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KRG publishes final Kurdistan Region draft oil law, model contract, exploration blocks
FRI, 29 JUN 2007 10:55
Kurdistan Regional Government
The Kurdistan Regional Government (KRG) is pleased to publish the final draft of the Kurdistan Region Petroleum Law in
, which has now been approved by the Legal Committee of the Council of Ministers. In its next meeting the Council of Ministers will review the law and is expected to put it to the Kurdistan National Assembly (parliament) for approval.
The first draft of this law was published in August last year, and has benefited from extensive comments from petroleum companies, NGOs, and citizens of the Kurdistan Region and other parts of Iraq.
The KRG is also pleased to publish its final Kurdistan Region
, , which was also first published in August last year and received significant input from many experts to make sure that it meets international standards as well as being consistent with the draft law. Dr. Ashti Hawrami, the KRG Minister for Natural Resources, said, “This model contract will form the basis for all our future negotiations and contract awards in Kurdistan and some of the existing contracts have also been adjusted using this Model Contract.”
The Iraq Constitution grants petroleum administration powers to the Kurdistan Region. "The Kurdistan Region Petroleum Law will be a great step forward for the Kurdistan Region and for all of Iraq. It is a modern, simple, unambiguous and investor-friendly law that will attract experienced operators to the region to maximise timely financial returns for all the peoples of Iraq", commented Minister Hawrami.
A federal draft Oil and Gas Law for Iraq was agreed earlier this year, but its approval has been delayed until an acceptable formula is found for revenue sharing and until the role of the Iraqi National Oil Company (INOC) is defined – in other words, the Annexes to the law. “On that front, we are very pleased with the outcome. Firstly, last week an agreement was reached with Baghdad on the draft
revenue sharing law
, and secondly we have now resumed our discussions on the INOC and we are confident that this will be agreed upon soon”, said Minister Hawrami.
He added, "In the KRG, we look forward to implementing this regional Law, which will be in harmony with the federal Law once it is finalised in a consistent manner with the Iraq Constitution. Partnership between the KRG and the Baghdad Government on modern petroleum administration, and on revenue sharing, is the best hope for Iraq.”
The KRG is also publishing the details of some 40 new
, and the basic
that it will use in negotiations to award contracts to qualified investors.
Dr. Hawrami said, ”When the draft Kurdistan Region Petroleum Law goes to the Parliament, we will organise conferences soon in Erbil, London and maybe in Houston to clarify the tendering process. Priority will go to those companies who can move and organise themselves quickly to contribute to our stated goal of a daily production level of one million barrels of new oil from the Kurdistan Region in around five years time,” said Minister Hawrami. “This way we shall be making a great contribution to Iraq’s revenues to be shared by all, hence assisting with the reconciliation process and Iraq’s unity.”
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