المستخلص: |
The oil producing countries, all over the world, sought to extend their control over natural resources and attempted to regulate this lucrative sector by contractual documents or by legislation. The petroleum operation involved high risk, big expenses and investment and cannot be run by one party. By entering into an appropriate contract, the parties can reduce the risk and may share the costs which are required for exploration, development and production activities. There are common contracts which had been developed and used by the host state and international oil companies in the petroleum industry such as the concession contract, production sharing contract, service’s contract and joint venture contract. This paper explains the types of some common petroleum contracts with the view of proposing an additional type of a contract based on the concept of unilateral intention.
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