ABSTRACT
This chapter considers the legal position of the ownership of oil resources and subsequent property rights commencing with the historical foundations of public ownership. It addresses the Constitutional division of power between the Kurdish Regional Government and the central government. The principle of Permanent Sovereignty of Natural Resources (PSNR) was established for the benefit of countries under former colonial rule, often referred to as “developing countries”, to exercise their right to self-determination and for the encouragement of international co-operation in the economic development of these countries. Given the debate surrounding the issue of sovereignty and lack of clarity in attribution of responsibility for the exercise of the right, it would be somewhat dubious to cite PSNR as the premise upon which to base authority of the state to manage a country’s natural resources. The 2005 Constitution of Iraq also holds that oil and gas are owned by the people but managed by the state.
