Abstract
Oil is the most important natural resources in Iraq and represents the goal to others as well as Iraqi people. It is gift from God to all Iraqi people now and future. So we must maintain it and invest its revenue that achieve development in country and ensure the next generations' rights in it without external costs or negative externalities from extracted and invested it.
The most problems that we attempt to solve by this research are the exhausted, environmental degradation and theft from next generation that produced with oil contracts between Iraq and foreign companies. From here was the main objective to explain these externalities and attempting planning sustainable development to our country without any negative externalities.
The fundamental conclusion is existing many successful experiences in sustainable exploiting to depletion resources as Norway. Iraq may learn from these experiences to plan sustainable development policies to achieve development and maintain generation's rights in depletion resources.
