In recently passing the Oil and Gas Revenues Fund Law, the Kurdish Parliament made an important step towards responsible oil governance and management, setting a precedent for oil revenue governance in Iraq as a whole. The law will provide public accounts for revenue from oil and gas sales, refined products, and oil company bonuses, and will create a new accounting structure for the revenue. Under the Law, oil revenues can be allocated to specific categories, including a “future generations” wealth fund, investment spending, and environmental protection.
The Oil and Gas Revenues Fund Law could create a foundation for greater transparency, revenue stability, and protection from fluctuations in the KRG. This event, entitled, “Governance of Oil and Gas Revenues,” will bring together experts in building and managing oil and gas funds to share their expertise with stakeholders from inside the KRG government. Participants in this roundtable will discuss international best practice, analyze the KRG’s law, and make recommendations on how the Oil and Gas Fund Law can be most successful moving forward.
The current context of violence and instability created by ISIS and lower oil prices have both shocked the flow of oil and gas revenues. The KRG has been hit hard economically, but the Oil and Gas Fund presents an opportunity to create a sustainable solution. This event and the subsequent report will aim to create the framework for the effective implementation of the law and the creation of the Fund moving forward.