Iraq: Oil and Gas Legislation, Revenue Sharing, and U.S. Policy
Abstract
Iraqi leaders 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 package includes an oil and gas sector framework law and three supporting laws that would outline revenue sharing mechanisms, restructure Iraq 's Ministry of Oil, and create an Iraqi National Oil Company. Both the Bush Administration and Congress consider the passage of oil and gas sector framework and revenue sharing legislation as important benchmarks that will indicate the current Iraqi government 's commitment to promoting political reconciliation and long term economic development in Iraq. Section 1314 of the FY2007 Supplemental Appropriations Act [P.L.110-28] specifically identifies the enactment and implementation of legislation to ensure the equitable distribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients and to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner as benchmarks on which the President must report to Congress in July and September 2007. The draft framework legislation approved by Iraq s Council of Ministers (cabinet) in February 2007 does not include revenue sharing arrangements. The companion revenue sharing law defines terms for revenue distribution. The Council of Representatives (parliament) has not yet considered either bill. The central importance of oil and gas revenue for the Iraqi economy is widely recognized by Iraqis, and most groups accept the need to create new legal and policy guidelines for the development of the country s oil and natural gas.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jun 26, 2007
- Accession Number
- ADA480733
Entities
People
- Christopher M. Blanchard
Organizations
- Library of Congress