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Created in Indonesia, the production sharing agreement (PSA) is used by the oil industry in developing countries to mitigate risks and ensure profits. The PSA has been discredited in the developed world due to a lack of transparency and perception as a wealth transferor from impoverished to rich. A theoretical discussion and holistic case study on a critical position demonstrates how this 19th-century, neo-colonial contract has an inverse effect on human development capital investments by way of state-guaranteed reimbursements. These reimbursements promote overspending and unstructured development costs. A lack of structure allows the commingling of expenses and hides profits. Effectively, the PSA binds a host nation‘s citizens to the decision making of oil investors and ruling elites via personalized transactions that elude public interest and audits. Educational development theories do not consider economic distortions that intentionally weaken social empowerment. The PSA plays a significant role in explaining the ‘resource curse’ that is preventing resource-rich developing countries from significantly advancing their peoples

The Oil PSA and its Inverse Effect on Human Resource Development (HRD)