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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 8: Production sharing contracts

John A.P. Chandler

Extract

This chapter looks at PSCs to see what can be learned from them about resource management. It starts by identifying similarities between licences and PSCs (for example they both confer exclusive rights over an area). PSCs are different from licences in that the oil company is a contractor and obtains a share of the petroleum which it produces. Petroleum is shared by reference to a formula which allows the contractor to recover costs and profit oil. Some of these are based on rates of return or R-factor calculations. The chapter examines the effects of these formulae on performance. It gives examples of management and governance provisions in PSCs and also examines development approvals and other resource management provisions.

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