Reserves replacement is to be taken seriously from a strategic planning point of view. As the country has embarked on a substantial program to build up Iraq’s crude oil and gas production capacity in cooperation with international oil companies, the fifteen oil fields to be developed and produced in accordance with the twelve contracts contain some 100 billion barrels of proven reserves based on the reserves revision released by the…
Author: Thamir A.Ghadhban
KRG And The Oil & Gas Law
The draft oil and gas law has been with the Council of Representatives since 2007 and was followed later by the INOC draft law. There were several reasons behind the legislative stalemate, but the main one is the request of the Kurdish parliamentary block to postpone the debate on oil legislation until an accord is reached regarding the pending issues in the oil and gas law. The main pending issues…
IOCs and the Future of Basrah
I believe the governor’s views are quite right, very positive and give assurances to the IOCs who signed contracts to develop oil fields in the Basrah governorate. The message is clear to the IOCs to engage with the local community and make an effort to reach out. It’s true that, and in spite of the monopolistic and concessionary nature of the old contracts IOCs had with Iraq, Basrah people did…
INOC Draft Law
A Clarification about INOC draft law: The Council of Ministers (CoM) passed on July 28th by a majority vote a draft law for the re-establishment of Iraq National Oil Company “INOC”. A number of points were raised by the Shoura Council, Ministry of Finance, Ministry of oil and the Legal Directorate in the Council of Ministers Secretariat and a number of recommendations were made by the Advisory commission. All were…