Oil contracts are important contracts on the legal, economic, and political aspects and this importance came from their association with to the sovereignty of the state and its commitment to managing natural resources to ensure the best returns and the highest benefits for its citizens. Through its investment and conduct of oil contracts to ensure the preservation of natural resources from waste. The oil contracts have adopted on a number of procedures and stages to regulate the legal framework for the conclusion. The contracts begin with choosing foreign companies and then negotiating with them on the terms of the contract down to the agreed upon final contract between the parties items and then signing a contract and approving it by the competent authorities. After the contract is ratified and approved, it enters another stage which is the implementation phase. This phase manifest the certain rights in favor of its parties, as well as the duties and obligations specified in the contract. The aims of this paper is to discuss the types and the nature of the most important obligations and rights that arise toward the national oil companies for oil service contracts conducted by Iraq after 2008.