Book contents
- Frontmatter
- Contents
- Preface
- PART ONE
- PART TWO
- PART THREE
- 5 The Concepts of “Finality,” “Related to,” and Assorted Matters: Article 54 of the KRG Oil and Gas Law (No. 22) and Article 141 of the Iraqi Constitution
- 6 Old Oil and Gas Contracts and Those of More Recent Vintage: Iraqi Constitutional Protections of Contract Rights and Their Significance on Legal Claims
- 7 Oil and Gas Assets Affected by the Prosecution of Legal Claims Aimed at Recovering on Debts Owed by Iraq
- 8 Issues Associated with Prosecuting a Claim in the United States with a Glimpse at Other Jurisdictions: The Impact of National Law
- 9 Recognition and Enforcement of Determinative Actions Affecting Iraqi Oil and Gas Assets
- 10 Lessons Learned from the Iraqi Experience Transferable to Other Instances of Debt Owed by Resource-Rich Nations
- Epilogue
- Index
7 - Oil and Gas Assets Affected by the Prosecution of Legal Claims Aimed at Recovering on Debts Owed by Iraq
Published online by Cambridge University Press: 05 August 2011
- Frontmatter
- Contents
- Preface
- PART ONE
- PART TWO
- PART THREE
- 5 The Concepts of “Finality,” “Related to,” and Assorted Matters: Article 54 of the KRG Oil and Gas Law (No. 22) and Article 141 of the Iraqi Constitution
- 6 Old Oil and Gas Contracts and Those of More Recent Vintage: Iraqi Constitutional Protections of Contract Rights and Their Significance on Legal Claims
- 7 Oil and Gas Assets Affected by the Prosecution of Legal Claims Aimed at Recovering on Debts Owed by Iraq
- 8 Issues Associated with Prosecuting a Claim in the United States with a Glimpse at Other Jurisdictions: The Impact of National Law
- 9 Recognition and Enforcement of Determinative Actions Affecting Iraqi Oil and Gas Assets
- 10 Lessons Learned from the Iraqi Experience Transferable to Other Instances of Debt Owed by Resource-Rich Nations
- Epilogue
- Index
Summary
Introduction
As discussed in Chapter 6, oil and gas contractual arrangements can be categorized according to whether they were entered into before or after 1992, whether before or after the removal of Saddam Hussein from power in Spring 2003, or before or after the transfer of governmental power in June 2004 by the CPA to indigenous Iraqi elements. It is clear from the language of article 141 of the Iraqi Constitution and article 54 of the 2007 KRG oil and gas law (No. 22) that the timing of any such arrangements can be consequential. When it comes to the oil and gas assets that a prosecuting claimant may seek in order to secure satisfaction for debts considered to be owed by Iraq, they also may fall into several distinct categories. Generally speaking, although not based on date, those categories include specific oil and gas properties subject to negotiated contract rights, in-kind oil and gas actually lifted from Iraqi fields and in the hands of Iraqis or third parties, and revenues generated by the sale of Iraqi oil and gas and held by Iraqi or third-party entities or institutions.
- Type
- Chapter
- Information
- Claims against Iraqi Oil and GasLegal Considerations and Lessons Learned, pp. 140 - 176Publisher: Cambridge University PressPrint publication year: 2010