award 12 exploration blocks. On July 13, Iraq's Deputy Prime Minister for energy, Hussain al-Shahristani, said the Cabinet Energy Committee, which he chairs, had amended a previous draft of the oil law and was preparing to send it to Parliament. A July 28 draft prepared by the ministry's Legal Affairs Directorate was obtained by Platts and resembles a version that Cabinet sent to Parliament in July 2007. It proposes a Federal Oil and Gas Committee chaired by the Prime Minister, with a membership largely representing central government interests. The federal oil committee would have wide-ranging powers, including setting energy policy, approving oil and gas contract models, awarding contracts and developing plans to supervise and coordinate various federal, regional and provincial energy authorities. The draft states that all oil and gas contracts would require committee approval. It also proposes giving the federal committee responsibility for assigning fields for development and deciding which should be developed by a national oil company, to be created under a separate law. Regional authorities -- presently only the KRG -- could hold oil and gas licensing rounds and award contracts, but only in accordance with models and procedures established by the federal committee. The Cabinet draft law also states that new Iraqi regions created after enactment of the oil law would be be granted the same authority over local hydrocarbon resources as the KRG. Some observers believe this would would encourage the subdivision of Iraq, presaging its disintegration as a unitary state. The Cabinet draft also stipulates that pipelines and other oil and gas infrastructure would be federally owned, and that the proposed Iraqi National Oil Company (INOC) would have the right to sign contracts with foreign companies to develop fields under its jurisdiction. It proposes giving the federal oil committee binding authority to rule on whether existing federal and KRG contracts are consistent with the oil law. The parliamentary oil committee presented its draft of the oil law, dated June 9, for first reading in Parliament on August 17. But the reading was postponed after a number of Maliki supporters walked out. Maliki contends that a late 2010 Supreme Court ruling gives only Cabinet the authority to submit laws for parliamentary consideration. The oil committee draft, a copy of which was obtained earlier by Platts, suggests a different mechanism for selecting members of a proposed federal oil and gas council; granting Iraq's oil-producing governorates the same jurisdiction over local petroleum resources as the KRG; and forming a select committee consisting of the federal oil minister, the Kurdistan natural resources minister and the chairman of the parliamentary oil and energy committee to resolve the dispute over KRG oil contracts. It also proposes diminished roles for the Iraq's oil ministry, INOC and Cabinet in managing the country's upstream oil and gas industry, with expanded roles for regional authorities. The oil committee draft was initialed by 61 MPs, mainly from the Kurdish block, but most experts reckon there is little chance of the full parliament approving it. It is unclear how the cabinet draft will be received by stakeholders inside and outside Parliament. If recent Iraqi history is any indication, it is likely to be contentious and undergo many revisions. ---------- SOURCE

Quoted for truth. Day in and out I see people get scolded for not providing a name, number, blood type, family tree history, and GPS location about the source of their info. They get downvoted and called a newbie (and mostly told not to post again without providing more info). Yet, when someone DOES try to be proactive and provide said information, they also get equally scolded. Maybe some people like drama just for dramas sake. I've definitely seen it happen more and more over the past few months. Thanks for the info Diamond. I'll actually be in the DFW area next week, so I may stop by.

I wonder if the NNP promo code is to track the effectiveness of the pumpers?

It kills me how people still listen and follow people like this. Not because he's been wrong, oh, 100% of the time, but because he treats everyone like idiots! "have given you enough intel this morning for you to chew on and digest and discuss the implications of what is going on in iraq" Or in another post - "absolutely not on listening in–it would suprise you who i will be talking with–none of your business–if possible will share later" I feel bad for those that give Okie this power over them - he tells you what you think you need to know, when you think you need to know it. But in fact, HE DOESN'T SAY ANYTHING AT ALL. I understand many are invested in this. Hell, far too many people are invested in the Dinar way over what they should have spent (mortgages on their houses, hoping it will solve their unemployment problem instead of getting out looking for a job), but regardless, please have more respect for yourselves.

Understanding this is a rumor - this allows everyone to speak in hypotheticals. So, hypothetically, what do you think the reason will be this time when "cash in" is NOT Tuesday?

Thanks, this helped GREATLY! What got me was the extra little "tick" on the "backwards 7"... didn't see it at first, but after seeing this link, then looking back at my notes, it's clearly there. Thank you again!

Thanks for the helpful responses. I'll check them out when I'm back on my computer!

Hey all! I was going over some Dinar I received from Dinar Trade, and noticed that on some of my bills, there were duplicate serial numbers (or what I perceive to be the equivalent of serial numbers like on US currency). It was on the 10k note, and the side with the face and numbers printed in the top right and bottom left corners. Am I wrong in what these numbers are? I haven't checked my other notes yet, and I am also posting from my phone, so I can't upload the pic I took right this second (if posting pics of the bills is even allowed?). Can anyone check theirs and let me know if you see the same occurrence?

I like that the registrants name for the site is Fat Castor Inc. Castor = oil , I'm wondering if someone is also making a dig at Okie?

Jim, I totally agree (not sure why people are giving you negatives). Rumor 1 - Okie - This dude needs to give up. I can't find where he has actually been RIGHT on one of his predictions - but when deadlines come and pass, he always has a new story. Too much intel for him to sift through? Surely his contact in DC should have been enough come Monday/Thursday/Monday again? If he's wrong, why do people KEEP feeding him "intel"? Rumor 2 - Blaino - Really? It's breaking everywhere, but you won't post it for obvious reasons? Because you have just as much a clue as all of us - NONE!! Rumor 3 - 8th hand information. I don't know why people even bother posting this stuff. Rumor 4 - I don't even know why this is a rumor (I could post I heard it's gonna be $8.32, but that doesn't make it a "rumor"). They're still trying to backpedal and save their cred, but please, if you make any resolution for 2011, please use your own brains. Although, seeing that some of you have taken out mortgages to pay for your Dinar investment, maybe that's not a good idea after all.... Here's something that's no rumor, but a fact - There's still time left in 2010. Not for a RV, but for you to step away from your keyboard and spend it with your family and friends. I'm sure we've all had quite the emotional rollercoaster these past few weeks, take the last few hours of 2010 to decompress and enjoy what you have around you now.