Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Energy Committee approves draft Oil, Gas Law

Recommended Posts

(Alias HCL ... :twothumbs: )

Baghdad (NINA) – The Energy Committee, headed by Deputy Prime Miister, Hussein al-Shehristani, approved the amendment endorsed on the draft Oil and Gas Law prepared by the Ministry of Oil.

A statement issued on Wednesday, July 13, by the Deputy Prime Minister’s Office said, “The meeting was attended by ministers of Oil, Electricity, Science and Technology, Water Resources and Provinces’ Affairs.

It added that, “The Amendments have been referred to the Council of Ministers.”

It is noteworthy that on the current July 2, Parliament’s Oil and Energy Committee demanded Parliament to issue instructions to delay concluding any new contracts related to the production of crude oil and natural gas, and to speed up enacting Oil and Gas Law to be a legal cover to any future contracts, whether by the Federal Government or the regions and provinces.

It called on Parliament to vote on the necessity to comply by the Constitution’s articles with regards to contracts related to the production of oil and natural gas.

It is worth mentioning that the Oil and Gas Law was among the important law that previous Parliament failed to enact it and had it sent to current Parliament.

  • Upvote 4
Link to comment
Share on other sites

Does it have to be read three times and voted on each time.??? If so, is this the first read or what??

not quite sure knowing them i wouldnt be surprised but it does seem like things are moving along rather quickly.

what dose this mean

this would be the hydro carbon law AKA HCL AKA oil law. This is major also Adam talked about this as well tonight in chat. I think this is a major factor for the RV.

Edited by easyrider
  • Upvote 2
  • Downvote 1
Link to comment
Share on other sites

Parliamentary commission submits amended oil and gas bill to ministerial board

14/07/2011 14:06

Baghdad, July 14 (AKnews) – An ammended draft oil and gas bill has been sent to the council of ministers for voting, the government's Energy Commission, said on Thursday.

Faisal Abdullah, the Deputy Prime Minister for Energy Affair’s media director, told AKnews that the bill will go to parliament for ratification once the cabinet has passed its own amendments.

"The Ministers Council will in turn make the appropriate modifications on the draft bill that aims to support the raising of the level of oil production,” he said.

The new law is said to provide an appropriate environment for energy investment in Iraq, including oil, gas and will also encourage the local workers to compete for work according to world contexts in the extraction of oil from fields under the management of the national oil company.

The Iraqi National Oil Company (INOC) was formed according to Act No. 11 of 1964 and Act no. 97 issued on the same year to regulate the investment of the Iraqi National Oil Company of the areas allocated to them.

The center of the Iraqi National Oil Company was integrated with the center of the Oil Ministry according to the decision of the disbanded Revolutionary Command Council number 267 on April 26 - 1987, and this decision was considered as a cancelation for the company.

A number of experts concerned in oil studies believe that Iraq lacks clear political policy which was a reason in delaying the development of its oil wealth.

The Ministry of Oil announced in September last year that the Iraq’s proven reserves of oil reached 33.463 billion barrels in the northern and southern oil fields, particularly in the fields of Qurna and Zubair.

Iraq signed oil contracts with international energy companies at the beginning of this year after two rounds of licenses to develop ten oil fields were tendered.

Iraq has the fourth-largest oil reserves in the world and crude oil exports constitute about 95% of Iraq's federal budget.

Reported by Jaafar al-Wannan


Link to comment
Share on other sites

what dose this mean

From what I understand when the HCL law gets passed, each Iraqi citizen will get a portion of the revenue from oil sales. That is why when the article came out last week about the census that was also big news. The census and the HCL law are tied together so Iraq can proplerly compensate each citizen.

If I am incorrect someone feel free to jump in.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.

  • Testing the Rocker Badge!

  • Live Exchange Rate

  • Create New...

Important Information

By using this site, you agree to our Terms of Use.