Encouraging investment in Iraq's oil industry
In November the Surrey Energy Economics Centre (SEEC) at the University of Surrey will release a detailed study into the fiscal framework for Iraq's petroleum sector. The study titled 'Iraq's Oil future: Finding the Right Framework' is authored by SEEC's energy fellow and economist Dr Carole Nakhle. It examines the various contractual and fiscal frameworks that Iraq policy makers could choose from to establish a sustainable and competitive fiscal framework. Design of the fiscal regime and the involvement of foreign investors remain controversial subjects both in Iraq and beyond. The study provides an objective assessment of the issues and draws on experience in many transition economies where progressive policies have engendered swift and tangible success through boosting production and distributing the benefits in terms of improved living standards for the Iraqi people.
Dr Nakhle comments: "It is for the Iraqi people to decide how best to manage their huge oil potential. But finding the right policy framework is critical if Iraq is to combine the best of its own skills with the expertise and technology which foreign investment in the right form offers. New partnerships, uniquely suited to Iraq, are both needed and attainable to build Iraq's future. Well-tailored investment by international companies should be embraced, not feared, and is the best vehicle for improving the long term prosperity of the Iraqi people." The study is available in Arabic and English.
Dr Nakhle, born in Lebanon, is fluent in Arabic and is an acknowledged authority on petroleum tax issues. She is the author of two books on energy issues and petroleum fiscal regimes and also works as a specialist adviser to British Parliamentarians.