Baghdad, June 9 (Rn) – The Commission on oil and energy parliamentary, Saturday, that all oil policies in the country will end in failure in the absence of oil and gas law on the organization of management of oil wealth, saying that the oil licensing rounds, the former succeeded in terms of media only.
Did not succeed, the Iraqi political forces from 2006 until now, from the enactment of the oil and gas in spite of the status of three drafts of the law due to the controversy on the mechanism of management of oil wealth.
He said the Commission’s decision Qassim Mohammed, told the Kurdish news agency (Rn) that “the previous oil licensing rounds conducted by the Ministry of Oil, all failed because of financial and administrative corruption and the absence of oil and gas law has been successful in terms of media only.”
He explained the Commission’s decision that “all oil policies currently followed would end in failure as a result of the absence of limits of the powers between the parties on the management of oil wealth in order to know the limits of its powers each side.”
He added that “the foreign oil companies are dealing with individuals and this confuses work and opens the door of financial corruption legislation, so the law will eliminate this phenomenon.”
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.
Iraq is seeking to increase production capacity in the coming years to reach 12 million barrels a day.
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.