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Top 5 Oil & Gas Laws in Iraq 2024

DINAR REVALUATION REPORT: Five Oil and Gas Laws & the Production-Sharing Contracts are in Parliament: Iraq 2024

 Five Oil and Gas Laws in Parliament: Iraq 2024

As of September 6, 2024, the Iraqi Parliament has been actively involved in the management and regulation of the country’s oil and gas sector, focusing on drafting and amending laws to govern the industry effectively. 1  3  5

Key Laws in Focus

1. Kurdistan Oil and Gas Law No. 22/2007 (KOGL)

The Kurdistan Oil and Gas Law No. 22/2007 (KOGL) has been a cornerstone of the Kurdistan Regional Government’s (KRG) approach to managing oil and gas resources. Established after the adoption of the current Iraqi Constitution in 2006, the law aimed to empower the KRG to develop and utilize the substantial oil and gas reserves within its semi-autonomous region. Following the law’s enactment, the KRG signed over 50 production-sharing contracts (PSCs) with international oil companies (IOCs), marking a significant shift in the region’s participation in the oil sector.  1

2. Law of Identifying and Obtaining Financial Dues to the Kurdistan Region of Iraq from Federal Revenue (Law No. 5 of 2013)

This law establishes the legal framework for addressing outstanding revenue issues between the KRG and the federal government of Iraq, setting out mechanisms for defining and obtaining financial dues owed to the Kurdistan Region since 2004. It authorizes the KRG to sell oil produced in the region to recover unpaid revenues and includes provisions for the KRG’s share of sovereign expenditure revenues and compensation for damages inflicted by the former regime. 2

3. Proposed Amendments to the Kurdistan Region Oil and Gas Law

In June 2022, the Kurdistan Parliament made its first amendments to the Oil and Gas Law of the Kurdistan Region - Iraq, adjusting Article 4 regarding the Kurdistan Region Council on Oil and Gas Affairs. The amendments included adding a sixth member to the council and introducing a new paragraph concerning the council’s meetings and voting system.  5

4. New Oil and Gas Bill

Talks between the KRG and the Iraqi government in August 2023 aimed to draft a new oil and gas bill to resolve the dispute over the Kurdistan region’s constitutional rights on oil and revenue. The bill is intended to address the governance of oil and gas resources in both federal Iraq and the Kurdistan region. 4

5. Moratorium on New Oil and Gas Contracts

The Oil & Energy Committee of Iraq’s parliamentary body is seeking to halt the signing of any further oil and gas contracts until the passing of two key pieces of legislation. This move could impact the Oil Ministry’s plans and delay the country’s oil sector development. 6

Impact and Considerations

The ongoing legislative efforts in Iraq’s Parliament reflect the complex dynamics within the country’s oil and gas sector. These laws and proposed amendments are crucial for addressing revenue distribution, contract rights, and the role of international oil companies in the region. The inclusion of production-sharing contracts in the new oil and gas bill is particularly significant, as it could influence the future of the industry and the jobs it supports. 

Five Oil and Gas Laws in Parliament, 6 SEPT

 Five Oil and Gas Laws in Parliament

9/5/2024 Baghdad

The subcommittee on legislation and laws in the oil and gas sector within the parliamentary oil committee continues its efforts to update the laws related to this important sector, with the aim of improving the investment environment in Iraq. 

Member of the Oil and Gas Committee and head of the subcommittee, Ali Shaddad Al-Fares, said in an interview with “Al-Sabah” followed by “Al-Eqtisad News”, that “the committee has five laws and legislations related to the oil and gas sector, including the refineries or liquidation law, regarding which more than one meeting was held.” 

He pointed out that "the law is now in the General Secretariat of the Council of Ministers to proceed with amending it, so that there will be greater privileges for investors in the refining and petrochemicals sector to enter Iraq."

Al-Fares continued, "The draft law on smuggling petroleum derivatives needs some amendments, as does the law on hydrocarbon wealth," noting that "there is what is called the general law system in the management of the Ministry of Oil, in addition to 70 decisions of the dissolved Revolutionary Command Council that need legal adaptation to cancel some decisions and convert others into laws, as some of these decisions are still effective and important and must be legally adapted."  LINK

HERE'S WHY IRAQI NEWS PLATFORMS CALLS IQD INVESTMENT A SCAM BY SANDY INGRAM, 6 SEPT

 SANDY INGRAM

HERE'S WHY IRAQI NEWS PLATFORMS CALLS IQD INVESTMENT A SCAM

Summary

The Iraqi Dinar’s potential for revaluation is questioned, citing economic instability, currency supply, and lack of government plans for significant changes.

