Iraq: Oil and Gas Legislation, Revenue Sharing, and U.S. Policy
Abstract
Iraqis continue to debate a package of hydrocarbon sector and revenue sharing legislation that will define the terms for the future management and development of the country's significant oil and natural gas resources. The centerpiece of the legislative package is a draft hydrocarbon framework law that would create a regulatory and policy development framework for future oil and gas exploration and production in Iraq. Three companion laws will complete the package by establishing terms and mechanisms for revenue sharing, creating the Iraq National Oil Company, and reorganizing Iraq's Ministry of Oil. Concurrent negotiations regarding constitutional amendments may have direct implications for the package of hydrocarbon legislation, particularly efforts to clarify the specific authorities granted to federal and regional governments to regulate oil and gas development and export activities under Articles 111 and 112 of the Iraqi constitution. Both the Bush Administration and Congress consider the passage of oil and gas sector management and revenue sharing legislation as important benchmarks that will indicate the current Iraqi government's commitment to promoting political reconciliation and economic development in Iraq. Iraqi critics and supporters of the legislative package differ over the proper roles and authorities of federal and regional bodies, the terms and extent of potential foreign participation in oil and gas production and development, and potential formulas and mechanisms for equitably sharing oil and gas revenue. The four elements of the package of hydrocarbon legislation remain at different stages of development and negotiation.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 25, 2007
- Accession Number
- ADA471186
Entities
People
- Christopher M. Blanchard
Organizations
- Library of Congress