Evaluation of upstream petroleum agreements and exploration and production costs
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.
Volume (Year): 29 (2005)
Issue (Month): 4 (December)
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