I want to clarify what HCL really means…The Iraqi Hydrocarbon Law (HCL), also known as the Oil and Gas Law…It is aimed to establish a regulatory framework for Iraqi oil fields not to give oil stipends to the citizens. It allows foreign companies to engage in oil production and development in Iraq…As investors in Iraq, over these last
decades we witnessed the lack of this law being made ‘official’ and put into the gazette. This law will help in the ability to settle disputes and has caused many stirs and delays in parliament…As far as the law goes and in practice too there is no individual profit sharing or stipends handed out to the citizens…the current Oil and Gas law does NOT specify anywhere that the average citizen will get an oil stipend as done in other oil producing countries such as Saudi Arabia…:Mnt Goat [Post 1 of 2….stay tuned]
