Breaking Iraq’s oil-law stalemate

I RECENTLY facilitated a workshop for Iraqi parliamentarians, from all political blocs, on the country’s stalled oil and gas law. The meeting was organised by Arab Region Parliamentarians Against Corruption and the Revenue Watch Institute, and brought members of the oil and gas committee together with those from the integrity and economic investment committees of the federal parliament to discuss petroleum governance and the legal and regulatory framework for Iraq.

The Iraq federal oil and gas law is, perhaps, one of the most eagerly awaited and contentious pieces of legislation in the oil Industry, worldwide. Iraq holds some of the largest remaining untapped global oil resources – more than 140 billion barrels of discovered reserves, plus much more still to be found. Yet production is just 2.8 million barrels a day (b/d), although the government claims 12 million b/d is feasible, should existing fields be developed and essential export-infrastructure...