This chapter initially examines the conditions that typified a production sharing contract, arising from the initial contracts in the mid-1960s developed by the Indonesians. It provides an excellent consideration of production sharing contracts from numerous petroleum producing jurisdictions that have sought to retain international oil companies for their technology, experience, and willingness to take risks. This use of IOCs also brings with it opportunities or the host government to be taken advantage of. This chapter considers such instances, particularly in South America. Finally, the chapter returns to Indonesia where PSCs began to consider the new form of PSC, again implemented by Indonesia.
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