Evaluation of upstream petroleum agreements and exploration and production costs
AbstractRecently, several major petroleum-exporting countries opened their upstream petroleum sectors to investment by international oil companies via various types of agreement, such as royalty/tax systems, production-sharing agreements and/or risk service agreements. This article evaluates upstream petroleum agreements and examines exploration and production (E&P) costs in major petroleum-exporting countries, with the intention of determining the relationship between the type of upstream petroleum agreement and E&P costs. It uses data obtained from experts and then splits the available data into three categories: low E&P cost countries (costs equal to or below $4.65 per barrel), medium E&P cost countries (between $4.65/b and $8.50/b) and high E&P cost countries (more than $8.50/b). The paper includes specific outlooks for selected countries to examine this relationship. Finally, the article ascertains that total E&P costs are one of the main factors that determine the type of upstream petroleum agreement host countries are willing to adopt. Copyright 2005 Organization of the Petroleum Exporting Countries.
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Bibliographic InfoArticle provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.
Volume (Year): 29 (2005)
Issue (Month): 4 (December)
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Web page: http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291753-0237
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