International petroleum agreements (IPAs) have structures that are well-established yet strongly influenced by changes in political relationships and markets. The large swings of oil prices in recent years and the related pressures on existing agreements call attention to the need for IPAs to be flexible if not fundamentally changed (OGJ, Aug. 24, 2009, p. 20).Modern IPAs are generally either production-sharing contracts or modernized concession agreements—with more host-country (HC) control over petroleum operations and state participation—although risk service contracts also exist on a more limited scale. Those structures have evolved both to accommodate the political ambiti...