The Iraqi 2011 federal budget voted by parliament today includes two items that are related to payments to oil companies. It stipulates a payment of $1.75 billion as participation in the production cost of oil exported including under contracts of international oil companies signed with the Kurdistan region. The second item is an allocation of $2.73 billion for investment projects of international oil companies. The budget assumes the export of…
Tag: KRG
Adnan Al-Janabi
The chairman of the oil and energy committee in the Iraqi parliament, Adnan al-Janabi, spells out his plans to speed up the legislation of the pending oil sector laws and the role of his committee in resolving the conflict between the KRG and the federal government, in an interview with Ruba Husari in his office in Baghdad Feb.19. Q: What role do you see for the oil and energy committee…
KRG Contracts Conundrum
Iraqi Prime Minister Nouri al-Maliki announced earlier this month that the oil ministry approved the two production sharing contracts for the Tawke and Taqtaq fields, signed before the constitution was drafted, for a variety of reasons which to his mind justify the legalization by Baghdad. A day after Mr Maliki was interviewed, the Kurdish Prime Minister Barham Saleh was quoted as saying that “all contracts” signed by the KRG received…
Hydrocarbon Law Revisited
The year 2011 might turn out to be the year of Iraq’s hydrocarbon law, as this much awaited legislation could finally find its way to parliament, after the new council of ministers signs off on it. This doesn’t mean that the new law will cruise through without controversy. If anything, the discussions at the CWC Iraq Petroleum conference in London last week revealed the two sides are still at odds…