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Evaluation of upstream petroleum agreements and exploration and production costs

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  • Abdulaziz Al‐Attar
  • Osamah Alomair

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.

Suggested Citation

  • Abdulaziz Al‐Attar & Osamah Alomair, 2005. "Evaluation of upstream petroleum agreements and exploration and production costs," OPEC Energy Review, Organization of the Petroleum Exporting Countries, vol. 29(4), pages 243-266, December.
    • Handle: RePEc:bla:opecrv:v:29:y:2005:i:4:p:243-266
    DOI: 10.1111/j.1468-0076.2005.00154.x
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    Cited by:

    1. Luciano Celi, 2021. "Deriving EROI for Thirty Large Oil Companies Using the CO2 Proxy from 1999 to 2018," Biophysical Economics and Resource Quality, Springer, vol. 6(4), pages 1-12, December.
    2. Escobar, Octavio R. & Le Chaffotec, Alexandra, 2015. "The influence of OPEC membership on economic development: A transaction cost comparative approach," Research in International Business and Finance, Elsevier, vol. 33(C), pages 304-318.
    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.
    4. Patrick Gonzalez, 2013. "Taxing a Natural Resource with a Minimum Revenue Requirement," Cahiers de recherche CREATE 2013-6, CREATE.
    5. Alejandro Ibarra Yúneza & Fidel Flores Chapa, 2017. "Oil risk contracts, business conduct and performancepatterns: Data panel analysis," Contaduría y Administración, Accounting and Management, vol. 62(5), pages 15-16, Diciembre.
    6. 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.

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