Typologies of Exploration and Production Contracts in the Oil Sample Clauses

Typologies of Exploration and Production Contracts in the Oil and Gas Industry Throughout the literature and universe of oil contracts, there are variety of classifications for the main exploration and production oil and gas contracts through which the rights and obligations of parties have been determined. For example, the contracts or arrangements for exploration and production of petroleum have been classified into two main categories: (1) concessionary systems (also called licenses or lease and sometimes referred to as tax/royalty systems); and (2) contractual-based systems: as production sharing contracts and service contracts. In addition, a simple categorization for the upstream oil and gas contracts is offered, which divide the contracts into three main types, which are (1) concessions or licenses; (2) production sharing contracts (or agreements); and (3) service contracts. Types of oil and gas contracts also are divided into concession or license, service contract, joint venture contract (the participation agreements), and production sharing contract. Furthermore, there are more classifications for exploration and production oil and gas contracts. For example, they are divided into service contracts, profit sharing contracts, production sharing contracts, license contracts and any combination thereof; also divided into the licence, the concession, the production sharing agreement (PSA) and the service contract. It is therefore clear that there are many classifications for types of exploration and production contracts in the oil and gas industry. However, for the purposes of this study, concession contract, service contract, production sharing contract and joint venture contract are regarded as the main types of petroleum exploration and production contracts; and in order to answer the first question, all the four mentioned types of contracts will be appraised, as follows:
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