Tuesday 19 June 2012

Iraq oil hopes slide on legal limbo - The National

Five years after the first attempt by the Iraqi authorities to ratify an oil law, the country's petroleum sector is still in legal limbo.

A hydrocarbon law remains a mirage in Baghdad and the reality is dawning that Iraq's plans to become one of the world's top-five oil producers are jeopardised by the legal deadlock.

Many oil deals have been signed in the intervening years but the country's target of pumping 12 million barrels per day (bpd), more than three times the pre-war record and on a par with the Opec powerhouse Saudi Arabia, is still a distant dream.

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