Iraq deals could be boost to oil firms’ books

BAGHDAD - As post-2003 Iraq decided how to encourage foreign investment in its oil sector, many oil companies and foreign advisors said the government must offer a deal that would allow companies to claim the reserves of the contracted oil field in its reports to shareholders.

American officials, investment advisers, even the foreign oil companies themselves, all lobbied Iraq for such a contract, especially one type commonly known as the Production Sharing Agreement (PSA) or Production Sharing Contract (PSC).