Can anyone break down the proposed Iraq oil law for me?

Question

I'd like to find the main talking points on the Iraq oil law, such as
pros and cons?
What the average Iraqi stand to benefit from it?

Here's what I already know from reading the law;
It distributes oil revenue evenly based off a populations scale
It opens two thirds of the Iraqi oil market up to foriegn investors, which was unheard of in Saddams time, but I fail to see how it benefits the Iraqi people over a state-owned oil system, why not follow the successful business model of Kuwait.

Also, when will the Iraqi Counsel of Representatives will vote on it?

"The Iraqi Oil Law" link
http://www.krg.org/uploads/documents/Draft%20Iraq%20Oil%20and%20Gas%20Law%20English__2007_03_10_h23m31s47.pdf

I also asked this question in politics, but you know what they say about asking questions about politics, getting an answer is like panning for gold dust in a shallow river of dung

Answer 1

I looked over an on-line draft of it a while back, but really didn't get much more out of it than you did.

The theoretical benefit of private investment over state-ownership of an industry is efficiency. States have a pretty poor record when it comes to developing an industry compared to private investment - though, part of the reason is that a state typically picks one strategy, so when it turns out to be wrong, the whole industry suffers, while private investors try a variety of things looking for the most competative strategy, and some of them go bust, while others succeed...

Many middle-eastern states have nominal state ownership of oil /reserves/ but contract out exploration and development to foreing companies, in return for a cut of production.

Answer 2

Hi! LOL... I left a (rather long) answer to your question in the politics section. Here's the link, if anyone here wants to read it from there:
http://answers.yahoo.com/question/index;_ylt=AkOY6_W0yzt4Mped2cmuZ.Psy6IX?qid=20070815125147AAA0nVC
< I don't know that you'll consider it 'gold', but hopefully you won't think of it as 'dung' either :-) >

Answer 3

Check out the link