Iraq’s Oil and Gas Industry: The Legal and Contractual Framework, 1st Edition (Hardback) book cover

Iraq’s Oil and Gas Industry

The Legal and Contractual Framework, 1st Edition

By Janan Al-Asady

Routledge

288 pages

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Hardback: 9780367149697
pub: 2019-07-02
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Description

 

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. Current and prospective 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 of the constitution, and interpretation arising therefrom upon which any subsequent legislation governing oil policy will be based. Following on from this, the work 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 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

Table of Contents

Table of Contents

 

Foreword

Acknowledgements

Abbreviations and acronyms

Part I

Chapter 1: Introduction

Chapter 2: Sovereignty and ownership of oil resources

1. Introduction

2. Ownership

2.1 Definitions

2.2 Key concepts relating to natural resource ownership

2.2.1 Property rights

2.2.2 The authority of the State

3. The legal concepts surrounding property ownership and sovereignty

3.1 Underlying Islamic trends relating to natural resource

ownership

3.2. The principle of the permanent sovereignty of natural

resources (PSNR)

Part II

Chapter 3: Historical background to 2003

1. Historical background

2. The first oil companies in Iraq, oil concessions and discovery

3. Recent history

4. Land ownership in Iraq and sovereignty

4.1 The Ottoman laws

4.2 Sovereignty and nationalisation

5. Ownership of Iraqi oil reserves post-2003

5.1 Federalism

5.1.1 The meaning of federalism, definitions and

its implications for Iraq

5.1.2 The formation of a federal state

5.2 CPA and transitional provisions

5.3 The 2005 electoral process and subsequent developments

5.4 The 2005 Constitution

5.4.1 Comments on legal opinion

5.4.2 Analysis of Article 112

5.4.3 Constitutional ambiguities and the section on

federal powers

5.5. Future implications of federalism on oil revenues

Chapter 4: The legislative framework of the Iraqi oil industry

1. Current laws governing the oil industry

1.1 Pre-2003

1.2 Post 2003

1.2.1 The TAL

1.2.2 The constitution – oil, disputed territories and related issues

1.3 The Kurdish region

2. The Federal Draft Oil and Gas Laws (DOGL) and Revenue

Sharing

3. Tender Process

3.1 Law currently governing tenders

3.2 Bid process

4. Transparency of the law

5. Conclusion

Chapter 5: The contractual framework for Iraq’s oil industry

1. Introduction

2. Contracts typically used in the industry and common terms

2.1 Concession agreements

2.2 PSCs

2.3 Service contracts

2.3.1 Risk Service Contracts

2.3.2 Technical Service Contracts

2.4 Joint Ventures and Joint Operating Agreements

2.5 Licences

2.6 Farm-out agreements

2.7 Common clauses

2.7.1 Participation clauses

2.7.2 Buy-back clauses

3. Oil agreement structures in Iraq

3.1 Technical Service Contracts

3.2 Development and Production Service Contracts

4. Key contractual provisions

4.1 Fundamental provisions

4.1.1 Term and Participation

4.1.2 Minimum work obligations

4.1.3 Phases

4.1.4 Production targets and Relinquishment

4.2 Assignment and subcontracting

4.3 Signature bonuses and exclusivity clauses

4.4 Measurement policies (SOMO and MoO)

4.5 Government taxation

4.6 Investor returns - cost recovery

4.7 Title to and use of assets

4.8 Force majeure

4.9 Stabilisation

4.10 Technology transfer

4.11 Dispute Resolution

4.12 Termination

5. KRG PSCs

5.1 Legitimacy

5.2 Governing law

5.3 Key terms

5.3.1 Bonuses

5.3.2 Participating interest

5.3.3 Government revenues

5.3.4 Cost recovery

5.3.5 Assignment and subcontracting

5.3.6 Relinquishment and decommissioning

5.3.7 Termination

6. Differences between PSCs and TSCs

7. Conclusion

Chapter 6: Conclusion

Recommendation

Appendix 1: Covenant of the League of Nations Articles i and XXII

Appendix 2: Table of various oil cos from RWI

Appendix 3: Map of oil fields and blocks

Appendix 4: Oil fields and Companies

 

Bibliography

About the Author

Janan Al-Asady, PhD is a commercial Barrister in London, UK.

About the Series

Routledge Research in Energy Law and Regulation

Learn more…

Subject Categories

BISAC Subject Codes/Headings:
LAW000000
LAW / General
LAW021000
LAW / Contracts
LAW051000
LAW / International