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Chapter 1 Introduction to Petroleum1

1.1 Physical Aspects1

1.1.1 Description1

1.1.2 Physicochemical Properties1

1.1.3 Generation3

1.1.4 Migration， Accumulation and Occurrence3

1.2 The Earth’s Carbon Cycle5

1.3 Extraction and Production Techniques7

1.4 Safety， Health and Environmental Aspects12

1.4.1 Safety， Health and Environmental Risks Associated with Petroleum Operations12

1.4.2 Concluding Remarks16

1.4.3 Health and Environmental Risks Associated with Using Oil Products and Natural Gas as Fuel17

Chapter 2 The Petroleum Industry19

2.1 Organization and Development19

2.1.1 Early Activities， Early Organization19

2.1.2 Integration and Internationalization（Western Private Sector）21

2.1.3 Joint Ventures for Exploration and Production25

2.1.4 State-Owned Commercial Oil Enterprises25

2.1.5 Governments and IOGs26

2.2 Global Expansion of Production Operations26

2.2.1 Oil Production26

2.2.2 Natural Gas Production30

2.3 Proved Reserves and Ultimate Recovery32

2.3.1 Conventional Oil32

2.3.2 Non-conventional Oil34

2.3.3 Oil Shale35

2.3.4 Natural Gas36

2.3.5 Coal38

2.4 Political Risk39

2.4.1 Historical Background39

2.4.2 Description and Scope41

2.4.3 Political Insurance43

Chapter 3 Petroleum and the Economy45

3.1 General Review45

3.1.1 Oil and Natural Gas45

3.1.2 Oil46

3.1.3 Natural Gas48

3.2 Factors Determining Economic Use and Value50

3.2.1 The State and Requirements of Prevailing Technology50

3.2.2 The Cost of Supply51

3.2.2.1 The Components51

3.2.2.2 High and Low Cost Unit-Production52

3.3 Markets， Prices and Pricing Systems： Oil54

3.3.1 The Early Kerosene Market （1860-1900）54

3.3.2 The Pre-Global Market （1900-1975）54

3.3.3 OPEC and Its Early Pricing Policies57

3.3.4 The Global Oil Market （as of 1975）59

3.3.5 Limits to Prices and Pricing61

3.3.5.1 The Upper Price Limit61

3.3.5.2 The Lower Price Limit62

3.3.5.3 The Situation from 200062

3.4 Markets， Prices and Pricing Systems： Natural Gas63

3.4.1 General63

3.4.2 Marketing and Use of Associated Natural Gas67

3.5 Taxes67

3.5.1 Export Duties67

3.5.2 Import Duties68

3.6 Alternatives for Oil Products and Natural Gas68

3.6.1 Introduction68

3.6.2 A Review of Alternatives69

3.6.2.1 Coal69

3.6.2.2 Biomass71

3.6.2.3 Non-fossil Electricity71

3.6.2.4 Alternative Fuels for Road Transport74

3.7 Market Outlook75

3.7.1 Introduction75

3.7.2 Market Outlook： Oil76

3.7.3 Market Outlook： Natural Gas77

Chapter 4 Government Petroleum Policies79

4.1 An Overview79

4.2 Common Petroleum Policies （Non-OPEC）81

4.3 UN Climate Conferences and IPCC’s Assessment Reports83

4.3.1 World Climate Conference （February 1979）83

4.3.2 The IPCC WG I First Assessment Report （1990）84

4.3.3 The Second World Climate Conference （1990）84

4.3.4 The Establishment of the UN Framework Convention on Climate Change （1992）86

4.3.5 The IPCC WG I’s Second Assessment Report （1995）87

4.4 The 1997 Kyoto Protocol87

4.5 Climate Change Petroleum Policies Post-Kyoto （OECD， EU）89

4.5.1 A Review of the Options89

4.5.2 The Final Choice90

4.5.3 The Consequences for Oil and Natural Gas92

4.6 The IPCC WG I Fourth Assessment Report （2007）92

