Production Sharing Contracts Of Oil And Gas In Kurdistan Region Of Iraq
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Production Sharing Contracts Of Oil And Gas In Kurdistan Region Of Iraq
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Author : Sabah Karim Sharif
language : en
Publisher:
Release Date : 2014
Production Sharing Contracts Of Oil And Gas In Kurdistan Region Of Iraq written by Sabah Karim Sharif and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Nearly all oil and Gas in the world is developed through some form of contracts and for more than a century the petroleum contracts, as a basic legal tool, have played a crucial role between the contractual parties in the petroleum sector. The development of these sorts of contracts demonstrates the dynamic changes that have occurred in the petroleum industry. Relevant to the question of balancing the interests between the host state (HS) and the international oil company (IOC), this study examines the contractual measures that have been followed by the parties to create fair and adequate relationship, and also keep the contractual interests in a mutual and balanced manner. Furthermore, this study discusses the structure of the petroleum contracts with a special reference to the main terms of the KRG's Production Sharing Contracts. As a subsidiary concentration, the researcher also draws attention to the Kurdistan Region oil and gas law, the Iraqi constitutional approach of the region and the governorate's authority in striking oil and gas development contracts. This research applies a descriptive method to attain its objectives in its main discussions about the main features of the production sharing contracts in the Kurdistan Region of Iraq, the balance of interests between the host state and investor (IOC) under KRG's PSCs and the contractual mechanisms to guarantee the balance of interests between the host state and the investors in the KRG's PSC. Also this study shall seek the examination of the contractual relational outcome under the petroleum production contracts and their mechanisms. It will also take an analytical and critical assessment to evaluate the difficulties encountered in achieving fair interests for both parties. The current study's findings show that, the PSC is a suitable instrument for the Kurdistan Region of Iraq to build up its domestic industry with the assistance of foreign oil companies. This research has also proven that these mechanisms are the main devices to encourage the parties to protect their interests and keep the balance of their relations during the life time of the contract. By adopting a range of mechanisms which are fair and flexible to both parties (HS & IOC) and adapted to any unpredictable changes that may take place with time, the KRG creates a reasonable environment for the International Oil Companies (IOC) to invest in its petroleum sector and keeps the parties' interest in a balanced manner. Hence, this study has shown that by introducing a flexible PSC and reasonable mechanisms, the Kurdistan Region of Iraq has its own strategy for developing its petroleum sector and has established itself as an attractive region for foreign investment.
Iraq Constitution Petroleum Resources Legislation And International Policy
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Author : Muhammed Abed Mazeel
language : en
Publisher: diplom.de
Release Date : 2014-04-11
Iraq Constitution Petroleum Resources Legislation And International Policy written by Muhammed Abed Mazeel and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-11 with Business & Economics categories.
Inhaltsangabe:Introduction: This book covers policy proposals and interim contracts, assesses the positions of various Iraqi political actors and examines the potential significance for international foreign policy goals in Iraq. Despite a lack of progress in reaching agreements on the hydro-carbon sector and revenue sharing legislation to set new conditions for the management of the country s significant oil and gas resources, development in Iraq s oil and gas sector is moving forward. The passage of the oil and gas sector framework and revenue sharing legislation will be seen as significant milestones by International governments and International Oil Companies (IOC ́s). This would provide evidence of the Iraqi government s dedication to promoting political reconciliation and providing a solid foundation for long term economic development in Iraq. Interim revenue sharing mechanisms have been introduced due to the lack of new legislation. Additionally, both the Federal Government (the Federal Oil Ministry-MoO) and the Kurdistan Regional Government (KRG) (the Regional Ministry of Natural Resources and Energy) have made oil and gas development deals with foreign firms. The MoO is working with existing regulation from the previous political and administrational regime, while the Regional Ministry of Resource and Energy Kurdistan-Iraq has designed its own laws and regulations, which the Federal Government has not yet recognized. There is wide recognition among Iraqis of the importance of oil and gas revenue for the Iraqi economy. Most groups see the need for new legal and policy guidelines for the development of the country s oil and natural gas resources. However, Iraq s Council of Rrepresentatives (parliament) has not yet considered the proposed legislation due to ongoing political discord and general political instability. There are strong differences on key issues between Iraqi critics and supporters of various proposed solutions. These include the appropriate role and powers of federal and regional authorities in regulating oil and gas development; the conditions and degree of potential foreign participation in the oil and gas sectors; and proposed formulas and mechanisms for equitably sharing oil and gas revenue. Simultaneously, there are strong disagreements on related discussions about the administrative status of the city of Kirkuk and proposed amendments to articles of Iraq s constitution that outline federal and regional oil and gas [...]
