Iraq: Oil and Gas Legislation, Revenue Sharing, and U.S. Policy

Christopher M. Blanchard

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Natural Resources and Economic Development Global Energy Security and Policy Energy Law and Policy

Abstract

Iraqi leaders continue to debate a package of hydrocarbon sector and revenue sharing legislation that would define the terms for the future management and development of the country's significant oil and natural gas resources. The package includes an oil and gas sector framework law and three supporting laws that would outline revenue sharing, restructure Iraq's Ministry of Oil, and create an Iraqi National Oil Company. Both the Bush Administration and Congress consider the passage of oil and gas sector framework and revenue sharing legislation as important benchmarks that would indicate the current Iraqi government's commitment to promoting political reconciliation and long term economic development in Iraq.

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