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Evaluation of upstream petroleum agreements and exploration and production costs

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  • Abdulaziz Al-Attar
  • Osamah Alomair
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    Abstract

    Recently, 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 Info

    Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

    Volume (Year): 29 (2005)
    Issue (Month): 4 (December)
    Pages: 243-266

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    Handle: RePEc:bla:opecrv:v:29:y:2005:i:4:p:243-266

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291753-0237

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    Cited by:
    1. Feng, Zhuo & Zhang, Shui-Bo & Gao, Ying, 2014. "On oil investment and production: A comparison of production sharing contracts and buyback contracts," Energy Economics, Elsevier, vol. 42(C), pages 395-402.
    2. Patrick Gonzalez, 2013. "Taxing a Natural Resource with a Minimum Revenue Requirement," Cahiers de recherche CREATE 2013-6, CREATE.
    3. Kalyuzhnova, Yelena & Nygaard, Christian, 2008. "State governance evolution in resource-rich transition economies: An application to Russia and Kazakhstan," Energy Policy, Elsevier, vol. 36(6), pages 1829-1842, June.

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