Rocky- Admin Assist
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Join date : 2012-12-21
by Rocky Sun 24 Mar 2024, 11:34 am
MM&C 3/24/24
Time: 03/24/2024 10:24:13
{Economic: Al-News} Member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, confirmed today, Sunday, that the oil and gas law will not be postponed until the next parliamentary session and will end with its approval.
Al-Moussawi told Al-Furat News Agency: “We in the Oil and Gas Committee are strongly determined to approve the law and our attempt is continuing to include it in the schedule of the upcoming parliamentary sessions.”
She added: "I do not expect the law to be passed soon, but this session will end with its approval and it will not be postponed to the next session."
It is noteworthy that since the first session of the Iraqi Council of Representatives, in 2005, the draft oil and gas law has been stuck in the drawers, as disagreements prevented its approval in its final form, and it was even described as the “big knot” law in Iraq due to the extent of the disagreements over it.
After 18 years, he announced, in late August 2023, the formation of a committee to develop a draft of the oil and gas law and present it to the government and the House of Representatives.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources.
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.
For its part, the Kurdistan Oil Law indicates that the Iraqi government “has the right to participate in the management of fields discovered before 2005, but the fields discovered afterward belong to the regional government.”
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They litterally bounce this around like no other. One day they'll have an agreement and the asset valuation stemming from a real effective exchange rate will have a very big influence in the matter.
That may be something that is being batted around in the USA and UK this weekend.. We shall see. ~ MM
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