Special Feature on Production Sharing Contracts, Introduction by the Editors
Article from: OGEL 1 (2005), in Production Sharing Contracts
Introduction
Since the 19 th Century, governments have depended on the skill and knowledge of international oil and gas companies ("IOGCs") to explore and develop the oil and gas resources within their borders. Initially, and throughout most of the first half of the 20 th Century, this was done through concession contracts which granted the IOGC exclusive exploration and production rights, often over a vast area of land, with the host government receiving certain bonus payments and royalties. Eventually, many host governments concluded that concession contracts gave too much ...