Managing Iraq's Petroleum

Managing Iraq's Petroleum In April 2006, Iraq Revenue Watch hosted a workshop on Managing Iraq's Oil Industry which brought together leading petroleum experts, activists, economists and policy makers from across Iraq's regions and political spectrum. Convened during the World Bank's Fifth Middle East and North Africa Development Forum (MDF5) in Beirut, Lebanon, the workshop sought to identify and refine mechanisms for managing Iraq's oil wealth within a federal framework, in the hope of reducing future conflict and opening the way for compromise in other contentious areas.

With competition for Iraq's vast oil wealth continuing to provoke political and sectarian tensions, participants identified transparency and accountability as bulwarks against such abuse and key instruments for avoiding the "resource curse." Topics covered included the need for clarifications and potential changes to the constitution, national strategies for exploration and development, designs for a sound investment regime, and the establishment of unassailable legislation and more efficient institutions.