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The Iraq Oil Law, also referred to as the Iraq Hydrocarbon Law was a piece of legislation submitted to the Iraqi Council of Representatives in May 2007 that laid out a framework for the regulation and development of Iraq's oil fields.
Passage of the proposed Hydrocarbons Law, which would provide a legal framework for investment in the hydrocarbon sector, remains a main policy objective. Despite the absence of the Hydrocarbons Law, the Ministry of Oil (Iraq) signed 12 long-term contracts between November 2008 and May 2010 with international oil companies to develop 14 oil ...
The Iraqi government has yet to reach an agreement on the law. In June 2008, the Iraqi Oil Ministry announced plans to go ahead with small one or two year no-bid contracts to ExxonMobil, Shell, Total and BP — once partners in the Iraq Petroleum Company — along with Chevron and smaller firms to service Iraq's largest fields. [4]
Executive Order 13303 was issued on May 22, 2003, by United States President George W. Bush to protect the Development Fund for Iraq for the rebuilding of Iraq from any legal attachments or liens. Further, it protects Iraqi oil products and interests and ownership by US persons (defined to include US corporations) from attachment as well.
This came after the Kurdistan Region Parliament enacted its own hydrocarbon law in 2007. [48] The Iraqi central government voiced its disapproval at both actions, and vowed to take legal action after the KRG started exporting oil to Turkey without its consent.
Iraqi officials have defended the law as upholding societal values and portrayed criticisms of it as Western interference. The acting Iraqi parliamentary speaker, Mohsen Al-Mandalawi, said in a statement that the vote was “a necessary step to protect the value structure of society” and to “protect our children from calls for moral ...
In Summer, 2008, the nation's Parliament still had not produced a comprehensive "hydrocarbon law" (oil law) apportioning revenue between local governorates and the central government. While oil production in early 2008 exceeded pre-war levels and continued to climb, disagreements remained among oil-rich regions, oil-poor regions, and the ...
Iraq's parliament passed a law criminalising same-sex relationships with a maximum 15-year prison sentence on Saturday, in a move it said aimed to uphold religious values but was condemned by ...