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This volume presents the first comprehensive examination of the legal issues surrounding international debt recovery on claims against Iraqi oil and gas. In addition to presenting a snapshot view of Iraq's outstanding debt obligations and an analysis of the significance of the theory of odious debt in the context of the Iraqi situation, the list of legal issues examined includes relevant provisions of the Iraqi Constitution of 2005, controlling Security Council resolutions, pertinent articles of the KRG oil and gas law (No. 22) of 2007 and the many nuanced and technical questions raised thereby, legal pronouncements aimed at protecting Iraqi oil and gas and those adopted in selected other nations, and general problems associated with recognition and enforcement of awards or judgments that may involve such oil and gas or revenues from the sale thereof. Also discussed are the lessons learned by the handling of the Iraq debt experience and the transferability of those lessons to future situations.
The departure of the last U.S. troops from Iraq at the end of 2011 left a broken country and a host of unanswered questions. What was the war really about? Why and how did the occupation drag on for nearly nine years, while most Iraqis, Britons, and Americans desperately wanted it to end? And why did the troops have to leave? Now, in a gripping account of the war that dominated U.S. foreign policy over the last decade, investigative journalist Greg Muttitt takes us behind the scenes to answer some of these questions and reveals the heretofore-untold story of the oil politics that played out through the occupation of Iraq. Drawing upon hundreds of unreleased government documents and extensive interviews with senior American, British, and Iraqi officials, Muttitt exposes the plans and preparations that were in place to shape policies in favor of American and British energy interests. We follow him through a labyrinth of clandestine meetings, reneged promises, and abuses of power; we also see how Iraqis struggled for their own say in their future, in spite of their dysfunctional government and rising levels of violence. Through their stories, we begin to see a very different Iraq from the one our politicians have told us about. In light of the Arab revolutions, the war in Libya, and renewed threats against Iran, Fuel on the Fire provides a vital guide to the lessons from Iraq and of the global consequences of America's persistent oil addiction.
This is a print on demand edition of a hard to find publication. Contents: (1) Issues: Draft Hydrocarbon Legislation; Interim Arrange. and Contracts: Kurdistan Regional Gov¿t. Contracts; Ministry of Oil Contracts; Revenue Sharing and Current Arrange.; (2) Iraqi Issues: Iraq¿s Constitution: Fed. and Regional Authority; Foreign Participation; Players and Positions: Kurds: Regional Authority, Revenue, and Kirkuk; Sunni Arabs: Revenue Sharing and Foreign Participation; Dawa and Islamic Supreme Council of Iraq: Invest. and Develop.; Industry Unions and the Southern Oil Co.; International Energy Co.; (3) Oil Revenue and Security Concerns; Revenues and Arrange.: Current Arrange.; Oversight of Oil Prod¿n. and Revenue Mgmt.; Oil Revenue and Budget Execution; Security: Infrastructure Attacks; (4) U.S. Policy. Illus.
The newly proposed Iraqi oil and gas legislation is currently making its way through Iraq's political process. The specific content of that legislation may be criticized for a variety of reasons. Nonetheless, while early Security Council resolutions addressing Iraq's oil and gas, and revenues from its sale, demonstrated extensive supervision over such by the international community beginning in the 1990s, more recent resolutions assign Iraq the kind of control that suggests its peoples are entitled to manage those resources and monies as they see fit. At the same time, the international community cannot ignore the importance of oil and gas to the economic well-being of Iraq, and the link between economic health and the survival of that country's nascent democracy. As a consequence, despite the fact that Security Council resolutions have seen fit to permit Iraqi authorities to resume autonomous control over that nation's hydrocarbons and the revenues produced by the sale of such, serious consideration should be given to the adoption of a new resolution, extending beyond the current 31 December 2007 date Iraq's protection against legal claims from existing and potential creditors.

Iraq

International Monetary Fund. Middle East and Central Asia Dept.

