Oil and Gas Law Update
The Oil and Gas Committees report at the Council of Representatives called for forming an Emergency Unit headed by Prime Minister al-Maliki to run the order Operations in the country.
The concern is the decrease in oil prices and what effect it is having on the Iraqi 2009 budget.
The Council called for the removal of the Oil Minister Husyan al-Shahristani because he is incapable of compensating for the lower oil prices by increasing production.
Iraq sells oil for 33 a barrel.
I don’t think the Oil and Gas Law will be passed anytime soon.
Plus Big Oil companies like BP, Exxon, Total were absent and did not show up for the Dec 5th Eneregy Expo in Baghdad.