4.7 The Organization of Petroleum Exporting Countries94

4.7.1 Organization， Statutes and Stated Objectives94

4.7.1.1 Organization94

4.7.1.2 The Statutes96

4.7.1.3 The Solemn Declaration of 197596

4.7.1.4 State Participation97

4.7.1.5 OPEC’s Long-Term Strategy as Seen in the 1980s97

4.7.2 OPEC’s Interventions in the Global Oil Market98

4.7.2.1 Pricing Policies from 1975 to 200098

4.7.2.2 Pricing Policies from 2000 Onwards104

4.8 The European Community108

4.8.1 Background108

4.8.2 Restrictions on Community Level Petroleum Policies108

4.8.3 Policy Objectives Realized109

4.8.3.1 EC Directive 94/22/EC of 30 May 1994109

4.8.3.2 European Energy Charter and Charter Treaty109

4.8.3.3 Internal Market in Natural Gas110

4.8.4 The Shaping of an Energy Policy110

4.8.4.1 Up to the Oil Crisis of 1973110

4.8.4.2 From the 1973 Oil Crisis up to 1986111

4.8.4.3 From 1986-1996112

4.8.4.4 From 1996-2006113

4.8.4.5 From 2006 Onwards114

Chapter 5 Petroleum Legislation of States115

5.1 Origin， Scope and Structure115

5.2 Principal Provisions of Petroleum Law119

5.2.1 Definition of Petroleum119

5.2.2 Ownership of Petroleum In Situ120

5.2.3 Delegation of Legislative Power to the Government121

5.2.4 Opening Up of Territory121

5.2.5 Type and Scope of Authorization122

5.2.6 Procedures for Applying for and Awarding Exclusive Authorizations122

5.2.7 Size and Shape of the Area for Which an Authorization May Be Granted122

5.3 Principal Provisions of Exclusive Licences123

5.3.1 Standard Conditions123

5.3.1.1 Ownership of Petroleum if and when Produced123

5.3.1.2 Duration， Sub-periods125

5.3.1.3 Area Relinquishment Schedule125

5.3.1.4 Obligatory Exploration Work Programme125

5.3.1.5 Development Plan and Production Schedule126

5.3.1.6 Disposal of Production126

5.3.1.7 Liability for Damages126

5.3.1.8 Methods of Working126

5.3.1.9 Joint Exploitation of Straddling Petroleum Reservoirs127

5.3.1.10 Obligatory Payments129

5.3.1.11 Royalty129

5.3.1.12 Area Rentals130

5.3.1.13 Cash Bonuses130

5.3.1.14 State Net Profit Share130

5.3.1.15 State Gross Profit Share131

5.3.1.16 State Share of Excess Profits131

5.3.1.17 State Participation131

5.3.1.18 Settlement of Disputes133

5.3.1.19 Stability of Terms134

5.3.2 Particular Conditions137

5.3.2.1 Description of the Licensed Area137

5.3.2.2 Cash Bonuses to Be Paid on Certain Occasions138

5.3.2.3 Duration of the Licence138

5.3.2.4 Obligatory Exploration Work Programme138

5.4 Principal Provisions of the Production Sharing Contract138

5.4.1 Standard Conditions138

5.4.1.1 The Parties138

5.4.1.2 Integration into a Specific Exclusive Licence139

5.4.1.3 Contract Area139

5.4.1.4 Duration of the Contract and Area Relinquishment139

5.4.1.5 Obligatory Exploration Work140

5.4.1.6 Declaration of Commercial Discovery（General）140

5.4.1.7 Declaration of Commercial Discovery（Non-associated Gas）140

5.4.1.8 Operatorship， Programmes and Budgets141

5.4.1.9 Supervisory Body142

5.4.1.10 Cooperation between State Party and Contractor143

5.4.1.11 Operations for the Sole Account and Risk of the State Party143

5.4.1.12 Bearing the Costs and Risks of the Operations144

