Published online by Cambridge University Press: 05 August 2011
As discussed in Chapter 6, oil and gas contractual arrangements can be categorized according to whether they were entered into before or after 1992, whether before or after the removal of Saddam Hussein from power in Spring 2003, or before or after the transfer of governmental power in June 2004 by the CPA to indigenous Iraqi elements. It is clear from the language of article 141 of the Iraqi Constitution and article 54 of the 2007 KRG oil and gas law (No. 22) that the timing of any such arrangements can be consequential. When it comes to the oil and gas assets that a prosecuting claimant may seek in order to secure satisfaction for debts considered to be owed by Iraq, they also may fall into several distinct categories. Generally speaking, although not based on date, those categories include specific oil and gas properties subject to negotiated contract rights, in-kind oil and gas actually lifted from Iraqi fields and in the hands of Iraqis or third parties, and revenues generated by the sale of Iraqi oil and gas and held by Iraqi or third-party entities or institutions.