Iraq’s Oil Development: In Search Of Balance

The following paper was presented by Tariq Shafiq, Director, Petrolog & Associates and Founding Director Iraq National Oil Company to PLATFORM/Crisis Action briefing for journalists on Iraq’s Oil Future in London on 13 February.

..Iraq’s oil reserves could be on a par with world leader Saudi Arabia; its oil resource base is not far behind.

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Today, there is every reason to be alarmed. A constitutionally and democratically elected Iraqi government is now being formed. Its powers to decide on Iraq’s oil policy and development under the new constitution have been exceeded by the embryonic governorates and regions of the federations. It is a priority for the new government to reconsider the articles governing oil development of the total nation in the interest of the whole nation, to which Iraq’s oil assets belong, so that the central government makes policy, in consultation with the regions and governorates, to explore, develop and operate oilfields in the interest of the whole nation.

Middle East Economic Survey