The document discusses various aspects of controlling the petroleum industry, including the upstream, midstream, and downstream segments of the petroleum value chain. It also examines different types of licensing agreements governments use with petroleum companies, such as concessions, product-sharing contracts, and service contracts. Each contract allocates different levels of risk and reward between the government and petroleum companies. The document also reviews key legal principles around contracts, obligations, and different areas of law that govern relationships in the petroleum industry.
The document discusses various aspects of controlling the petroleum industry, including the upstream, midstream, and downstream segments of the petroleum value chain. It also examines different types of licensing agreements governments use with petroleum companies, such as concessions, product-sharing contracts, and service contracts. Each contract allocates different levels of risk and reward between the government and petroleum companies. The document also reviews key legal principles around contracts, obligations, and different areas of law that govern relationships in the petroleum industry.