29 August 2012, the Parliamentary Commission on Oil and Gas reported initial agreement between the presidencies of the Council of Ministers and Parliament on the 2007 draft law. The draft shall be tabled before Iraqi parliamentarians for approval.
It is worth noting that between 2007 and 2011 three draft bills were proposed. The first was drafted in 2007 but failed to secure parliamentary consensus. The second draft was presented by the Parliamentary Commission of Oil and Energy. The third draft was compiled in 2011 by the current Deputy Prime Minister for Energy Affairs Hussain al-Shahristani.
None of the above three drafts secured overall parliamentary consensus.
In the absence of such law regulating oil and gas affairs, Iraq’s energy industry ( oil and gas) became subject of sever political disagreement between the federal government and the Regional Government of Kurdistan/Iraq. This in turn fueled further political and economic insecurity.
It seems, however, finally the three Iraqi parliamentary governing blocks have reached a consensus to adopt the much waited energy law to energies Iraq’s failing economy and help to stablise national political situation .