5.4.1.13 Allocation of Oil and/or Natural Gas Production144

5.4.1.14 Determination of Cost Recovery Oil145

5.4.1.15 The Sharing of Profit Oil146

5.4.1.16 Petroleum Income Tax147

5.4.1.17 Lifting and Disposition of Oil147

5.4.1.18 Disposition of Natural Gas147

5.4.1.19 Purchase of State Party’s Share of the Profit Oil148

5.4.1.20 Domestic Supply Obligation148

5.4.1.21 Joint Exploitation of Straddling Petroleum Reservoirs149

5.4.1.22 Stability of the Contractor’s Economic Position150

5.4.1.23 State Participation151

5.4.1.24 Recruitment and Training of Personnel151

5.4.1.25 Transfer of Technology152

5.4.1.26 Use of National Products and Services152

5.4.1.27 Financial Guarantees152

5.4.1.28 Liabilities153

5.4.1.29 Assignment of Interests153

5.4.1.30 Title to Assets153

5.4.1.31 Confidentiality154

5.4.1.32 Settlement of Disputes154

5.4.1.33 Amendment155

5.4.1.34 Termination155

5.4.1.35 Applicable Law156

5.4.1.36 Approval and Ratification156

5.4.2 Particular Conditions156

5.5 Contents of Risk Service Contracts156

Chapter 6 Past and Current Licensing Regimes161

6.1 US161

6.1.1 Introduction161

6.1.2 Federal Petroleum Legislation for the Public Domain164

6.1.3 Federal Petroleum Legislation for the Outer Continental Shelf Lands164

6.1.3.1 Introduction164

6.1.3.2 Congressional Declaration165

6.1.3.3 The System of Leasing and its Administration166

6.1.3.4 Grant of Leases by Secretary168

6.1.3.5 Terms and Provisions of Oil and Gas Leases169

6.1.3.6 Oil and Gas Development and Production170

6.1.4 Union State Petroleum Legislation171

6.2 The Middle East Petroleum Agreements of the 1930s173

6.2.1 Background173

6.2.2 Original Provisions176

6.2.2.1 Obligatory Payments （up to the Fiscal Revision of 1951）176

6.2.2.2 Ownership of Petroleum177

6.2.2.3 Concession Area178

6.2.2.4 Duration and Basic Rights178

6.2.2.5 Regulation of the Exploration Operations179

6.2.2.6 Regulation of the Development of Discoveries and Production Schedules180

6.2.2.7 Conduct of Operations180

6.2.2.8 Ancillary Rights180

6.2.2.9 Disposition of Production181

6.2.2.10 Termination182

6.2.2.11 Stability of Terms182

6.2.2.12 Settlement of Disputes182

6.2.2.13 Straddling Structures183

6.2.2.14 Employment of Personnel183

6.2.3 State Participation184

6.2.3.1 Background184

6.2.3.2 The General Agreement on Participation185

6.2.3.3 The Sixty Per Cent to One Hundred Per Cent State Participation186

6.2.3.4 The Special Situation in Iran188

6.2.3.5 The Special Situation in Iraq190

6.3 Iran （Outside Consortium Territory）190

6.4 Kuwait （Gulf Continental Shelf）192

6.5 Saudi Arabia （Red Sea Continental Shelf）192

6.6 Egypt192

6.7 Libya194

6.8 Malaysia197

6.9 Nigeria198

6.9.1 Background198

6.9.2 The Act and Its Schedules199

6.9.3 The Petroleum （Drilling and Production） Regulations205

6.9.4 State Participation206

6.10 Venezuela207

6.11 United Kingdom207

6.11.1 Scope and Structure207

6.11.2 The 1988/1996 Model Clauses （Schedule 4）213

6.11.2.1 Exclusive Rights213

6.11.2.2 Duration， Termination and Surrender of Acreage214

6.11.2.3 Obligatory Payments215

6.11.2.4 Working Obligations215

6.11.2.5 Development and Production Programmes216

