Energy Commission: three main points on controversial legislation the law of oil and gas

Baghdad, July 15 (Rn) – The Commission on oil and energy parliamentary, on Sunday, said that there are three main points hinder the adoption of a controversial oil and gas law relating to ownership of the oil wealth and the way management, and dispose of them.   A member of the Furat al-Shara told the Kurdish news agency (Rn) that “the Alliance of Kurdistan and the Iraqi List, reckon that the management of oil wealth through the office of federal nominate a director through the House of Representatives to vote, but the government believes that the director of the Federal Office must be nominated by the Council of Ministers “.   Shara added that “the other point of contention is the property and in accordance with the Constitution of the Federal Government believes that the oil belongs to the people everywhere and the Kurdistan Regional Government adds that the regions share the other.”   He continued, “With regard to validity, the federal government believes that the validity of the oil wealth because they have an absolute national treasure and brothers in the province of Kurdistan and the Iraqi List, agree that this sense of the regions and the provinces power to manage the oil wealth.”   The Iraqi cabinet approved a draft law of oil and gas in 2007 but faced objections Kurdish observers see that he represents the differences between Arbil and Baghdad on oil revenue sharing and control of some fields in northern Iraq and the Kurdistan region.   The law will determine the party that controls the vast oil reserves, Iraq’s fourth-largest reserves in the world and also aims to attract foreign investors.   Baghdad had been awarded 15 contracts for oil and gas to international energy companies since 2008 and so far as they represent major investments and the first in the country’s energy industry after more than three decades of war.   Region and concluded contracts with foreign oil companies to develop oil fields, but Baghdad does not recognize such contracts, and the two sides held several rounds of negotiations without reaching a final solution to them by the existence of differences on the draft law of oil and gas.   The Kurdistan region and decided early last April to stop oil exports against the background of non-payment of the federal government for money to foreign oil companies operating in the region.