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Petroleum Resource Management

How Governments Manage Their Offshore Petroleum Resources

John A.P. Chandler

This thought-provoking book examines how countries manage their offshore petroleum resources by comparing the different approaches to licensing and regulation taken by Australia, Norway and the UK. It is based on extensive research into their policies and management practices, including interviews with government regulators and companies. These countries all face similar challenges as their offshore petroleum basins mature which means smaller discoveries, marginal production and ageing infrastructure. John Chandler analyses how their petroleum policy, systems of regulation, and regulators developed up to the present, and how they are responding to these challenges, as well as how they deal with exploration, development, infrastructure sharing and production.
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Chapter 2: Licences

John A.P. Chandler

Extract

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.

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