Second Edition of the ´IRAQ: The Petroleum Exploration and Production Handbook´ published
20 December 2004
Provides an authoritative evaluation of Iraq as an E and P petroleum investment opportunity. It describes for the international oil companies market the attractiveness of inward investment into Iraq in terms of its technical, legal/contractual, fiscal and geopolitical prospectivity.
Short introduction to the second edition
It may seem premature to comment on any new developments in the Iraqi petroleum sector since security has by no means been restored to the country. However recent press reports suggest that the International Oil Companies, the IOCs, do not take an exclusively negative view of future Iraqi oil developments and have been prepared to plan for the future. Not a few companies are now involved in discussions with the Iraqi authorities about full-cycle E and P projects and also about production and rehabilitation deals. For this reason Alexander's Oil and Gas Connections and Oil, Gas, Energy Law, OGEL in association with Michael A G Bunter and B and R Co have pleasure in announcing that the Second Edition of "Iraq: the Petroleum Exploration and Production Handbook" is now available for subscribers. This new and enlarged edition is offered to new subscribers at a reduced price and is provided free-of-charge to existing subscribers.
Mr Bunter did anticipate, in the First Edition of his Handbook, a degree of lawlessness to be expected in Iraq after "mission accomplished" although he did not predict with any certainty ( but then nor did anyone else) the present level of insurgency. Not only that, his views on a likely tripartite federal status for Iraq now seem likely to be fulfilled. The latter, if the various functions of the Iraq National Oil Company, INOC, are devolved from Baghdad, could come to have a profound effect on the Iraqi petroleum sector and on future plans to license acreage to the IOCs. Mr Bunter discusses this in detail in his Chapter Six, the Geopolitics of Iraq and the Middle East and in this new edition.
Mr Bunter's Handbook now includes a completely new Chapter Nine, nearly fifty pages long, which was written in November 2004 well over a year after "mission accomplished". It incorporates a good deal of information, newly obtained, on the upstream, midstream and downstream of the Iraqi gas sector. One topic covered in some detail is the plan for the export of Iraqi gas to Turkey. Also provided is post-war material on the rehabilitation and upgrading of the midstream and downstream oil sector, on some full-cycle E and P projects and also new material on the legal situation of the petroleum upstream. The latter includes Iraqi government opinion on the ownership of petroleum reserves. There is also an up-to-date legal discussion on the pre-war petroleum transactions and some information about post-war petroleum operations including the post-war activities of foreign oil companies in Iraq. Much information has also been gleaned on the likely direction of future Iraqi oil policy including its upstream petroleum licensing plans. Last but very definitely not least is a long discussion on the security situation that now confronts the country and its implications for future foreign investment.
About the author
Written by Michael A. G. Bunter, an ex-oil company petroleum geologist with over 30 years of oilfields' experience, the author has had considerable involvement in exploration and production in the Arabian Gulf and is well positioned to address the technical and commercial issues of the Iraq petroleum sector in language familiar to oil company management and to technical specialists.
With the support of an advisory team, lead by Thomas W. Wälde, Professor & Jean-Monnet Chair CEPMLP/Dundee and Principal, Thomas Wälde & Associates, the advisory team includes Dr Falah Alamri, an Iraqi oil lawyer and Professor A Al-Hajji, a noted petroleum economist focusing on Middle East and other oil lawyers, geologists and economists in the UK, US and Iraq.
Edited by Ruth Eldon, IBA Legal Publishing Consultant.
Be well informed about the enormous opportunities arising in this country with its abundant resources but battered infrastructure. Be also well informed about the sensitivities involved and increase your chances over the competition through awareness of them and acting accordingly.
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