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Iraq may implement an oil and gas law which includes international corporations in the nation's oil production. This move is expected to occur following municipal elections in December, but lingering issues remain between the federal government in Baghdad and the Kurdistan Regional Government (KRG) in Erbil. Proposed leadership of the federal oil and gas council has become contentious for both parties. The suggestion is for Iraq's Oil Minister to chair this council, but the KRG insists on the participation of its own Oil Minister in the council's leadership. Under the proposed law, Iraq's governorates would share oil export profits based on their GDP, ensuring a fair and equitable distribution of the country's oil wealth. This legislation also grants each governorate the authority to independently grant oil concessions and sign exploration and production contracts.

Iraq to Potentially Allow Foreign Firm Participation in Oil Ownership

Iraq may implement an oil and gas law which includes international corporations in the nation’s oil production. This move is expected to occur following municipal elections in December, but lingering issues remain between the federal government in Baghdad and the Kurdistan Regional Government (KRG) in Erbil. Proposed leadership of the federal oil and gas council has become contentious for both parties. The suggestion is for Iraq’s Oil Minister to chair this council, but the KRG insists on the participation of its own Oil Minister in the council’s leadership. Under the proposed law, Iraq’s governorates would share oil export profits based on their GDP, ensuring a fair and equitable distribution of the country’s oil wealth. This legislation also grants each governorate the authority to independently grant oil concessions and sign exploration and production contracts.

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