The Iraqi Draft Petroleum Law: A Check On Progress

There are two chief concerns for international oil companies (IOCs) seeking to operate in Iraq, the first being violence on the ground and risks to the security of installations, equipment and staff, and the second being a lack of certainty in the legal and regulatory regime, with attendant risks to the security of investment. Progress in addressing these risks is slow at present and, despite some efforts towards drafting a new hydrocarbons law, we do not expect to see any improvement in the condition of the Iraqi oil industry in the medium term.

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