Production Sharing Agreement Meaning In Bexar
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An agreement to share the production or extraction costs between two governments, a government and a corporation, or a corporation and an individual.
Production sharing agreements were first used in Bolivia in the early 1950s, although their first implementation similar to today's was in Indonesia in the 1960s. Today they are often used in the Middle East and Central Asia, overall 40 countries worldwide.
Share of Production shall include all production attributable to each Well after deducting applicable royalties, overriding royalties, and other similar burdens that burdened the Assignment (excepting any such burdens created by Participant). Costs and Project Payout shall be determined on an aggregate, project basis.
An agreement to share the production or extraction costs between two governments, a government and a corporation, or a corporation and an individual.
A production sharing contract (PSC) is a contractual relationship between a host government and a private sector participant ('investor') whereby the government contracts with the investor to carry out oil and gas exploration and production activities (E&P activities) in a defined area for a defined period of time.
Production sharing agreement (PSA) is a contract between one or more investors and the government in which rights to prospection, exploration and extraction of mineral resources from a specific area over a specified period of time are determined.
Production agreement is a legally binding contract setting out the terms and conditions for the production of goods or services between two parties at a place.
Production sharing agreements can be beneficial to governments of countries that lack the expertise and/or capital to develop their resources and wish to attract foreign companies to do so. They can be very profitable agreements for the oil companies involved, but often involve considerable risk.
