Claims against Iraqi Oil and Gas
Legal Considerations and Lessons Learned

This volume presents the first comprehensive examination of the legal issues surrounding international debt recovery on claims against Iraqi oil and gas.

Rex J. Zedalis (Author)

9780521193504, Cambridge University Press

Hardback, published 14 June 2010

276 pages
23.5 x 16 x 2.3 cm, 0.56 kg

'Zedalis gives a unique contribution on the legal issues relating to claims against Iraq. The book comprehensively analyses relevant Security Council, international and national laws, providing insight into the core disputes over consistency with the IC and finality of certain provisions.' Faris Nasrallah, Yearbook of Islamic and Middle Eastern Law

This volume presents the first comprehensive examination of the legal issues surrounding international debt recovery on claims against Iraqi oil and gas. In addition to presenting a snapshot view of Iraq's outstanding debt obligations and an analysis of the significance of the theory of odious debt in the context of the Iraqi situation, the list of legal issues examined includes relevant provisions of the Iraqi Constitution of 2005, controlling Security Council resolutions, pertinent articles of the KRG oil and gas law (No. 22) of 2007 and the many nuanced and technical questions raised thereby, legal pronouncements aimed at protecting Iraqi oil and gas and those adopted in selected other nations, and general problems associated with recognition and enforcement of awards or judgments that may involve such oil and gas or revenues from the sale thereof. Also discussed are the lessons learned by the handling of the Iraq debt experience and the transferability of those lessons to future situations.

1. A brief prècis on Iraq's debts
2. The legal theory of 'odious debt'
3. The development and background of Security Council Resolution 1859
4. The development and background of the Iraqi measures permitting departure from earlier oil and gas contractual commitments
5. The concepts of 'finality', 'related to', and assorted matters of Article 54 of the KRG's oil and gas law (no. 22), and Article 141 of the Iraqi Constitution
6. Old oil and gas contracts, and those of more recent vintage: Iraqi constitutional protections of contract rights and their significance on legal claims
7. Oil and gas assets affected by the prosecution of legal claims aimed at recovering on debts owed by Iraq
8. Issues associated with prosecuting a claim in the United States, with a brief glimpse at other jurisdictions: the impact of national law
9. Recognition and enforcement of determinative actions affecting Iraqi oil and gas assets
10. Lessons learned from the Iraq experience that are transferable to other instances of debt owed by resource-rich nations.

Subject Areas: Energy & natural resources law [LNCR], Contract law [LNCJ], Private international law & conflict of laws [LBG]