Iraq Oil Law (2007)
The Iraq Oil Law, also referred to as the Iraq Hydrocarbon Law was legislation submitted to the Iraqi Council of Representatives in May 2007.
The legislation started when the U.S.-backed Iraqi cabinet approved a new oil law that was set to give foreign companies the long-term contracts and the safe legal framework they have been waiting for. The law rattled labour unions and international campaigners who say oil production should remain in the hands of Iraqis.... New Oil Law Seen as Cover for Privatisation ... Emad Mekay ...Inter Press Service ...February 27, 2007
On March 10, 2007, prominent Iraqi parliamentarians, politicians, ex-ministers and oil technocrats urged the Baghdad parliament to reject Iraq's controversial hydrocarbon law, fearing that the new legislation would further divide the country already witnessing civil strife....Some Iraqi Politicians Urge Rejection of Draft Oil Law ... Hassan Hafidh... Dow Jones Newswires... March 10, 2007
On April 28, 2007, discussions turned contentious among the more than 60 Iraqi oil officials reviewing Iraq's draft hydrocarbons bill last week in the United Arab Emirates. But the dispute highlighted the need for further negotiations on the proposed law that was stalled in talks for nearly eight months, then pushed through Iraq's Cabinet without most key provisions.... Fight Rages Over Iraq Oil Law ... Ben Lando... United Press International... April 28, 2007
By December 2, 2007, The Bush administration was concerned that recent security gains in Iraq may be undermined by continuing political gridlock, and started pushing the Iraqi government to complete long-delayed reform legislation within six months.U.S.... Envoy, After Tour of Iraq, Seeks End to Political Impasse...Karen DeYoung... The Washington Post... December 2, 2007
On June 30, 2008, s group of American advisers led by a small State Department team played an integral part in drawing up contracts between the Iraqi government and five major Western oil companies to develop some of the largest fields in Iraq American officials say.....U.S. Advised Iraqi Ministry on Oil Deals...Andrew Kramer... The New York Times... June 30, 2008
In June 2008, the Iraqi Oil Ministry announced plans to go ahead with small one- or two-year no-bid contracts to Exxon Mobil, Shell, Total and BP — once partners in the Iraq Petroleum Company — along with Chevron and smaller firms to service Iraq’s largest fields. Several United States senators had criticized the deal, arguing it was hindering efforts to pass the hydrocarbon law.
By July 1, 2008, Iraq's government invited foreign firms Monday to help boost the production of the country's major oil fields, beginning a global competition for access to the world's third-largest reserves....Iraq Opens Oil Fields to Global Bidding... Sudarsan Raghavan and Steven Mufson... The Washington Post... July 1, 2008
By February 2009, Iraq has sweetened the terms it is offering international oil companies vying to develop the country’s reserves in the first concrete example of a global shift in power beginning to sweep through the oil industry... Iraq Eases Terms for Oil Projects... Carola Hoyos.. The Financial Times... February 26, 2009
Iraq, which pre-qualified about 45 companies to bid on oil projects, plans to award contracts for the six partly developed and four undeveloped fields offered in its second licensing round by mid-December...Iraq to Hold Second Oil Bid Round by Mid-December....Firat Kayakiran and Ayesha Daya... Bloomberg News... August 25, 2009
Read more about Iraq Oil Law (2007): History, Profit Sharing, Criticism of The New Law
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