6.11.2.6 Commencement and Abandonment and Plugging of Wells218

6.11.2.7 Distance of Wells from Boundaries of Licensed Area218

6.11.2.8 Control of Development Wells218

6.11.2.9 Provision of Storage Tanks， Pipes， Pipelines and Other Receptacles219

6.11.2.10 Avoidance of Harmful Methods of Working219

6.11.2.11 Appointment of Operators219

6.11.2.12 Fishing and Navigation219

6.11.2.13 Unit Development220

6.11.2.14 Directions as to Oil Fields across International Boundaries220

6.11.2.15 Disposal of Production220

6.11.2.16 Reports to Be Treated as Confidential221

6.11.2.17 Indemnity against Third Party Claims221

6.11.2.18 Restrictions on Assignment， etc.221

6.11.2.19 Power of Revocation222

6.11.2.20 Arbitration222

6.12 Norway222

6.12.1 Scope and Structure222

6.12.2 The 1996 Act （as Amended）224

6.12.3 Associated Agreements246

6.12.3.1 The Training Agreement246

6.12.3.2 The Frame Agreement247

6.12.3.3 The Joint Operating Agreement247

6.13 The EC Directive 94/22/EC of 30 May 1994248

6.13.1 Introduction248

6.13.2 Principal Provisions249

Chapter 7 Past and Current Production Sharing Contracts255

7.1 Indonesia255

7.1.1 Background255

7.1.2 The Original Indonesian Model257

7.1.3 Amendments to the Original Model259

7.2 Egypt261

7.3 Syria262

7.4 Peru262

7.5 The Philippines263

7.6 Libya264

7.7 Malaysia265

7.8 Angola269

7.8.1 Background269

7.8.2 The 2006 Model Production Sharing Agreement270

7.8.2.1 Determination of Cost Recovery Oil （Article 11）271

7.8.2.2 Determination of the Sharing of Profit Oil （Article 12）272

7.9 The People’s Republic of China272

7.10 Nigeria273

7.11 Other Non-Western Countries274

7.12 The Russian Federation275

7.12.1 An Overview275

7.12.2 The 1992/1995 Subsoil Law275

7.12.3 The 1996 PSA Law277

7.12.3.1 Scope277

7.12.3.2 Signing of the Contract277

7.12.3.3 Precedence277

7.12.3.4 Rights Granted by the Contract277

7.12.3.5 Parties277

7.12.3.6 Licence278

7.12.3.7 Duration278

7.12.3.8 Awarding of Contracts278

7.12.3.9 Drafting of Conditions by Government Commission278

7.12.3.10 Programmes and Budgets279

7.12.3.11 National Interest Provisions279

7.12.3.12 Protection of the Natural Environment279

7.12.3.13 Operator279

7.12.3.14 Area Relinquishment Schedule279

7.12.3.15 Management Committee279

7.12.3.16 Production Sharing Mechanism279

7.12.3.17 Title to Assets280

7.12.3.18 Taxation （Profits Tax and Other Payments）280

7.12.3.19 Bonus281

7.12.3.20 Surface Tax281

7.12.3.21 Royalty281

7.12.3.22 Bank Accounts282

7.12.3.23 Stability-of-Contract Understanding282

7.12.3.24 Amendment of PSA Related Laws282

7.12.3.25 Blocks Available for PSAs282

7.12.4 The 2003 PSA Tax Law283

Chapter 8 Petroleum Taxation285

8.1 General Review285

8.1.1 Introduction and Background285

8.1.2 Taxation under a Licensing Regime286

8.1.3 Taxation under Production Sharing Contracts287

8.1.4 Review Income Taxes287

8.1.4.1 Corporation Tax （Licensees）287

8.1.4.2 Special Petroleum Income Tax （Licensees and Contractors）288

8.1.5 Interrelation and Concurrency of Taxes288

8.1.6 Other Taxes289

8.1.6.1 Export Duty289

8.1.6.2 Import Duty289

