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  • Print publication year: 2009
  • Online publication date: December 2009

PART TWO - THE COMPLICATIONS ASSOCIATED WITH IRAQI LEGISLATIVE MEASURES

Summary

With the understanding supplied by the two opening chapters of the factual background and the basic constitutional provisions affecting Iraqi oil and gas activity, we proceed to a description and analysis of the fundamental legislative measures that also affect that activity. Although it is no doubt accurate to stress the significance of what the Iraqi Constitution of 2005 has to say about the nation's petroleum resources, as is the case with most constitutional documents, it is cast as a foundational instrument and therefore covers a vast diversity of subjects with only the barest of detail. On the matter of oil and gas, the breadth of the general principles set forth in the Constitution purport to be elaborated, fleshed out, and supplemented by four specific legislative measures. An exploration of the nature, peculiarities, and potential problems presented by these four measures forms the core of the chapters appearing in Part Two. It should be observed, however, that one of the legislative measures has a counterpart legal adoption that has been implemented and actually utilized by the Kurdistan Regional Government (KRG) to enter into oil and gas development agreements with several international oil and gas companies. And, because both this latter KRG measure and that put forward by the central government in Baghdad speak of the promulgation of model forms of development agreements, one of the chapters in Part Two examines such model forms of contract so as to establish a degree of awareness with basic contractual instruments, an awareness useful to those requiring familiarity with standard terms and provisions of oil and gas development agreements.

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