scholarly journals Petroleum Exploration and Production Contracts as Regulatory Tools: The Kurdistan Region Production Sharing Contracts

2020 ◽  
Keyword(s):  
Petroleum Exploration ◽  
Kurdistan Region ◽  
Production Sharing ◽  
Production Contracts ◽  
Exploration And Production

The effect of non-fiscal clauses in Host Government Instruments on the Fair Market Value of upstream opportunities

2019 ◽  
Vol 12 (6) ◽  
pp. 480-501
Author(s):  
Christopher Robertson Kinley Moore ◽  
Christopher Peter Moyes ◽  
Paul Dee Patterson
Keyword(s):  
Market Value ◽  
Petroleum Exploration ◽  
Due Diligence ◽  
Data Set ◽  
Production Sharing ◽  
Exploration And Production ◽  
History Of ◽  
Fair Market ◽  
Host Government ◽  
Fair Market Value

Abstract We identify nine categories of clauses in Host Government Instruments (HGIs, ie licences, concessions, production sharing contracts (PSCs), etc.) that potentially affect the Fair Market Value of petroleum exploration and production rights, in addition to the clauses quantifying the fiscal terms. The categories comprise state participation, performance bonds and penalties for failing to perform minimum work programmes, local content, decommissioning, natural gas terms, stabilization, assignment and change of control, renewals and extensions and governance issues. For each category, we review and summarize global practice in the top 50 oil-producing countries. We quantify our analysis using statistics from a data set of 55 representative HGIs, including contemporary alternative types for five countries. The age of each HGI used varies, guided by the history of oil production in each country. Texts are available for 53 HGIs and published summaries are available for the other two. The discussion provides a checklist for use in negotiating new HGIs or performing due diligence for transactions involving existing HGIs. Our choice of representative HGIs and our characterizations of some clauses are both in part subjective. Nevertheless, we suggest the statistics provide a useful guide to trends in global practice.

Negotiating upstream petroleum granting instrument terms with a state—what to do when the spider meets the fly

2020 ◽  
Vol 13 (4) ◽  
pp. 300-311
Author(s):  
Peter Roberts
Keyword(s):  
Petroleum Exploration ◽  
Production Sharing ◽  
Single Term ◽  
Exploration And Production ◽  
Host Government ◽  
Licence Contract

Abstract This article considers the key considerations to be borne in mind by an investor when negotiating the terms of an upstream petroleum granting instrument with a host government. In this article the term ‘granting instrument’ is used generically as a single term for ease of reference, intended to encompass all the different forms of petroleum concession, licence, contract or permit, but the article’s analysis is focused on the terms of a production sharing contract (PSC) simply because the PSC is the form of granting instrument which by far is the most widely used worldwide today for petroleum exploration and production. Despite this focus, many of the terms of the PSC which are considered in this article will also be relevant to other forms of petroleum granting instrument.

Integration of Geophysical Technologies in the Petroleum Industry

2021 ◽  
Keyword(s):  
Co2 Storage ◽  
Petroleum Industry ◽  
Petroleum Exploration ◽  
Reflection Seismology ◽  
Seismic Reflection Data ◽  
Reflection Data ◽  
Advanced Students ◽  
Storage Reservoirs ◽  
Magnetic Resistivity ◽  
Exploration And Production

The most utilized technique for exploring the Earth's subsurface for petroleum is reflection seismology. However, a sole focus on reflection seismology often misses opportunities to integrate other geophysical techniques such as gravity, magnetic, resistivity, and other seismicity techniques, which have tended to be used in isolation and by specialist teams. There is now growing appreciation that these technologies used in combination with reflection seismology can produce more accurate images of the subsurface. This book describes how these different field techniques can be used individually and in combination with each other and with seismic reflection data. World leading experts present chapters covering different techniques and describe when, where, and how to apply them to improve petroleum exploration and production. It also explores the use of such techniques in monitoring CO2 storage reservoirs. Including case studies throughout, it will be an invaluable resource for petroleum industry professionals, advanced students, and researchers.

International Chamber of Commmerce Court of Arbitration: Final Award of the Arbitral Tribunal in Arbitration Between National Oil Corporation and Libyan Sun Oil Company (Withdrawal from Exploration and Production Sharing Agreement)

1990 ◽  
Vol 29 (3) ◽  
pp. 601-623
Keyword(s):  
Arbitral Tribunal ◽  
Production Sharing ◽  
Force Majeure ◽  
Exploration And Production ◽  
Oil Company

In Its briefs dated September 15 And November E, 19E5, N.O.C. did not Invoke as being a withdrawal, any action from SDN-OIL In ceasing performance before the Request for Arbitration was filed, other than the “force mejeure” excuse. Its argumentation was different. N.O.C. considered that, assuming that SUN-OIL had not withdrawn from the EPS* In 1962, there would be withdrawal If SUM-OIL does not resume, or does not show that it intends to resume, the Exploration Operations in spite of the Arbitral Tribunal's award regarding the Invalidity of the force majeure excuses. In such case, SUN-OIL would have to pay N.O.C. the costs of the uncompleted portion of the Exploration Program, as provided under Art. 3.4. of the EPSA.

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