Oil policy and investment licenses contracts in Iraq (analytical study)
As it is known, oil is one of the most important economic resources in Iraq, therefore the oil policy is the cornerstone for the investment of this vital resource, where it contributes to the revenues of the Iraqi budget were more than 90%. Since the discovery of Baba Gharghar field in Kirkuk at...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | Arabic |
| Published: |
University of Kufa, Faculty of Administration and Economics
2022-01-01
|
| Series: | مجلة الغري للعلوم الاقتصادية والادارية |
| Online Access: | https://journal.uokufa.edu.iq/index.php/ghjec/article/view/3249 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | As it is known, oil is one of the most important economic resources in
Iraq, therefore the oil policy is the cornerstone for the investment of this
vital resource, where it contributes to the revenues of the Iraqi budget
were more than 90%. Since the discovery of Baba Gharghar field in
Kirkuk at the beginning of the twentieth century, the retreat of the
Ottoman Empire authority, the British occupation of Iraq began, and after
Sykes-Picot Agreement in 1916, the right of exploration and exploitation
of oil became for the British with 25% as a share for the French, so Iraqi
oil was monopolized by the Iraqi Oil Company (IPC), under the
concession agreement granted since 1928. The British and French
monopoly companies exploited oil and extracted in large quantities and
randomly to increase profits with a small share for the country which
owns the resources. This resulted in the issue of Act No.80 for 1961 in
the Republican era, which enabled Iraq to recover 99% of the land that
was under the control of foreign companies. The National Oil Company
was established under Act. No. 11 for 1964, and in the 1970s the
operations of Iraq Oil Company Limited were nationalized, giving the
National Oil Company the opportunity to explore, exploit and produce
oil. In fact, nationalization constituted a significant qualitative leap in
terms of increasing oil revenues, in addition to the prosperity and
development, especially after the rise of oil prices in the seventies. But
after 1980 and the entry of Iraq in fruitless wars, reflected on the
nationalization achievements; production of oil declined significantly,
especially after 1990 and the invasion of Kuwait till the occupation of
Iraq in 2003, which led to the looting of oil fields and the destruction of
some of them, therefore the oil sector was in a serious situation,
prompting the operators in this sector in 2009 to resort to rounds of
licenses to reinvest investment and production in this sector, in fact this
option is a justification for the advancement of the Iraqi oil sector at
present, but it is no longer the best option to promote it. |
|---|---|
| ISSN: | 3006-1911 3006-192X |