World Petroleum Legislation: Frameworks That Foster Oil and Gas Development
Keyword(s):
In this article the authors draw upon the experience of the World Bank in encouraging petroleum investment in its member countries to analyze the essential elements of international-standard legislative frameworks for petroleum exploration and production operations. The basic components of Petroleum Law, Regulations, and Model Contracts are examined with a view to explaining the principles and rationale for each essential element of successful legislative frameworks while recognizing that there is room for a myriad of variations and innovation depending on the hydrocarbon endowment, real or perceived, of each host government.