Iraq's oil Law

**Tumbleweed** · Admin Thanks: 0 Thanked 0 Times in 0 Posts votes: 4

Quote:

A version of the Iraq oil and natural gas law was agreed to by most of Iraq's political leadership last week, and when Parliament resumes this week it will, possibly, debate the law and, perhaps, maybe vote on it soon.

There is a damn confusing statement. Most, possibly, maybe. Laughing

Sounds like they don't know any more than we do. scratch

**Tumbleweed** · Admin Thanks: 0 Thanked 0 Times in 0 Posts votes: 4

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"This is a significant political achievement," the Feb. 27 statement began. "Under the approved law, oil will become a tool that will help unify Iraq and give all Iraqis a shared stake in their country's future."

There is a BS statement if I ever saw one. Laughing

Even if they approved the oil law there is still the problem of who get what as far as handing out the oil revenue.

If they can't even get a vote on the law, how in hell will they ever agree to dividing up the spoils?

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

I do not think it is a prob on how it is divided, for there will be little revenue coming toi the Iraqi people, just a flow to leadershipo bank accounts.

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

Kurd's Sign Oil Deal, huh? WAIT! I thought5 the law was for ALL Iraqis?

HOUSTON - Texas' Hunt Oil Co. and Kurdistan's regional government said Saturday they've signed a production-sharing contract for petroleum exploration in northern Iraq, the first such deal since the Kurds passed their own oil and gas law in August.

A Hunt subsidiary, Hunt Oil Co. of the Kurdistan Region, will begin geological survey and seismic work by the end of 2007 and hopes to drill an exploration well in 2008, the parties said in a news release. Terms of the deal were not disclosed.

Hunt is a privately held independent oil company based in Dallas. A third partner, Impulse Energy Corp., also has a stake in the project.

LINK

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

The US is looking for someone to help pass the law. Now is it prudent for a country that is dedicated to accumulation of wealth, be put in charge of the destiny of the Iraqi oil industry?

The United States is getting ready now for the Iraqi government to get its house in order and pass a detailed law that will govern the future handling of its vast oil fields, which contain the world's third-largest proven petroleum reserves.

In preparation for that moment, and in apparent hope that the United States will be central to the process for years to come, the Commerce Department is seeking an international legal adviser who is fluent in Arabic "to provide expert input, when requested" to "U.S. government agencies or to Iraqi authorities as they draft the laws and regulations that will govern Iraq's oil and gas sector."

The Government Accountability Office report on Iraq last week found that the benchmark efforts to develop a new oil system were still in early stages. The framework of a new law with provisions for revenue sharing and restructuring of the Oil Ministry has been drafted, but the single, new Iraq National Oil Co. remains to be formed.

LINK

**Tumbleweed** · Admin Thanks: 0 Thanked 0 Times in 0 Posts votes: 4

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The Government Accountability Office report on Iraq last week found that the benchmark efforts to develop a new oil system were still in early stages.

Real early from what I can see. They can't agree on anything yet, never mind even being close to a vote. Laughing

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

Sorry, but a co8untry who lives and dies on oil should not dictate what is best for the producer country. To me that would be a conflict of intersts.

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

HA HA HA HA--Greenspan is probably the smartest economist in the country--he sees the truth!

AMERICA’s elder statesman of finance, Alan Greenspan, has shaken the White House by declaring that the prime motive for the war in Iraq was oil.

In his long-awaited memoir, to be published tomorrow, Greenspan, a Republican whose 18-year tenure as head of the US Federal Reserve was widely admired, will also deliver a stinging critique of President George W Bush’s economic policies.

However, it is his view on the motive for the 2003 Iraq invasion that is likely to provoke the most controversy. “I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil,” he says.

LINK

**Tumbleweed** · Admin Thanks: 0 Thanked 0 Times in 0 Posts votes: 4

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“I am saddened that it is politically inconvenient to acknowledge what everyone knows: the Iraq war is largely about oil,” he says.

Exactly. Greenspan knows what the impact of the Bush policies were, especially where economic policy is concerned.

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

Need to read what is being said about Greenspan elsewhere, like he was a Clinton stooge, but they seem to forget that he was put in his position by Reagan. He is a smart man, an economist.

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

And I have a bridge in NYC I would like to seel you.

WASHINGTON, Sept. 20 (UPI) -- President Bush said he “knew nothing” about a deal between Hunt Oil, which has ties to the administration, and the Iraqi Kurdistan government.

Bush was pressed on the controversial production-sharing contract during a news conference Thursday.

“Our embassy also expressed concern about it,” Bush said when asked if it undermined a national oil law. “I knew nothing about the deal.”

“I need to know exactly how it happened,” he added. “To the extent that it does undermine the ability for the government to come up with an oil revenue-sharing plan that unifies the country, obviously I’m -- if it undermines that, I’m concerned.”

The revenue-sharing law is different than the oil law.

LINK

**Tumbleweed** · Admin Thanks: 0 Thanked 0 Times in 0 Posts votes: 4

Quote:

President Bush said he “knew nothing” about a deal between Hunt Oil, which has ties to the administration, and the Iraqi Kurdistan government.

Maybe he should read a newspaper once in a while. Laughing

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

Read? No said he had to be able to read to be president. LOL

**CHUQ** · Agitator Thanks: 0 Thanked 0 Times in 0 Posts votes: 3

Of all the stories coming out of Iraq, this one just keeps giving and givcing. Wonder why? (he asked sarcastically)

BAGHDAD, Sept. 27 Iraq's government is discussing oil field development with global oil majors as it attempts to boost production amidst security concerns.

Iraq produces about 2 million barrels per day now, but the vast oil sector needs billions in investment to fix and modernize the operating infrastructure, let alone develop and explore.

Iraq Oil Minister Hussain al-Shahristani said earlier this month in Dubai his government would move forward on signing oil deals despite the lack of a modern oil law. That law is stuck in parliamentary debate. Shahristani would rely on 1980s legislation to dictate deals.

LINK

**Tumbleweed** · Admin Thanks: 0 Thanked 0 Times in 0 Posts votes: 4

Quote:

Iraq Oil Minister Hussain al-Shahristani said earlier this month in Dubai his government would move forward on signing oil deals despite the lack of a modern oil law.

Just as I suspected. The oil law is dead at the moment with no hope of getting on track anytime soon.