The role of oil contracts in the oil industry in Iraq From franchises to licensing rounds

Abstract

The research aims to shed light on the historical development of oil contracts from the concessions that appeared in the beginnings of oil discoveries until the present time, and to clarify the direct impact of the development of oil contracts in the stages of the oil industry in Iraq. The research problem was that the issue of focusing on the exploitation of a certain stage of the oil industry through contracts concluded by the governmental authorities of the producing country in relation to the investment of the oil in it creates imbalances within the oil sector. The research was based on the hypothesis that: the development and change of the legal system of the oil sector affects negatively or positively the oil industry, just as the development of oil contracts has a positive impact on the quantity produced and thus oil revenues. The research reached a number of conclusions, the most important of which are the stages of oil explorations that are not proportionate to the increasing volume of production and the volume of reserves.