Law No. 4 of 2018 regarding the Iraqi National Oil Company Law

This Law, comprising 21 articles, is crafted to ensure the comprehensive exploration, development, production, and marketing of petroleum resources by the Iraqi state, aiming to enhance productivity and foster growth within the oil and gas industry in line with global standards. Article 2 establishes the Iraqi National Oil Company (INOC), a government-owned entity, tasked with representing public ownership of oil and gas assets and establishing specialized divisions within its framework to effectively oversee energy sectors, including oil and gas fields. INOC is further mandated to inherit the functions of the National Oil Company established in 1967, invest in oil and gas manufacturing, and optimize returns while minimizing costs to maximize benefits for the Iraqi people. Article 4 outlines the means by which the Company aims to achieve its objectives, including managing and developing productive fields, entering into contracts in line with state policy, enhancing various petroleum operations, overseeing service contracts, boosting national efforts in the oil and gas industry, managing key infrastructure like pipelines and export ports, and establishing subsidiary companies with government approval to carry out economically feasible projects. The INOC is administrated by a Board of Directors whose main tasks include approving financial accounts and budgets, overseeing extraction and development plans, devising administrative and technical strategies, proposing exploration and investment policies, developing infrastructure, fostering local talent, ensuring transparency and anti-corruption measures, implementing environmental protections, promoting private sector participation, and regulating the use of external expertise. The INOC will fully own a list of state-owned oil companies (article 7).