Презентация «Legal regime for petroleum contracts»
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Legal regime for petroleum contracts
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Petroleum doesn't last forever. It is a nonrenewable resource. This fundamentally drives the business decisions of companies, a key part of which is that most petroleum contracts are structured …
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Exploration Petroleum is rarely found on the surface of the earth. One is very unlikely (though would be quite lucky) to step into a puddle of oil, though when this does occur it is known as a …
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Seismic Commonly found beneath the earth's surface are various types of rocks, water and salt, all of which react differently when hit with a sound wave. Large amounts of data are captured from …
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Exploration drilling If the seismic produces promising results sometimes called a "lead" then the next phase of exploration will typically be drilling an exploration well. Here, an …
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Discover and appraise Let us assume that, lucky you, you found hydrocarbons while drilling; you have "discovered" petroleum! Is the pay day coming? Most likely, not quite yet. You may have …
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Commercial discovery or not? Once hydrocarbons have been found in sufficient quantities and with an economically viable extraction cost, the discovery becomes a "commercial discovery". It …
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Develop Once you have explored, discovered and appraised a petroleum deposit and determined that it is worth the cost to get it out of the ground, the next stage is to develop infrastructure to …
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Produce At long last perhaps a decade after the start of exploration oil or gas will finally flow. As various wells come 'online', petroleum will flow in increasing quantities as production …
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Abandon After anywhere from around seven years of production from smaller areas to fifty years or more from the giants, it is time to take all of the "steel and metal" down, plug the …
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What is a petroleum contract? Experts estimate that for a large natural resouce extraction project, there will be well over 100 contracts to build, operate, and finance it all of which could fall …
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Among these many contracts, the most important is the one between the government and the IOC. All of the other contracts must be consistent with and depend on this contract; these might be …
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The petroleum regime petroleum contracts are one key feature, living in a constellation or web of other laws and regulations above it and many other subcontracts and other ancillary contracts are …
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So, the petroleum contract is simply one part of the overall petroleum regime that governs petroleum resources. It is, however, the part that defines the particularities and rights that are essential …
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Negotiations A country is likely to have a model petroleum contract, in a standard format and with standard clauses that can be any of the types of Host Government Contracts listed in the next …
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Types of petroleum contract Of these Host Government Contracts, there are three principal types which can be generally characterized as: Concession: contractor owns the oil in the ground Production …
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Concessions are the "original" or oldest form of petroleum contract. First developed during the oil boom in the United States in the 1800s, the idea was then exported to oil producing …
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Production Sharing Contracts or PSCs and Service Contracts are different from concessions, in that they do not give an ownership right to oil in the ground. This also means that the state, being the …
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petroleum contract is the Joint Venture. This involves the state, through a national oil company, entering a partnership and working together with an oil company or companies. In this arrangement, it …
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the negotiation of a signed or executed contract, all are primarily driven by the executive branch of government. This will typically be the Ministry running the petroleum sector and perhaps some …
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The anatomy of petroleum contracts Generally speaking, contracts tend to follow the order in which things would happen in a petroleum project. After the introductions such as the list of terms to be …
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Parties of the contract The parties are usually the host government line ministry or its state/ national oil company (NOC) on the one hand, and an IOC or a group of IOCs, on the other. IOCs may be …
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In addition to the NOC being party to the petroleum contract on behalf of the state, the script may require the NOC to play another role as well. The host country and the IOC may agree on some form …
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Petroleum contracts will often set out a provision that captures the fundamental grant of rights to the parties as well as the assumption of obligations by the parties. This provision provides the …
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This grant of right is the main purpose of the petroleum contract. All other rights and obligations are subordinate to it. The clause gives the contractor the right to conduct the components of …
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Historical background Historically, the principal contractual form in the extractive industry was the concession. A concession essentially grants a private company the exclusive right to explore, …
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Companies paid small sums to the host government for the rights over its natural resources. Typically, the compensation was not tied to the value of the resource itself. It was, however, tied to …
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Because companies determined the volume of production, this meant that the interests of governments and companies could and often did diverge. That is, it was not always in the interests of companies …
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In addition, the scope of the traditional concession was broad, particularly with respect to duration and geography. For example, a foreign company could be granted rights from 40 to 75 years. The …
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This was the case in the Kuwait contract which stated: “(a) Within nine months from the date of signature of this Agreement the Company shall commence geological exploration. (b) The Company shall …
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