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Iraq's New Government To Push For Oil, Gas Law - Official

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Iraq's New Government To Push For Oil, Gas Law - Official

Post  MamaEhrhardt on Tue Nov 30, 2010 8:54 am

(This story was originally published Monday.)

LONDON (Dow Jones)--One of the priorities of the new Iraqi government, which is now under formation, is to enact a long-awaited hydrocarbon law in order to reassure international oil companies that signed huge oil deals with Iraq, a government spokesman said Monday.

"Among the next government's priorities will be the approval of the oil and gas law through parliament," Ali Al Dabbagh told an Iraqi petroleum conference in London.

Dabbagh said the new law would also be designed to resolve an impasse between the central government and that of the semi-autonomous region of Kurdistan in northern Iraq. He said oil contracts signed by the Kurdistan Regional Government with global companies need to be consistent with the new law.

http://online.wsj.com/article/BT-CO-20101129-715762.html

"Enacting the law would give a legal environment that reassures international oil companies and it should also bring oil contracts signed by the Kurdistan region in line with the central government's measures," he said.

The law was initiated by the outgoing government of Prime Minister Nouri al-Maliki more than two years ago but it never moved past being debated.

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