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January 16, 2007: Iraq’s Oil Committee Approves Draft Oil Law

2007-01-16

Iraq’s Oil Committee (see October 2006) agrees on what is said at this time to be the final draft of the oil law. Instead of specifying the use of production sharing agreements, as a previous draft did (see July 2006), this draft calls for the creation of a federal committee that would determine what kinds of contracts can be used for hiring oil companies to help develop Iraq’s oil sector. The next step is for the law to be approved by the Iraqi cabinet. [Iraq Oil Committee, 1/15/2007; Reuters, 1/17/2007] This happens on February 15 (see February 15, 2007).