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Iraq's economy is dominated by the oil sector, which as 2021, provides about 92% of foreign exchange earnings. [1] The lack of development in other sectors has resulted in 13% [ 2 ] unemployed as of 2017 per capita GDP of $7,000. [ 3 ]
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Passage of the proposed Hydrocarbons Law, which would provide a legal framework for investment in the hydrocarbon sector, remains a main policy objective. Despite the absence of the Hydrocarbons Law, the Ministry of Oil (Iraq) signed 12 long-term contracts between November 2008 and May 2010 with international oil companies to develop 14 oil ...
In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of the Iraq Petroleum Company's concessions, and went on to announce the intent to form the INOC in 1964. [2] In 1967 Iraq and the Soviet Union signed the Iraq-Soviet Protocol which committed the Soviet Union to give technical and financial aid to the company. [2] In 1967 and 1968 ...
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In October 2024, the Chinese company CNOOC Limited announced that it signed an Exploration, Development & Production Contract (EDPC) with the company. CNOOC has won a bid to explore an oil block, Block-7, located in Diwaniyah province, Iraq. This marks a significant shift in Iraq's oil industry as it moves away from technical service contracts ...