How instability puts an Iraq oil bonanza at risk
The case for optimism in
While some of the challenges facing
As a result, the conditions for national reconciliation -- either across the sectarian divide or by means of political coalition -- are likely to remain out of reach in the short to medium term. This is a frightening prospect for an economy that generates 95 per cent of all revenue from oil and gas. The cause for confidence in
However, this growth engine does not exist in isolation, nor can it be divorced from political and bureaucratic realities. A political stalemate has failed to produce any comprehensive legislation to govern the oil and gas sector. In addition, secon-dary issues such as visa disruptions, poor infrastructure, faulty customs, and a lack of effective administration make it difficult to meet production targets and, in the longer term, slow down field development. These issues must be solved if
Unfortunately, oil revenues alone will not be enough to ensure
While there is ample blame to share, constitutional ambiguities and a lack of national hydrocarbon legislation continue to provide a rationale for the KRG to license its own resources independently. These issues are not likely to abate soon. The willingness of the oil majors to forsake investment opportunities in greater
Whatever the outcome in
The vitality of the oil and gas industry in
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(c) 2013 By Joel Brinkley, "Iraq: Problems in the Pipeline"