Iraq
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Author : Christopher M. Blanchard
language : en
Publisher: DIANE Publishing
Release Date : 2010-06
Iraq written by Christopher M. Blanchard and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06 with Technology & Engineering categories.
Development in Iraq¿s oil and natural gas sector is proceeding, in spite of continuing delays in agreeing to hydrocarbon sector and revenue sharing legislation to define new terms for the mgmt. of the country¿s significant oil and natural gas resources. Both the Bush Admin. and the 110th Congress considered the passage of oil and gas sector framework and revenue sharing legislation as important benchmarks that would indicate the Iraqi government¿s commitment to promoting political reconciliation and providing a solid foundation for long term economic development in Iraq. This report reviews policy proposals and interim contracts, analyzes the positions of various Iraqi political actors, and discusses potential implications for U.S. foreign policy goals in Iraq. Illus.
The Oil Gas Year Kurdistan Region Of Iraq
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Author :
language : en
Publisher: wildcat publishing
Release Date :
The Oil Gas Year Kurdistan Region Of Iraq written by and has been published by wildcat publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Petroleum Act Of The Kurdistan
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Author : Mhamad Sardar
language : en
Publisher: Vevin
Release Date : 2021-06-18
Petroleum Act Of The Kurdistan written by Mhamad Sardar and has been published by Vevin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-18 with Political Science categories.
The book is specific to the problems of the Iraqi government and the KRG, which has been in trouble for years and is not fully paid. In this book, senior Kurdish author Mhamad Sardar discusses a plan to rid both governments of corruption and the budget allotment stalled
Restructuring And Re Organization Of The Iraqi Oil Ministry And State Owned Oil Companies For Maximum Economic Growth And National Development
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Author : Muhammed Abed Mazeel
language : en
Publisher: disserta Verlag
Release Date : 2012
Restructuring And Re Organization Of The Iraqi Oil Ministry And State Owned Oil Companies For Maximum Economic Growth And National Development written by Muhammed Abed Mazeel and has been published by disserta Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Business & Economics categories.
The first steps towards restructuring and reorganizing the institutions and legislation of the Iraqi oil and gas industry must include taking ownership of resources, allocating acreages to Iraqi Kurdistan and neighbour states, improving the transparency as well as governmental participation and fiscal principles. It is important to provide an institutional framework that governs the operations of the industry, including its functions, structure, powers and funding. Operations in the upstream of the industry comprise licenses, leases and contracts. Other considerations covered are award processes, right of governmental participation, marginal fields, indigenous companies, termination and revocation of both licenses and leases, matters on fees, rents and royalties and, finally, provisions on Associated Natural Gas. The legislation in the downstream sector focuses on licensing, refining, marketing and pricing of oil products, transport logistics and facility management companies, pipelines and depots. The operating stocks and Iraq strategic stocks are also necessary. The needs of the downstream natural gas include both technical and commercial licensing regulations and conditions, as the network, gas supply licenses, transportation pipelines licenses and the whole sale market in addition to the possibility of third party access, customer protection, the pricing regime, public service obligations, competition and market regulation. The legislation is an amendment to the existing Iraqi Technical Service Contracts (TSC) and Production Sharing Contracts Agreements (PSC) in Iraqi Kurdistan based on the need to create a new fiscal framework that takes various compelling issues into consideration. It needs to capture the full gas value chain for taxation purposes in order to develop a fiscal regime for gas removed from oil and to create thereby a level playing field for all investors in gas and promoting the effective management of costs across the industry, which in turn will maximize the government's take. Other considerations revolve around the requirement to develop a fiscal system, which responds to changes in price, and to clarify inconsistencies or conflicts in the application of fiscal terms for oil and gas; and, finally, to develop a fiscal rule of general application based on a body of expected fiscal laws. Quality, health, safety and environment are missing elements in Iraq. During the restructuring and reorganization of the