Dr. Karwan Dhahir Saber
Department Of Business and Management, Faculty of Administrative Sciences and Economics,
Tishk International University, Erbil, Iraq
[email protected]
Dr. Hemdad Faisal Ahmad
Political science and Management, Faculty of Law, Soran University, KRG, Iraq
[email protected]
DOI: 10.23918/ICABEP2023p41
Abstract:
This article examines the role and characteristics of the National Oil Company (NOC), as well as the challenges and opportunities inherent in its plans and emerging trends. The Kurdistan Regional Government (KRG) possesses significant oil reserves and has attracted International Oil Companies (IOCs) for exploration and production activities. While the concept of establishing a National Oil Company (NOC) in the region might have seemed advantageous, since it never materialized in reality. This essay explores the reasons behind the absence of an NOC in KRG and proposes potential alternatives to address the challenges faced by the KRG in managing its oil resources more effectively. NOCs can be utilized to advance the government’s objectives in the upstream to the downstream supply chain because they play such a significant role in the global oil and gas industry and are often fully or partially controlled by their respective governments. As a result, refortification of NOCs is near the top of many oil-producing countries’ policy agendas, although in some cases incrementally and in others fundamentally. This paper thus argues that the national oil company model may have had a number of beneficial effects on the KRG economy if it hadn’t been just a piece of paper, and it also supports the establishment of a national oil company in the KRG, which may be thought of as a state rich in petroleum as a result of a significant recent petroleum discovery there. Finally, the study technique employed an evaluation of previously published content. Based on the comparative analysis, the study drew some potential findings regarding the function of NOCs and fiscal regimes and provided some recommendations for NOCs in the Kurdistan region.
Keywords: KRI, NOCs, Oil price volatility, Oil Trade and Diplomacy, Foreign Policy, Gross domestic products, and Economic growth.
ICABEP2023
5th International Conference on Accounting, Business, Economics and Politics
Organized by
Tishk International University, College of Administration and Economics, Salahaddin University-Erbil, and
University of Szczecin, Poland.
