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- W3124549892 abstract "I. INTRODUCTION II. IRAQ'S PETROLEUM AND GAS RESERVES A. How Much Oil and Gas Does Iraq Have? B. Challenges Confronting Iraq's Energy Infrastructure III. BACKGROUND OF IRAQ'S DRAFT HYDROCARBON LAW A. The Preamble, Iraq's Constitution and Chapter I B. Chapter II: Management of Petroleum Reserves C. Chapter III: Exploration and Field Development Operations D. The Annexes IV. THE MAIN ISSUES OF CONTENTION A. Federal and Regional Authority: The Preamble and Iraq's Constitution B. Management of Petroleum Reserves under Chapter H and Role of the FOGC C. Revenue Sharing D. Foreign Participation V. IMPACT OF IRAQ'S HYDROCARBON LAW ON IRAQ'S REDEVELOPMENT PLANS VI. RECENT DEVELOPMENTS AND FUTURE PROSPECTS I. INTRODUCTION If you've read Daniel Yergin's Pulitzer Prize winning book, The Prize, The Epic Quest for Oil, Money and Power, (1) you know that the ultimate prize in Iraq is OIL. And Iraq has lots of it. In terms of numbers, Iraq's proven oil reserves are estimated at 115 billion barrels, (2) although there is general agreement that the actual number could be much higher. (3) Even using a conservative estimate of an additional reserve base of 45 billion barrels, this would give Iraq total reserves of 160 billion barrels and would place Iraq's oil reserves second only to those of Saudi Arabia. (4) Given the vast reserves Iraq possesses, it is widely agreed that Iraq's oil industry will be the driver of Iraq's reconstruction and future (5) Indeed, the Draft Iraq Oil and Gas Law (Draft Hydrocarbon Law) itself provides that revenues from Oil and Gas represent the most important basis for redeveloping the country in general and the Iraqi economy. (6) This stated objective is perhaps the most important reason why the United States has been pushing for the Iraqi political structure to pass the Draft Hydrocarbon Law. (7) Although the Iraqi Cabinet approved the Draft Hydrocarbon Law in February 2007, disagreement over various provisions and among various parties has prevented the Iraqi Parliament from approving the law. (8) This Article analyzes the main provisions of the Draft Hydrocarbon Law and highlights the issues that must be resolved in order for the Iraqi government to pass the Draft Hydrocarbon Law. II. IRAQ'S PETROLEUM AND GAS RESERVES A. How Much Oil and Gas Does Iraq Have? Due to years of conflict and underinvestment, much of the information about Iraq's oil reserves and the capacity of its oil industry is outdated. (9) Moreover, there appears to be a wide range of estimates about Iraq's known and potential reserves. (10) According to the Energy Information Administration (EIA), the statistical agency of the U.S. Department of Energy, Iraq currently has the world's third largest petroleum reserves, estimated at 115 billion (11) Iraq also has one of the lowest extraction costs in the world. (12) Iraq's production costs are less than $2 per barrel. (13) In 2001, the International Energy Agency (IEA) focused on Iraq's oil reserves in its World Energy Outlook (WEO) 2001. (14) The IEA's WEO 2001 indicated that Iraq had 78 billion barrels of proven reserves and 51 billion barrels of undiscovered reserves, for a total of 129 billion (15) At the time, OPEC estimated Iraq's proven reserves at 112.5 billion (16) Despite these differences in estimates, most [e]xperts agree that Iraq may be one of the few places left where vast reserves, known and unknown, have barely been exploited. (17) For example, [s]ome analysts [have] estimate[d] that exploration in the largely unexplored Western Desert could lift proven reserves to 180 billion barrels. (18) In April 2007, the Colorado energy consultancy firm, IHS, stunned some of Iraq's politicians and oil engineers by declaring that the country's oil reserves were about 215 billion barrels--about double the estimates that have held for Iraq for years. …" @default.
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- W3124549892 date "2008-03-22" @default.
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- W3124549892 title "The Status of the Draft Iraq Oil and Gas Law" @default.
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