Iraq's oil Law

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

Quote:

and there is no question that the country’s potential has oil companies very excited,

Potential isn't going to matter much unless someone gets their act together and unite the counrty. I don't see that happening anytime soon.

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

I agree and Biden/Brownback proposal is not going to help either.

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

Well, despite our best efforts and threats the bill seems stalled. In the meantime Iraq is depending more on us for resources. Nice strategy on our part. Remove a government and fail to put one back in charge. Rolling Eyes

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

An op-ed peice on the Kurds oil deals.

The quickening pace of oil deals between Kurdish regional leaders and foreign companies is another sign that Iraq is spinning out of control and the Bush administration has no idea how to stop it.

President Bush set enactment of a national oil law that centralizes development and ensures an equitable division of the profits as a key benchmark of progress. Iraq’s leaders, who have little interest in equity or reconciliation, have blithely ignored it. So the Kurds have taken matters into their own hands, signing nine legally questionable exploration deals with foreign companies.

The administration has complained that the deals “needlessly elevated tensions” between the Kurds and the central government. But it apparently hasn’t leaned very hard on the one American oil company involved, Hunt Oil of Dallas, which has close ties to the White House. Iraq’s oil ministry, meanwhile, has warned that the contracts will be either ignored or considered illegal.

LINK

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

Wait a Minute! The US says it is ok to use the law of Saddam? Wait! I thoiught it would be up to the Iraqis to decide which way to go with the oil thing? The Oil companies are wetting their pants waiting to get to the world's 3rd largest oil reserve.

WASHINGTON, Oct. 31 (UPI) -- The U.S. State Department says an oil law implemented under Saddam Hussein is good enough for Iraq’s national government to sign oil deals, though it would prefer a new national law -- mired in controversy and far from approved -- to be used instead.

The new position is a shift for the U.S. government, or at least a nuance in its stance, which has pressed hard for a new hydrocarbons legal regime and condemned deals signed between a regional government and private firms -- especially when it’s an American company.

“We would prefer these laws to be passed before any deals are signed,” Deputy Assistant Secretary for Near Eastern Affairs Lawrence Butler told United Press International. “However, in the absence of passage of the hydrocarbon law, Iraq as a sovereign state can continue to use the Saddam-era laws to manage the sector in the meantime.”

LINK

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

As time goes on it makes less and less sense to why we invaded Iraq in the first place if it is going to be run the same way as it was before. Laughing

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

In this case, the revenue is going to the state not the more to the companies. Of course, with corruption so high, the people will still suffer. But at least an Iraqi would get the money.

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

They say, it is not about the oil, but everything I read and see says they are lying. Whatcha think of this?

Guided by American legal advisers, the Iraqi government has canceled a controversial development contract with the Russian company Lukoil for a vast oil field in Iraq’s southern desert, freeing it up for potential international investment in the future.

In response, Russian authorities have threatened to revoke a 2004 deal under the Paris Club of creditor nations to forgive $13 billion in Iraqi debt, a senior Iraqi official said.

LINK

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

Quote:

Guided by American legal advisers, the Iraqi government has canceled a controversial development contract with the Russian company Lukoil for a vast oil field in Iraq’s southern desert,

It seems we are looking for favored status. Laughing

American legal advisers huh? How convenient.

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

Let me see, they have judeo-christian and jewish lawyers, telling Muslims what is or is not legal. Well why not, US lawyers guided the Iraqis in their proceed against Saddam and his gang.

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

Just an update on the oil law.

BAGHDAD, Nov 11 (Reuters) - Iraq's political leaders are in intensive talks to resolve lingering disputes over a draft law that will decide control of the world's third-largest oil reserves, Iraqi Prime Minister Nuri al-Maliki said on Sunday.

"Everyone agrees that this law should be passed. There is positive progress and understanding between the parties. I believe talks in the coming days will be intensive to resolve the disputes," he told reporters in Baghdad.

LINK

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

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I believe talks in the coming days will be intensive to resolve the disputes," he told reporters in Baghdad.

If past meetings are an indication it should be intensive all right. Half of them will probably walk out in protest.

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

As long as they keep pushing the PSAs then I do not blame the guys for walking out. But if they are serious then using the model that Saddam had would give the Iraqis more control ovetr their reserves. IMO, that is what they should be striving for.

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

I haven't read anything that suggests they are close to any kind of deal on the oil law yet.

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

Since they, meaning the Iraqi govt, are still pushing the PSAs and the Sunni are resisting, I would say they are at least concerned with not letting the US control their only resource.