9 March 2007 - The Kurdistan Regional Government (KRG) Spokesman today published an authorised English translation of the draft Federal Oil and Gas Law for
The English translation published today was prepared and authorised by the KRG. “These are the drafts recognised by the KRG”, said KRG Natural Resources Minister Dr. Ashti Hawrami.
“Old and inaccurate translations of this vital draft law have been circulating in the media in recent weeks. By publishing the original Arabic and the authoritative English translation together, we hope to make the picture clearer for potential investors in
Allocation of fields, model contracts, and Revenue Sharing Law outstanding
Pursuant to the Iraq Constitution and the draft law, the KRG will sign contracts for new fields in the Kurdistan Region. In a departure from the Iraq Constitution, the law establishes an independent advisory body, to be jointly appointed by the KRG and the Federal Government, to ensure that all contracts will meet certain minimum economic guidelines. The KRG has also voluntarily agreed that existing KRG petroleum contracts, which are explicitly validated by the Iraq Constitution, may also be reviewed by a panel of independent advisors.
The 15 February draft has not yet been introduced to the Iraq Council of Representatives (the Parliament), pending the completion of related matters. The Oil and Energy Committee will next prepare the four critical Annexes referred to in the draft Oil and Gas Law, which allocate the management of particular petroleum fields and exploration areas in
“The KRG has always been prepared to step down from its Constitutional rights and share petroleum management with the Federal Government”, said Minister Hawrami. “But if we do so, we must make sure that the Federal Government, like Kurdistan, is doing all it can to attract new investment to
The draft law in English and Arabic is available here:
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