Friday April 20, 2012 Local Time: 21:04

Economy / Oil and Gas

Oil and gas law to parliament in June next

Zubayh oil field

Energy Commission confirmed in the House of Representatives that the law, oil and gas controversial will be presented to Parliament for discussion after the end of the legislative recess of the Council in mid-June.

A member of the Kurdistan Alliance MP Qasim Muhammad Qasim said was a vote in the Committee to adopt the 2007 version of the law of oil and gas, he said, adding that the parliament will be some additions and amendments to this version before it is put to the House of Representatives for a vote.

Kassem said in his interview with Radio Free Iraq that the most prominent points of contention in the 2007 version of the law, oil and gas related to the powers granted to the oil-producing provinces, and the oil contracts signed before the law was passed, and finally the formation of the Federal Council for Oil and Gas.

He said a member of the Energy Committee in the previous parliamentary session Hadi al-Hassani, that all the current differences on oil and gas law will be resolved in the event of an agreement on legislation that supplements the four of the law, stressing that these supplements will explain how to deal with the producing fields and non-producing and undeveloped and undiscovered.

Hassani said the 2007 version of the oil and gas law defined oil-producing provinces and therefore there is no any differences on this issue, as it gave the provinces the right to participate in the Federal Council for Oil and Gas.

Observers believe that the enactment of the oil and gas in Iraq would end the differences existing between the central government and the Kurdistan Regional Government and the rest of the Iraqi provinces, as it will represent an investment of vast oil wealth in Iraq with an estimated reserves of about 143 billion barrels.