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On April 28, 2007, discussions turned contentious among the more than 60 Iraqi oil officials reviewing Iraq's draft hydrocarbons bill 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 ...
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 Official Gazette of Iraq (Arabic: الوقائع العراقية / ALA-LC: al-Waqā’i‘ al-‘Irāqiyah) has been the official source for the laws and resolutions passed by the Council of Representatives of Iraq since August 1922.
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]
The Ministry of Oil (Arabic: وزارة النفط) is the cabinet-level ministry of the Iraqi government responsible for managing and developing the natural resources (oil and gas) in Iraq. The Minister of Oil since October 2022 is Hayyan Abdul Ghani.
On 13 March 1943, President Isaías Medina Angarita promulgated another Hydrocarbons Law, which established that from then on at least 10% of the crude oil had to be refined in Venezuela; the royalty or exploitation tax could not be less than 16.7%; the Venezuelan State received a 50% profit from oil exploitation and 12% of the income tax. New ...
On June 30 and December 11, 2009, the Iraqi Ministry of Oil awarded contracts to international oil companies for some of Iraq's many oil fields. The winning oil companies entered joint ventures with the Iraqi Ministry of Oil, and the terms of the awarded contracts include extraction of oil for a fixed gain of $1.40 per barrel for the oil companies with the remainder going to Iraq.
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 ...