Contract Terms Worldwide: A Case for New Frameworks
Article from: OGEL 3 (2004), in Taxation
Abstract
Substantial progress has been made in petroleum contract/fiscal system analysis and design in the last decade. But the science suffers from lack of standards and prevailing misunderstandings about fundamental financial, economic and accounting issues. The decades of the 1980s and 90s brought the realization that exploration has become more difficult. The basins of this planet have matured perhaps more quickly than many of us anticipated. Prospectivity is not what was expected or hoped for, yet negotiations and bidding during these two decades was based on these ...