Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT

 Ministry of Oil: Approval of the oil and gas law depends on consensus, 31 OCT

The government is moving forward with approving the oil and gas law, subject to consensus, according to the Ministry of Oil on Tuesday.

Assem Jihad, a spokesman for the ministry, told the official agency that “the government is committed to approving this law within the current government session.” He added that “the ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government.” Additionally, it is covered in the government curriculum.

“The oil and gas law aims to manage Iraq’s oil wealth and ensure fair distribution, which will lead to optimal investment of national resources and support sustainable economic development. Additionally, this law will contribute to the Iraqi state treasury. As a result, the government and the ministry are actively working towards approving this legislation.”

During a recent interview, he stated that the government has allowed ample room for discussion regarding the oil and gas legislation. The minister added that the government’s and ministry’s objective is for the bill to be passed and that all viewpoints are taken into account. He further emphasized that the national interest should be prioritized above any other concerns.

According to him, there were several discussions held among the concerned authorities. However, in the end, the ministry drafted and made necessary amendments to the law that serve the public interest. It is now the responsibility of the government to submit the draft law to the House of Representatives for approval after reaching an agreement on it.

He highlighted that the oil and gas law requires consensus for approval. The ministry drafted the law and consulted with the concerned parties. Any consensual or political aspects remain with the concerned parties.