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Oil and gas law promotes the production and organize work.

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Oil and gas law promotes the production and organize work.

06/8/2016 12:00 am

Helps in supplying advanced technology and universally adopted

Baghdad-Emad Emirate

The academic said Dr Ahmed Omar Rawi from Al Mustansiriya Arabic Studies Center and international: after the change experienced by Iraq, had to be modified and new legislation is dictated by the nature of the developments and changes in the political and economic aspects of the domestic and international level, such as legislation governing the investment of energy (oil and gas) for the creating the investment climate to encourage foreign investment to contribute to rebuilding Iraq after disabling most economic sectors.

The narrator in an interview confirmed for «morning» supporting legal system should be updated to encourage investment, particularly in energy to maximize investment in this vital sector to provide the institutional framework for the management of energy resources and achieves the highest degree of economic viability of the country.

Institutional system

As a draft oil and gas law to form an institutional system is represented by the Federal oil and gas Council and regional bodies and the Office of advisers as well as the role of existing institutions such as the Ministry of oil and the Office of financial supervision.

The narrator said, reinforcing the legislative role of Parliament and the Council of Ministers of the federal policy on the exploration, production and marketing of energy resources, noting that the adoption of the law will contribute to the transfer of modern technology to the oil and gas industry through direct investment by foreign companies in the industry, as it will contribute to the training of national personnel working with these companies.

And the Narrator, when performing the basic contents of the oil and gas Act necessary to avoid organizational and administrative gaps for the oil and gas sector, as explained many law articles on the relationship between the Executive and legislative institutions, as defined for each of the powers of local administrations for the provinces and territories and federal administration.

Referring to establish the Federal Council for oil and gas that originates from oil Ministers membership, finance, planning and the Central Bank Governor and a representative of each province produced over 100 thousand barrels of oil a day, as well as executives of the oil institutions and experts not more than three.

Oil policies

He continued, the draft law, the Federal Council attaches to oil and gas policy responsibility Federal oil field development and implementation plans and decide on exploration and production contracts and amendments, as set out in article VII of the Bill to the Council the right preparation and drafting federal laws for the oil and gas and oil agreements approved.

Exploration and production

The Narrator pointed out that the draft referred to the coverage of the draft law all Iraq oil operations planning areas and not limited to specific areas, besides granting licences to oil operations on the basis of a contract between the Ministry of oil exploration and production or regional authority and Iraqi and foreign companies and individuals, while licensing production in the fields currently producing to national oil companies.

The Narrator concludes, he explained that exploration and production contract law gives exclusive right to exploration and production in the contract, and gave the law right for investing companies to maintain exclusive rights for oil production and refining for a period not exceeding 20 years and can be extended for five years for once, as the investor is entitled to finance the net profits derived from petroleum operations outside Iraq after paying taxes on discharged, he may also bring investment within the scope of his employment contract.

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