An Introduction to Upstream Government Petroleum Contracts: Their Evolution and Current Use, January 2005.
Article from: OGEL 1 (2005), in Production Sharing Contracts
Introduction
Hydrocarbon exploration and production activities are conducted today in almost all countries pursuant to upstream government petroleum contracts (" UGPCs ") entered into between foreign private oil companies and the governments of the countries where the hydrocarbon resources are located, or their national oil companies. This manner of contracting between governments and non-governmental parties reflects the commonly shared principle of State ownership of subsoil resources, a principle sanctioned by almost all modern legal systems. The U.S. is the most notable of the few ...