Highlights

• 🌍 Vast quantity of dinars limits potential appreciation.
• 💼 Iraq’s economy is fragile, reliant on oil exports.
• 📉 Historical revaluations rarely match dinar promoters’ claims.
• 📊 Central Bank denies major revaluation plans.
• 🔍 Market forces will determine dinar’s value.
• ✈️ Travel to Iraq is currently not allowed.
• 💰 Investors face uncertainty in the dinar market.

Key Insights

• 🚫 The oversupply of Iraqi dinars hinders any substantial appreciation, making high revaluation unlikely. This reflects a broader concern about monetary policy effectiveness.
• ⚖️ Iraq’s heavy reliance on oil exports makes its economy vulnerable, with political instability further complicating foreign investment opportunities.
• 📖 Historical context shows that significant currency revaluations usually occur under specific conditions, highlighting the unrealistic expectations of dinar promoters.
• 🏦 The Central Bank’s consistent denial of major revaluation plans signals a cautious approach to maintaining economic stability rather than speculative gains.
• 📈 Market forces will dictate the dinar’s value, emphasizing the need for a more stable economic environment to attract investments.
• 🚷 Current travel restrictions to Iraq limit investors’ direct interaction with the market, raising concerns about the dinar’s accessibility and future prospects.
• 🔄 The concerns about dinar circulation suggest that a more manageable currency supply could lead to a gradual appreciation, albeit with significant uncertainties for investors.

The Quantum Financial System (QFS) BY BEN FULFORD, 6 SEPT

 Thurs. 5 Sept. 2024 The Quantum Financial System (QFS), Ben Fulford:

• This is the Great Financial Shift leading to a new Quantum Financial System that can only contain true asset-backed currency. An asset-backed digital currency qualifies as a “currency.”

• All currencies will be “Asset Backed” in each country. This could be gold, silver, platinum, oil, precious metals or any other major asset that the country has.

• Only two crypto currencies will be backed by gold – XRP and XLM!

• All others, not backed by assets, will disappear by the end of 2024.

• Quantum software and computers make the system the most secure on the planet and impossible to hack.

• All banking transactions will eventually be conducted in QFS.

• Banks as we know them will change dramatically.

• QFS will hold all money in “Digital Form”, although it will still be asset-backed.

• All money transfers (moves) will contain at least 50 movement records, which will be stored in milliseconds simultaneously on six main surface server farms.

• All cash movements are kept in permanent records. So there is NO f***d or criminal activity that cannot be traced.

• All people will have a “digital wallet” account with QFS rather than with a bank.

• This digital wallet is 100% secure.

• You can use your “Debit Card” directly from this account.

• You can transfer money with 100% security to any bank account, country, citizen anywhere in the world.

• We will receive “Q” phones (Quantum Phones) and “Q” computers to ensure 100% security worldwide.

"THE DINAR IS TRADING ON THE FOREX" BY BRUCE, 6 SEPT

 BRUCE
Thurs. 5 Sept. 2024 Bruce

 “The Dinar is trading on the Forex, but the rate is not exchanging yet. My sources say R&R payments will be paid the first ten days of September.

 The amounts will be shown in our new accounts on the Quantum Financial System when we go in to redeem. 

Bond Holders can already see their money in their accounts, but they do not have access to it yet. My sources say that the days of Sept. 6, 7 and 8 will be important dates for us.”

• ----

 Bruce 

 [via WiserNow]  

 Sunday night...five o'clock Eastern...after the Forex...opens back up for trading... we're going to see all new rates on all currencies...

They should see all brand new rates Sunday night period.  Now – we would see them, probably Tuesday since Monday is a holiday. ...we don't have this absolute,

  but my belief is we can get notified on Monday which is is labor day here in the United States  - and then set our appointments and start on Tuesday...I'm just believing that we are finally at the end.

Thurs. 29 Aug. Bruce

• On Thurs. 29 Aug. 2024 there were solid but lower bank screen rates on the Redemption Center gray screens.
• On Thurs. 29 Aug. 2024 the Global Financial System was fully implemented and ready to go.
• All the banks have been totally integrated.
• The Dinar rate was three times higher at a Redemption Center than it was at a bank.
• The Dong rate was twice as high at the Redemption Center than it was at a bank.
• Zim has to be redeemed at a Redemption Center, not a bank.
• Tier4b should be notified to set appointments on Mon. 1 Sept.
• Mortgages and credit card debt elimination was starting Wed, Thurs, Fri, 4,5,6 Sept. and will run to Sun. 15 Sept.
• R&R should kick in the first week of September.
• Global arrests are taking place right now.
• The Forex comes up Sun. at 5pm EST with the new rates.
• If you are a Zim Holder the Redemption Center will give you a coupon for a Q phone.

 https://dinarevaluation.blogspot.com/2024/08/dinar-and-dong-rates-in-redemption.html