institutions the QHSE should take on a major role in working with the aforementioned departments in the Oil Ministry and the operating companies. The obligations of the state and international oil companies towards the state environmental regulations and public rules must be upheld according to the licensees, lessees and contractors considering matters of abandonment, decommissioning and disposal and their funding. The various actors in the oil and gas production are obligated towards various communities in the oil-producing region of the country, with supporting community development, providing employment opportunities, compensation, infrastructure, protection and management of the environment as essential components. The Ministry of Oil remains a civil service outfit that is ill-equipped to conceive and enact the required policies for such a complex and sophisticated industry. Hence, there is a strong need for principal and basic interaction between Federal Oil Ministry, existing directorial and state oil companies, Kurdistan Ministry of Energy and Natural Resources, and private sector operatives. This applies also to the reorganization and restructuring of Federal Oil Ministry, existing directorial and state oil companies, Iraqi National Oil Company and Iraqi National Gas Company.
Petroleum Fiscal Systems And Contracts
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Author : Muhammed Abed Mazeel
language : en
Publisher: diplom.de
Release Date : 2014-04-11
Petroleum Fiscal Systems And Contracts written by Muhammed Abed Mazeel and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-04-11 with Business & Economics categories.
Inhaltsangabe:Introduction: The petroleum fiscal system for a country is essentially the taxation structure, including royalty payments, that has been established by legislation. More broadly, the fiscal system includes all aspects of the contractual and taxation framework that governs the relationship between the host government and an international oil company. Worldwide, there are many different fiscal systems with different taxation and contractual terms. These vary from country to country and some countries use more than one system. Countries, for example, may offer concessionary system arrangements or service and production sharing agreements. Whichever system prevails, the issue for an oil company is how can it recover costs expended and how will the profit be divided. This depends upon tax regulations and the principles of the economics of the life of a field. The focus of this book is on the mechanics of the various kinds of fiscal systems and the factors that drive exploration and development economics. The emphasis is on practical aspects of petroleum taxation and industry/government relationships. There is also fertile ground for considering the philosophy of petroleum taxation which has changed the industry. Legal and operational aspects of contract/fiscal terms are also examined to provide a foundation in the dynamics of international negotiations. Both industry and government viewpoints are addressed in this book since a complete grasp of the subject requires an understanding of the aims and concerns of both sides. There are few things more discouraging for a government s national oil company than an unsuccessful licensing round. Yet prolonged, inconclusive negotiations can be equally frustrating for oil companies. This book has been written for those interested in petroleum taxation and international negotiations, and the way to carry out successful exploration and development projects. Much of the subject has evolved years ago whilst some aspects of taxation are timeless. Examples are included to give the reader a wide perspective about the implementation of fiscal systems. The terminology has changed over the years and will continue to develop. There is little standardisation of terms in the industry and the abundance of jargon can be rather daunting. The subjects covered in this book are often simple concepts wrapped up with industry and legal jargon. A glossary is provided to help with this. Much of the material provided [...]
Iraq S Oil And Gas Industry
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Author : Janan Al-Asady
language : en
Publisher: Routledge
Release Date : 2019-06-11
Iraq S Oil And Gas Industry written by Janan Al-Asady and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-11 with Law categories.
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.
Kurdistan Oil And Gas
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Author : John Roberts
language : en
Publisher:
Release Date : 2016-08-31
Kurdistan Oil And Gas written by John Roberts and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-31 with categories.
Under The Mountains
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Author : Robin M. Mills
language : en
Publisher:
Release Date : 2016
Under The Mountains written by Robin M. Mills and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Petroleum industry and trade categories.