Outlook for the 2007 adoption of the draft law of oil and gas

Revealed the oil and energy parliamentary tongue member of the Adi-Awad of the existence of an initial agreement between the political blocs to approve the draft of 2007 into law a final oil and gas, at the same time ruled out the oil experts to witness the coming days to agree on final image of this law, pointing to the unity of the differences between the center and the region and that Exxon Mobil kept compete.

A member of the Committee, Uday Awad in a press statement yesterday that the draft law of oil for gas of 2007 will be agreed upon in parliament as the final law, pointing out that the tours that desire to the Ministry of Oil signed is invalid as not based on the ground of constitutional as well as influenced by political decision.

Awad said in his statement to the newspaper term: that authoritarian political decision on the joints of the Ministry with the absence of oil and gas law has led to a state of jurisprudence is studied the consequences of the errors that affected the oil wealth.

He said Awad: legislation should be accelerated oil and gas law to be fertile ground for investment that the country in need of new exploration and development, noting that reliance on the old wells reflect negatively on the oil industry in Iraq.

For his part, said oil expert Halim Kazem for the same newspaper that the oil industry in need of new discoveries contribute to maximize the oil resources and enhances the status of Iraq’s oil markets world, pointing out that the licensing round, the fourth will increase the size of inventories of oil and gas companies that will compete giant companies and the lack of involvement of Exxon Mobil does not affect in this round unlikely to witness a few days to agree on a final draft because the deep disagreement.

Meanwhile, a Jeweler (economist) Hamza oil expert told the (long) The absence of oil and gas law does not affect in this round as exploratory, explaining that it depends on the laws in force in the ministry and do not need to enact laws in parliament.

He Jeweler: that the areas of exploration that are considered promising for gas more than oil , noting that in the case of undiscovered gas shall not Iraq losses, either in the case it will be found for these companies the right to invest.

He pointed out that the dimensions of Exxon Mobil a bold step by the government, indicating the presence of giant companies competing for the tour.

The Ministry of Oil that it has taken an important step for investment optimization of gas in the ground to reflect its effectiveness on all parts of Iraq, and the ministry had occurred during the previous years contracts with several international companies to develop some oil fields and the Ministry seeks to raise the ceiling of production to 11 million barrels per day within the past six the

According to some experts and specialists access to the impossibility of the figure of the production.

Iraq crude oil exports from the ports of Basra and Khor al-Amaya in the Persian Gulf, as well as the Turkish port of Ceyhan on the Mediterranean, and through the truck by truck to Jordan, and Iraq currently produces about 2.0005 million barrels of crude oil per day, and the proportion of exports from the Basra oil ninety%, while the remaining issue of Kirkuk.

The cabinet approved the draft law of oil and gas in 2007 but faced a Kurdish protest, and observers believe it 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.