Iraq’s regional authority makes offer in anticipation of new national petroleum law.
Baghdad, Iraq Kurdish regional government plan to invite foreign bids for 40 new oil block in anticipation that a new national oil law will be agreed upon soon.
conferences in Erbil, London and possibly Houston to discuss tendering process. Priority will go to those companies which can move an organize themselves quickly, it quoted oil minister Ashti Hawrami as saying.
Within this way, they shall be making a great contribution to Iraq’s revenues to be share by all, hence assisting with the reconciliation process and Iraq’s unity. Kurdish official last month reached an agreement with the central government in Baghdad over the fair sharing of oil revenues from the country’s oil fields, a major plank of a long awaited new hydrocarbon law.
The draft, crucial to regulating how wealth from Iraq’s huge reserves will e shared by the sectarian and ethnic groups, which was approved by the cabinet in February but faced stiff opposition from the Kurd’s, who felt they were getting a bad deal.
Most oil reserves in Iraq are in the Kurdish north and Shi’ite south. Important areas remained to be trashed out, including annexes in the draft that Kurd’s say are unconstitutional because they wrest oilfield from regional government and place them under a new national state oil company.
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