IRAQ - Focusing On The Non-Oil Sector - Part 13 - Iraq's Petroleum Law.Iraq's Council of Representatives (parliament) is expected to consider a draft law for the petroleum sector approved on Feb. 26 by the cabinet. But nationalist Iraqi politicians and ex-ministers are against the draft, fearing the country's petroleum resources will be controlled by foreign companies. The cabinet has set the end of May as the target for parliamentary approval of the draft.
The daft law, if passed by parliament, will enable foreign companies to invest in the country's petroleum industry. Nationalist politicians and ex-ministers, still influenced by Saddam's Sunni/Ba'thist dictatorship dictatorship
Form of government in which one person or an oligarchy possesses absolute power without effective constitutional checks. With constitutional democracy, it is one of the two chief forms of government in use today. , are concerned about possible foreign involvement and they have fully supported Saddam's nationalisation n. 1. same as nationalization.
Noun 1. nationalisation - the action of forming or becoming a nation
group action - action taken by a group of people
2. of the petroleum sector back in 1972.
Iraq's petroleum sector is badly in need of foreign investment and technology. The sector has been poorly managed before and after the April 2003 fall of Saddam's dictatorship. Traditionally, the Oil Ministry in Iraq has been controlled by a nationalist bureaucracy generally suspicious of international oil companies (IOCs).
Even before the US invasion of Iraq in March 2003, nationalists in the Arab world “Arab States” redirects here. For the political alliance, see Arab League.
The Arab World (Arabic: العالم العربي; Transliteration: al-`alam al-`arabi) stretches from the Atlantic Ocean in the have been suspicious of the American motive. They have been arguing that America was after Iraq's petroleum resources. Iraq, where the cost of oil E&P has been the lowest in the world, has lost many opportunities for IOCs to fix its petroleum sector. Veteran IOC IOC
International Olympic Committee
IOC n abbr (= International Olympic Committee) → COI m
IOC n abbr (= geologists who have had long experience in the Middle East have been stressing for years that this country's recoverable oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints.
Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally could potentially match, if not overtake o·ver·take
tr.v. o·ver·took , o·ver·tak·en , o·ver·tak·ing, o·ver·takes
a. To catch up with; draw even or level with.
b. To pass after catching up with.
2. , those of Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. .
One estimate by a Western E&P expert from an IOC once put Iraq's ultimate potential to produce crude oil at 25m b/d, with emphasis on the Greater Rumaila Triangle in the southern part of the country which stretches over an area bigger than Saudi Arabia's Ghawar axis of oilfields. To compare, at present Iraq is struggling to produce 2m b/d - unable to restore a pre-war output level of 2.5m b/d - with its petroleum infrastructure having been the target of predominantly Ba'thist saboteurs stubbornly trying to prevent this sector from being rehabilitated.