⚡ Iraq’s Oil & Gas Law: A Test of Political Will ⚡
Highlights:
🔥 The federal oil and gas law is back in the spotlight as Iraq approaches elections, marking one of the most sensitive pieces of legislation postponed since 2007.
💰 The law governs over 90% of Iraq’s state revenues from oil and affects the federal government, Kurdistan Regional Government, and oil-producing provinces.
⚠️ Continued obstruction threatens the investment environment, economic stability, and unity in oil decision-making.
📉 Energy expert Mohammed Hawrami warns that the absence of the law causes administrative and financial chaos, reduces foreign investment, and delays sustainable economic transformation.
💸 Iraq needs $15+ billion annually to develop its oil and energy sector, improve refining, and expand export capacity, but legal uncertainty limits major companies from entering the market.
🏛️ Parliamentary member Bassem Nughmish highlights that suspending the law keeps the economy trapped in rent cycles, creating revenue disparities and hindering fiscal planning.
🤝 The law should include financial governance, joint field management, and a national development fund for producing provinces.
🌍 A comprehensive political and economic settlement is needed to transform oil wealth from a source of conflict into a lever for development and stability.
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