Parliament oil law creates contract review process

The Iraq oil law proposed by the Parliament creates a politicized board for reviewing old oil contracts and a new council for setting policy, according to the draft obtained by Iraq Oil Report.
The cover page of the draft contract between Royal Dutch Shell and the Iraqi Oil Ministry to develop the Majnoon oil field. This and dozens more would be reviewed by a new committee if the Parliament oil law is enacted. (BEN LANDO/Iraq Oil Report)

A draft oil law pushed by key Parliamentarians would establish an intergovernmental council granted decision making on contracting with foreign oil companies and nearly the entire oil strategy, and create what would be a highly-politicized process of reviewing all oil deals signed since 2003.

The law would also create a national oil company with broad responsibilities and turn the oil ministry into a powerful regulatory body.

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