KRG demands

The KRG press release accompanying the new english translation says: “The KRG has also voluntarily agreed that existing KRG petroleum contracts, which are explicitly validated by the Iraq Constitution, may also be reviewed by a panel of independent advisors.” It continues: “The 15 February draft has not yet been introduced to the Iraq Council of Representatives (the Parliament), pending the completion of related matters. The Oil and Energy Committee will next prepare the four critical Annexes referred to in the draft Oil and Gas Law, which allocate the management of particular petroleum fields and exploration areas in Iraq to the KRG, the Iraq National Oil Company, and the Iraq Ministry of Oil. The Committee also needs to agree model petroleum contracts and guidelines for contractual terms, without which no investment in Iraq can begin. The Kurdistan Regional Government has agreed with the Federal Government that it will support the draft Federal Oil and Gas Law provided that the Annexes and other documents are concluded to the KRG’s satisfaction, and if it is accompanied by an agreed Revenue Sharing Law for submission as a package to the Council of Representatives. ” Minister Hawrami adds: “We must make sure that the Federal Government, like Kurdistan, is doing all it can to attract new investment to Iraq. It is vital that the Federal Government adopt the same market-friendly approach that the KRG has been using in its contracts.”