Upstream Petroleum Prospectivity and the Growing Influence of the Islamic (Shariah) Law and its Economic Rules
Article from: OGEL 6 (2015), in Middle East, Buy Back Contracts
Before discussing the role of Islamic finance in modern petroleum commerce I want to discuss the important concept of petroleum prospectivity and then to examine how the Sharia might affect it. To explain my own use of the term prospectivity I should point out that I have participated in many upstream licensing campaigns beginning in 1982 and through to the Seychelles in 2011-12. The concept of petroleum prospectivity goes to the very heart of the process of upstream petroleum licensing and also to upstream petroleum transactions in general. In this paper all three quantities are ...