Iraqi oil-2: Future grounded in old INOC

Iraq’s oil future rests in the reestablishment of Iraq National Oil Co. (INOC), which was taken over by the country’s ministry of oil in the late 1980s. The country would be better served by separating the national operating companies from the ministry of oil, which would enable the ministry to focus on such issues as developing policy, supervising resource conservation and management, and negotiating and issuing licenses.INOC was established as Iraq’s national oil company in 1964 by Law No.11, which had dual objectives:• “Establishing a national oil industry that would serve as the basis for future oil exploitation activities in the areas of which the right...

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