In its 21st ordinary meeting held on 9th June 2009 the Council of Ministers-CoM in Iraq decided to propose a draft law which provide every producing province (Governorate) a 50 cent for every barrel of oil produced by it. The decision was said to be a fulfilment of Article 121 sub-paragraph “Three” of the Constitution regarding equitable revenue sharing. Apart from this brief note the CoM website provides no further…
Tag: hydrocarbon law
Iraq Watch – Legal Limbo
9 November 2008 In response to the controversy over whether the Iraqi oil ministry has the right to award oil field development contracts under its first bid round, former Oil Minister Thamir Ghadhban argued that the ministry relies on a 1987 law that placed the powers to sign contracts into the hands of the oil minister and on the fact that the 2005 Iraqi constitution does not require the legislature’s…
Iraq Watch – Confused Priorities
26 September 2008 A second bid round for Iraq’s upstream sector, currently being prepared by the oil ministry, promises to transform the country’s oil industry. If all goes to plan, a second set of oil and gas fields would be awarded by the end of next year, hard on the heels of the first eight fields announced this summer — and the Iraqi oil industry will be bustling. That’s good…
Thamir Al-Ghadban
Former Oil Minister and Chief Advisor to the Iraqi Prime Minister Thamir al-Ghadban talks to Ruba Husari in London April 29, 2009 Q: What are the chances that the first bid round concludes according to schedule this summer? A: Based on what has been done so far starting from the announcement of the first licensing round last year and all the steps that followed, including the road-show in London, the…