Published: 2015-08-18

Total Pages: 31


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This Selected Issues paper focuses on the Iraqi oil sector and analyzes the developments and prospects after the twin shock. The Iraqi economy was affected by the two major challenges during 2014—ISIS insurgency and the fall in global oil prices. Iraq’s oil sector has performed well despite the security challenges that emerged after the onset of the ISIS insurgency in June 2014. On average, Iraq earned $97 per barrel on oil exported in 2014. Asia remained the leading destination of the Iraqi oil exports during 2013–14, and its share increased from 50 percent in 2012 to 65 percent in 2014.
Oil, an integral part of the contemporary global economy, is considered a driving force behind the 2003 invasion of Iraq. Hydrocarbon reserves in Iraq have a significant role to play in global supply, with oil revenue accounting for more than 90% of Iraqi government income. This book provides a comprehensive insight into the key foundations of Iraq's oil industry and assists in the development of a core area of domestic law to promote economic recovery following years of instability. It addresses the development of oil legislation and the formation of contracts since the US and allied occupation of Iraq in 2003. Legislation is assessed against the framework of the constitution along with the different types of oil agreements and their terms. The book looks at three main aspects of oil legislation, beginning with the validity and interpretation of the constitution as any subsequent legislation governing oil policy will be based upon this. The work then discusses whether the draft oil and gas law of 2007 and any subsequent oil legislation, including the law implemented by the Kurdish Regional Government in 2007, is valid. Finally, the book analyses the legitimacy of oil agreements entered into by the central and regional governments and whether these contain terms beneficial to the state and contracting party. Providing an in-depth analysis of the origins and development of the legal framework of the oil industry in Iraq, the book acts as both a reference source and a springboard for future research across a range of legal, economic and policy perspectives. It will appeal to practitioners and academics working in energy law and international investment law, as well as policy-makers, legal advisors and those working in governments and energy companies.
Asserting that the desire to control the Persian Gulf's oil supply sent the United States to war against Iraq in both 1991 and 2003, this work develops a nuanced argument around that claim. It explains how the Persian Gulf came under the control of a 'system' or a cartel -- a coercive arrangement designed to ensure benefits to members and deny them to outsiders. The evolution of the oil system in the United States from its roots in Pennsylvania entrepreneurs to the Texas 'wildcatters' is traced through the dominance of the oil barons in the Standard Oil era. Further, each United States conflict in Central Asia is analysed, and the central role of oil in those conflicts is revealed. A new introduction and postscript address the motivations behind the most recent war in Iraq.
Oil lies at the heart of Iraqi politics. Yet in the eight years since the bombs began to fall on Baghdad it has been a taboo subject. In Greg Muttitt's gripping and far-reaching investigation we are taken behind the scenes of the occupation to answer one of the war's most pressing questions: what is happening to Iraq's oil? In public the USA and Britain strenuously deny any self-interest. In private, however, they tell a different story. Drawing on hundreds of unreleased government documents and extensive interviews with senior American, British and Iraqi officials and oilmen, "Fuel on the Fire" reveals how the occupying powers have sought to return Iraq's oil industry to multinational companies - for the first time since it was nationalised in the early 1970s. But America and Britain failed to take into account the determination of the Iraqis themselves - of civil society groups as well as senior oil experts - to keep production in the public sector. The attempts to impose a Western oil agenda regardless have dragged the country into ever deeper violence and continue to shape not just Iraq but the future of energy supplies and Anglo-American military strategy.
Iraqi leaders continue to debate a package of hydrocarbon sector and revenue sharing legislation that would define the terms for the future management and development of the country's significant oil and natural gas resources. A group of four proposed laws includes an oil and gas sector framework law and three supporting laws that would outline revenue sharing, restructure Iraq's Ministry of Oil, and create an Iraqi National Oil Company. Both the Bush Administration and Congress consider the passage of oil and gas sector framework and revenue sharing legislation as important benchmarks that would indicate the current Iraqi government's commitment to promoting political reconciliation and long term economic development in Iraq. In the absence of new legislation, revenue sharing mechanisms have been implemented and both the Iraqi national government and the Kurdistan Regional Government have signed oil and natural gas development contracts with foreign firms. The central importance of oil and gas revenue for the Iraqi economy is widely recognized by Iraqis, and most groups accept the need to create new legal and policy guidelines for the development of the country's oil and natural gas. However, Iraq's Council of Representatives (parliament) has not taken action to consider the proposed legislation to date because of ongoing political disputes. Iraqi critics and supporters of the proposed legislation differ strongly on a number of key issues, including the proper role and powers of federal and regional authorities in regulating oil and gas development; the terms and extent of potential foreign participation in the oil and gas sectors; and proposed formulas and mechanisms for equitably sharing oil and gas revenue. Concurrent, related discussions about the city of Kirkuk and proposed amendments to articles of Iraq's constitution that outline federal and regional oil and gas rights also are highly contentious.
This book is the first and only comprehensive examination of current and future legal principles designed to govern oil and gas activity in Iraq. This study provides a thorough-going review of every conceivable angle on Iraqi oil and gas law, from relevant provisions of the Iraqi Constitution of 2005; to legislative measures comprising the oil and gas framework law, the revenue sharing law, and the laws to reconstitute the Iraq National Oil Company and reorganize the Ministry of Oil; to the Kurdistan Regional Government's 2007 Oil and Gas Law No. (22) and its accompanying Model Production Sharing Contract; and to the apposite rules of international law distilled from both controlling UN resolutions addressing Iraq and more generally applicable principles of international law. This text is essential to the reading collection of every practitioner, business executive, government official, academic, public policy maven, and individual citizen with an interest in the details and controversial aspects of Iraqi energy law.