Skip to main content Accessibility help
×
Home
Hostname: page-component-99c86f546-x5mqb Total loading time: 0.861 Render date: 2021-12-04T22:13:45.222Z Has data issue: true Feature Flags: { "shouldUseShareProductTool": true, "shouldUseHypothesis": true, "isUnsiloEnabled": true, "metricsAbstractViews": false, "figures": true, "newCiteModal": false, "newCitedByModal": true, "newEcommerce": true, "newUsageEvents": true }

7 - The Matter of Creditor Claims: An Examination of United Nations Security Council Resolutions 1790 (18 Dec. 2007) and 1859 (22 Dec. 2008), and Their Predecessors

Published online by Cambridge University Press:  07 December 2009

Rex J. Zedalis
Affiliation:
University of Tulsa
Get access

Summary

INTRODUCTION

As the Introduction to Chapter 5 observes, the Iraqi government may expect at least as much as (U.S.)$58.6 billion in revenue from oil and gas sales during 2008. It had budgeted for expenditures of (U.S.)$48 billion. If one were to make the reasonable assumption that production continues to increase at least incrementally during calendar year 2009, and that oil prices on the international market once again climb to the $75 to $90 per barrel level (at this writing in late autumn 2008 they hover near (U.S.)$50+ per barrel, having collapsed with the worldwide recession from the $150 range), revenue for that particular year should come in close to $70 billion to $80 billion. Of course, this is a gross revenue figure and reflects neither expenses or costs paid to partnering foreign or national oil and gas companies and contractors, nor management, administrative, operational or associated fees owing to relevant Iraqi governmental entities such as the Iraq National Oil Company (INOC), the Oil Ministry, or the State Oil Marketing Organization (SOMO) and its analogues. Furthermore, the Iraqi government's calendar year 2008 $48 billion budget should reasonably be expected to increase for the 2009 calendar year, especially given the country's well-known needs for very basic social services and infrastructure. To the extent that oil and gas sales revenues exceed budgeted expenditures and other internationally or domestically required payments, though, monies would then be available for the satisfaction of pre–Gulf War II Iraqi debts.

Type
Chapter
Information
The Legal Dimensions of Oil and Gas in Iraq
Current Reality and Future Prospects
, pp. 211 - 243
Publisher: Cambridge University Press
Print publication year: 2009

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Send book to Kindle

To send this book to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about sending to your Kindle.

Note you can select to send to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Send book to Dropbox

To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Dropbox.

Available formats
×

Send book to Google Drive

To send content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about sending content to Google Drive.

Available formats
×