How Governments Manage Their Offshore Petroleum Resources
Chapter 2: Licences
This chapter first explains how allocation systems for the award of rights to companies to explore and produce petroleum work and draws a distinction between the two main types: licences and production sharing contracts (PSCs). It sets out the common elements in the licensing systems of Australia, Norway and the UK and in their processes for marketing licences to the international oil industry. It traces the development of licences from concessions in which the concession-holder, or latterly licensee, takes the risk of finding commercial quantities of petroleum and then producing it profitably. The chapter then explains the licences that are issued in the three countries, their main rights and obligations and their financial terms. In each case the main licence is a production licence.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.