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

PART THREE - CURRENT ISSUES AND POTENTIAL FUTURE PROBLEMS

Summary

It is one thing to be conversant with the constitutional principles and legislative initiatives affecting oil and gas activity in Iraq, and something different to appreciate the legal problems that plague or can be seen on the horizon by diplomats and advisors charged with assisting the development of that sector of the Iraqi economy. In this final part of the study, an attempt will be made to examine the more pressing current legal issues and potential future legal problems. The issues and problems examined revolve around either the fact that certain existing legal principles establish a specific juridical regime that, by the terms of the creating legal instruments, expires at a particular point in time, thus subjecting Iraqi oil and gas to exposure by certain foreign claimants, or the fact that evolving political and legislative events can not only present questions regarding oil and gas development activity and the revenues flowing from it, but also prompt speculation about the nature of Iraq's future oil and gas regime, in the event that the various legislative measures already examined prove aborted or stillborn.

With respect to existing legal principles that establish a specific juridical regime scheduled to expire, Chapter 7 takes up this matter by looking at the United Nations Security Council resolutions that have, since 2003, provided legal protection for Iraq's oil and gas resources and revenues from its sale.

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