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Andrew L. Fono is a partner leading the Iraq practice group of the international law firm of Haynes and Boone, LLP. As a Lt. Colonel in the US Marine Corps, Andrew spent considerable time in Iraq as a judge advocate, and was also involved in Rule of Law and domestic legal developments in the Iraqi judiciary. [email protected]
Iraq has the world’s third-largest oil reserves. However, the development of Iraq’s petroleum sector has been severely hampered by decades of war, sanctions, underinvestment, the exodus of scores of technocrats, and sabotage. Repairing Iraq’s oil infrastructure and expanding exploration, development, and production is of paramount importance to the country’s future. In June 2009, the Iraqi Oil Ministry embarked on an effort to help meet this challenge by offering service contracts to international oil companies (IOCs) in two rounds of tenders.
The Status of Forces Agreement and Investing in Iraq: Risky Business?
In spite of ongoing security and political instability, Iraq remains one of the most fertile yet volatile regions in the world for emerging business opportunities, specifically in the petroleum industry. Since the completion of the widely successful “surge” and implementation of the Status of Forces Agreement (SOFA), Iraq has experienced slow but steady improvements in security and economic opportunities in the petroleum sector. As a result, there has been an influx of international companies eager to engage Iraq’s ministries for access to these lucrative markets.
