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Parliamentary committee expects the adoption of the law of oil and gas in Iraq this month
04/09/2011 16:44
Baghdad, September 4 / September (Rn) - forecast of the oil and gas in the Iraqi parliament on Sunday, the approval of oil and gas law by the Iraqi Parliament this month after the government agreed to the draft law.
The Iraqi cabinet has approved late last month on a draft oil law, the long-awaited and referred to the House for final approval in a move considered important for foreign investors who are demanding better legal safeguards.
The Vice-Chairman of the Committee on Fayad told the Kurdish news agency (Rn) that "the law introduced by the Government to the House of Representatives during the session next Tuesday, we will ask to set a date for inclusion on the agenda for discussion by the House and pass this."
The oil imports about 95% of Iraq's budget, but so far nothing in the law regulating the affairs of the country despite the conclusion of many of the energy contracts with international companies to develop Iraqi oil fields.
And the failure of the House of Representatives to pass Bdorth previous oil and gas law, which was expected to rise oil situation if approved.
Fayad said that "the oil and gas are now studying the draft law of all the legal and technical," adding that his committee will submit its opinion to Parliament on the draft within the month in preparation for the ratification of the law.
The absence of law and the cause of a number of problems in this sector, particularly oil contracts signed by the Kurdistan Regional Government with international companies to develop fields, and Baghdad says it is "illegal", while confirming the region "compatibility with the Iraqi law."
Iraq has the OPEC member's fourth-largest oil reserves in the world.
Even before the law, Iraq has already signed with international companies, a giant in the field of energy through three rounds of licenses to develop oil fields discovered untapped.
Although the Iraqi government predicted the arrival of its crude oil production to about 12 million barrels per day over the next five years, but experts have questioned the production and access to that goal, and said that seven million barrels a day was a reasonable figure.
Parliamentary committee expects the adoption of the law of oil and gas in Iraq this month
04/09/2011 16:44
Baghdad, September 4 / September (Rn) - forecast of the oil and gas in the Iraqi parliament on Sunday, the approval of oil and gas law by the Iraqi Parliament this month after the government agreed to the draft law.
The Iraqi cabinet has approved late last month on a draft oil law, the long-awaited and referred to the House for final approval in a move considered important for foreign investors who are demanding better legal safeguards.
The Vice-Chairman of the Committee on Fayad told the Kurdish news agency (Rn) that "the law introduced by the Government to the House of Representatives during the session next Tuesday, we will ask to set a date for inclusion on the agenda for discussion by the House and pass this."
The oil imports about 95% of Iraq's budget, but so far nothing in the law regulating the affairs of the country despite the conclusion of many of the energy contracts with international companies to develop Iraqi oil fields.
And the failure of the House of Representatives to pass Bdorth previous oil and gas law, which was expected to rise oil situation if approved.
Fayad said that "the oil and gas are now studying the draft law of all the legal and technical," adding that his committee will submit its opinion to Parliament on the draft within the month in preparation for the ratification of the law.
The absence of law and the cause of a number of problems in this sector, particularly oil contracts signed by the Kurdistan Regional Government with international companies to develop fields, and Baghdad says it is "illegal", while confirming the region "compatibility with the Iraqi law."
Iraq has the OPEC member's fourth-largest oil reserves in the world.
Even before the law, Iraq has already signed with international companies, a giant in the field of energy through three rounds of licenses to develop oil fields discovered untapped.
Although the Iraqi government predicted the arrival of its crude oil production to about 12 million barrels per day over the next five years, but experts have questioned the production and access to that goal, and said that seven million barrels a day was a reasonable figure.