The Structure of "Partnership Contracts for Production" in Conformity with Prerequisites of National Sovereignty and Ownership Over Oil Reservoirs

Document Type : Research Paper

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Abstract

Exploration, extraction and exploitation of underground resources of oil and gas necessitate high costs and risks. For this reason, countries having the reservoirs try to make contracts with foreign companies. International oil contracts in the upstream sector could be classified into risk and nonrisk contracts. Partnership contracts for production are risk contracts upon which the contractors’ fees and risk awards are paied from oil and gas production at the point of delivery determined in the contract between state and contractors. Assuming the rule of the host country’s laws on interpretation of or arbitration in disputes resulting the contracts and assuming their non-contradiction with requirements of sovereignty and national ownership over natural resources accordance with the last international treaties, the article argues that, in Iranian legal system, these contracts are acceptable and legal and more consistent with national sovereignty and ownership over underground resources than concession and exclusive contracts.

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