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 would 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, 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 would 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 identified 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. The Administration reported to Congress on these benchmarks in July and September 2007. The draft framework law approved by Iraq 's Council of Ministers (cabinet) in July 2007 does not include revenue sharing arrangements. Iraq 's Council of Representatives (parliament) has not taken action to consider the legislation to date because of ongoing political disputes. 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
- Apr 02, 2008
- Accession Number
- ADA480797
Entities
People
- Christopher M. Blanchard
Organizations
- Library of Congress