Iraq is at a phase where the foundations can be put in place to ensure economic prosperity, the starting point of this is legislation, which must be carefully considered and implemented for the long-term benefit of the Iraqi economy. In addition to the legislation, the types of contract permitted by the government in the long term require consideration to ensure that the government obtains the maximum possible return from the exploitation of its resources. Iraq has the potential to become a global leader in oil production if oil resources are carefully managed. A key aspect of good management is a legal framework that protects national ownership and control in addition to favourable terms in the contracts with international oil companies. Iraq is an attractive opportunity for any oil company, even with the current security risks.
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