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IRAQ - Awaiting Passage.

Iraqi Oil Minister Hussein al-Shahristani on March 15 said Baghdad was awaiting passage of the petroleum law through parliament before end-May. He said almost all IOCs had indicated "interest to come and work in Iraq; we have MoUs with almost all of them... They are preparing themselves but there is no negotiation about the development of any particular field".

The law will create INOC which will be responsible for prised oilfields already discovered and producing. These fields, such as West Qurna, Majnoon and Nahr Umr, are coveted by the majors. Under Saddam a Russian group headed by LUKoil had signed a deal to develop West Qurna, but that was cancelled by Iraq in 2002. Baghdad is reviewing a deal to develop al-Ahdab field which had been signed with the state-owned China National Petroleum Corp (CNPC) and China's state arms manufacturer Norinco. Total has initialled deals for Majnoon and Nahr Umr. Shahristani said PSAs had not been proposed yet as an investment model.
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Publication:APS Diplomat Operations in Oil Diplomacy
Date:Mar 19, 2007
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