Draft Oil Law
Here is a link to the draft oil law created in 2007 which I believe to be the same draft that has been stuck in parliament for the past three years. See article 40 regarding existing contracts in Kurdistan. As stated by vast CEO, he believes the Iraqi government will review the contracts and that there will be no material changes made to them. Below it says an independant panel will review all contracts and their opinion shall become binding.
https://https://www.iraqrevenuewatch.org/documents/oil_law_english_20070306.pdf
Article 40: Existing Contracts
A. The Designated Authority in the Kurdistan Region will take responsibility to review all
existing Exploration and Production contracts with any entity before this law enters into force
to ensure harmony with the objectives and general provisions of this law to obtain maximum
economic returns to the people of Iraq, taking into consideration the prevailing circumstances
at the time at which those contracts were agreed, and in a period not exceeding three (3)
months from the date of entry into force of this law. The Panel of Independent Advisors will
take responsibility to assess the contracts referred to in this Article, and their opinion shall be
binding in relation to these contracts.
B. Except for the provision of paragraph A above, the Ministry shall review all the existing
Exploration and Production contracts with any entity before this law enters into force to
ensure harmony with the objectives and general provisions of this Law. These contracts must
then be submitted to the Federal Oil and Gas Council, to ensure and to validate the maximum
economic return for the people of Iraq, in a period not exceeding three (3) months from the
time the Federal Oil and Gas Council issues model contracts and related regulations. The
Federal Oil and Gas Council shall take a decision on the accuracy of the review and validity
of the contracts.