The impact of oil contracts on the government’s financial system (product sharing agreements in Iraq) for the period (2004-2019)

Abstract

Contracts and agreements are considered one of the most important internationally common legal frameworks in the field of implementation and development of oil fields. These agreements and contracts differ in terms of substance, content, terms, and controls, as well as names.

These include production-sharing contracts, profit-sharing contracts, traditional service contracts, and long-term hybrid service contracts, as well as concession, supply, implementation, management, tax contracts, and purchase contracts.

Under these contracts, oil revenues are distributed between the oil companies and the host countries, and this situation is reversed in Iraq in light of the large companies and the huge production.

However, the research evokes the issue of the extent of this impact on the public interest in light of the evaluation of contracting licensing rounds in Iraq after 2003, and reaching conclusions and recommendations in which the state could take up oil investment in particular or reduce oil credits to the companies contracting with it