8.1.7 Taxation as an Instrument for Responding to Changes in Oil Price Levels and Profitability290

8.2 Past and Current Petroleum Taxation （Licences）290

8.2.1 The Middle East Petroleum Agreements of the 1930s290

8.2.1.1 Obligatory Payments290

8.2.1.2 50/50 Profit Sharing291

8.2.2 The United Kingdom295

8.2.2.1 Obligatory Payments under the Licence295

8.2.2.2 Payments under Income Tax Laws296

8.2.3 Norway298

8.2.3.1 Obligatory Payments under the Licence298

8.2.3.2 Payments under Income Tax Laws299

8.3 Past and Current Petroleum Taxation （PS Contracts）301

8.3.1 Indonesia301

8.3.2 Egypt301

8.3.3 Malaysia302

8.3.4 Angola303

8.3.5 The Russian Federation304

Chapter 9 International Regulation of Offshore Petroleum Operations305

9.1 The Law of the Sea305

9.1.1 Origin and Initial Development305

9.1.2 The 1945 Truman Proclamation306

9.1.3 Preparatory Work on Conventions308

9.1.4 The 1958 Convention on the Continental Shelf309

9.1.5 The 1970 UN General Assembly Resolution 2749 （ⅩⅩⅤ）312

9.1.6 The 1982 Convention on the Law of the Sea315

9.1.6.1 Background315

9.1.6.2 Contents of the Convention （Parts Ⅴ，Ⅵ， Ⅷ， ⅩⅠ and ⅩⅡ）315

9.2 Dumping Conventions325

9.2.1 The 1972 Oslo Convention for the Prevention of Marine Pollution by Dumping from Ships and Aircraft325

9.2.2 The 1972 London Convention on the Prevention of Marine Pollution by Dumping of Wastes and Other Matter326

9.3 Conventions on the Protection of the Marine Environment326

9.3.1 The 1973/1978 Convention for the Prevention of Pollution from Ships （MARPOL）326

9.3.2 The 1974 Paris Convention for the Prevention of Marine Pollution from Land-Based Sources327

9.3.3 The 1992 Convention for the Protection of the Marine Environment of the North-East Atlantic （OSPARCON）327

9.3.3.1 Definitions and Scope327

9.3.3.2 Sources of Pollution330

9.3.3.3 The Commission330

9.3.3.4 Annex ⅩⅩⅩ （re.Pollution from Offshore Sources）331

9.3.3.5 Amendments332

9.3.4 The North Sea Ministerial Conferences333

9.3.5 The 1992 Convention on the Protection of the Marine Environment of the Baltic Sea Area334

9.3.5.1 Definitions and Scope334

9.3.5.2 Sources of Pollution335

9.3.5.3 The Commission336

9.3.5.4 Annex Ⅵ （re.Offshore Pollution）336

9.3.6 UNEP Conventions on the Prevention of Pollution338

9.3.7 The 1989 IMO Guidelines and Standards on Removal339

Chapter 10 Charters and Interstate Agreements Related to Petroleum341

10.1 The New International Economic Order341

10.1.1 Background341

10.1.2 The 1974 Charter of Economic Rights and Duties of States343

10.1.3 The Issue of Nationalization or Expropriation346

10.2 The European Energy Charter and Charter Treaty347

10.2.1 The 1991 European Energy Charter347

10.2.2 The 1994 Energy Charter Treaty348

10.2.2.1 Article 1： Definitions348

10.2.2.2 Article 3： International Markets348

10.2.2.3 Article 6（1）： Competition349

10.2.2.4 Article 7： Transit349

10.2.2.5 Article 8： Transfer of Technology349

10.2.2.6 Article 9： Access to Capital349

10.2.2.7 Article 10： Promotion， Protection and Treatment of Investments349

10.2.2.8 Article 11： Key Personnel350

10.2.2.9 Article 12： Compensation for Losses350

10.2.2.10 Article 13： Expropriation351

10.2.2.11 Article 14： Transfers Related to Investments351

