The Oil, Gas, and Natural Resources Committee stated on Tuesday, October 17, 2023, that they require six months to finalize a draft law on oil and gas that satisfies all parties. Additionally, they mentioned that the Kurdistan Regional Government has presented its perspective on the Oil and Gas Law to the Ministry of Oil.
Ali Shaddad, the head of the Legislation Committee in the Oil, Gas, and Natural Resources Committee, emphasized the importance of the Legislation Committee as a subcommittee of the parliamentary oil and gas committee. In an interview with Al-Sumaria News, he stated that this committee is focused on drafting and reviewing legislation and laws pertaining to the oil and gas sector.
During today’s meeting, Shaddad announced that the Legal Department’s Director General and a group of jurists were hosted by the Oil Ministry. They discussed amendments to several laws related to the oil and gas sector, including the National Oil Company Law. Shaddad clarified that while some provisions of the law have been canceled and the formation of the company has been stopped, it has not been entirely repealed by the Federal Court. Therefore, the government has issued directives to the Oil Ministry to make the necessary amendments to revive the law.
He explained that one of the most significant laws is the oil and gas law. There have been six meetings in total, three with the committee formed by the regional government, and three with the governors and representatives of the oil-producing governorates. The Oil Ministry has created a preliminary draft that incorporates ideas from both the Kurdish side and the oil-producing provinces. Repeated meetings are necessary to reach a common vision on the oil and gas law. However, due to council elections, there may be a delay during the next two months.
The Iraqi provinces require six months to draft an oil and gas law that is agreeable to all parties. The committee from the regional government has presented a proposal to the Oil Ministry, which includes their desired texts and standards for the law.
During a statement, he said that the project’s first reading will be done in the third legislative year. He emphasized the importance of reaching a unified vision and draft with the Oil Ministry, and mentioned that they won’t accept more than one draft. He also acknowledged that this process might cause fatigue and anger among some parties, but it is necessary for Iraq to have this law.
During the committee meeting, he emphasized the significance of new projects such as the draft carbon footprint law and the draft oil-agricultural coexistence law. He also mentioned that it was agreed upon that a representative from certain companies in the oil and gas sector will be present. This project is linked to the Legislation Committee in the Parliamentary Oil and Gas Committee.
The Parliamentary Oil and Gas Committee met with the subcommittee today to discuss legal amendments, including the Oil and Gas Law and the National Oil Company Law, according to Al-Sumaria’s correspondent.