10.2.2.12 Article 18： Sovereignty over Energy Resources352

10.2.2.13 Article 19： Environmental Aspects352

10.2.2.14 Article 20： Transparency353

10.2.2.15 Article 21： Taxation353

10.2.2.16 Article 22： State and Privileged Enterprises353

10.2.2.17 Article 26： Settlements of Disputes between an Investor and a Contracting Party354

10.3 Interstate Joint Development Agreements355

10.3.1 Background355

10.3.2 The 1959 Treaty on Antarctica and the 1991 Protocol356

10.3.3 The 1962 Agreement between the Netherlands and Germany360

10.3.3.1 Background360

10.3.3.2 Main Provisions360

10.3.3.3 Agreements of Cooperation361

10.3.4 The 1974 Agreement between Japan and the Republic of Korea concerning Joint Development of the Southern Part of the continental Shelf Adjacent to the Two Countries362

10.3.4.1 Background362

10.3.4.2 Basic Provisions363

10.3.4.3 Main Provisions363

10.3.5 The 1989 Agreement between Australia and Indonesia367

10.4 Interstate Unitization Agreements370

10.4.1 Background370

10.4.2 The 1979 Statfjord Agreement372

Chapter 11 Cooperative Exploration and Production Agreements375

11.1 Historical Background and Development375

11.1.1 The Early Period375

11.1.2 The Middle East Joint Ventures377

11.2 The Contemporary Joint Venture379

11.2.1 Principles and Objectives379

11.2.2 Standard Conditions of the JOA382

11.2.2.1 Introduction and Recitals382

11.2.2.2 Definitions383

11.2.2.3 Duration383

11.2.2.4 Purpose and Scope383

11.2.2.5 Participating Interests383

11.2.2.6 Basic Rights， Obligations and Liabilities384

11.2.2.7 The Operator384

11.2.2.8 The Management Committee387

11.2.2.9 The Non-consent Option387

11.2.2.10 The Sole Risk Option388

11.2.2.12 Disposition of Production390

11.2.2.13 Default390

11.2.2.14 Assignment of Interest390

11.2.2.15 Withdrawal391

11.2.2.16 Confidentiality392

11.2.2.17 Force Majeure393

11.2.2.18 Notices393

11.2.2.19 Settlement of Disputes394

11.2.2.20 Governing Law394

11.2.2.21 Accounting Procedure394

11.3 The Unitization Agreement395

11.3.1 Background395

11.3.2 Principles and Objectives396

11.3.3 The Pre-contractual Period397

11.3.3.1 Subjects to Be Agreed397

11.3.3.2 Collection of Information and Cost Sharing397

11.3.3.3 The Division of the Petroleum Reserves398

11.3.3.4 Adjustment of STOIIP/GIIP Calculation Method399

11.3.3.5 Re-determinations400

11.3.3.6 Appointment of a Unit Operator401

11.3.4 The Contents of a Unitization Agreement401

11.3.4.1 Participating Interests401

11.3.4.2 Defiitions401

11.3.4.3 Purpose and Scope401

11.3.4.4 Description and Demarcation of the Unit401

11.3.4.5 Duration402

11.3.4.6 Tract Participations and Unit Interests402

11.3.4.7 Re-determinations402

11.3.4.8 Adjustments after Re-determination402

11.3.4.9 Unit Operator402

11.3.4.10 Unit Management Committee403

11.3.4.11 Unit Development Plan403

11.3.4.12 Sole Risk Operations403

11.3.4.13 Non-unit Operations404

11.3.4.14 Default404

11.3.4.15 Withdrawal404

11.3.4.16 Assignment of Unit Interests405

11.3.4.17 Other Conditions405

11.3.4.18 Approval405

11.3.4.19 Accounting Procedure405

11.3.4.20 Annexes406

Bibliography407

Sources419

Index421