A COMPARATIVE REVIEW OF MODERN CONCESSION CONTRACT (MCC), AND PRODUCTION SHARING CONTRACT(PSC)
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Date
2015-07-18
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FACULTY OF LAW, ALHIKMAH UNIVERSITY
Abstract
The importance of oil and gas to the growth and development of world energy supply cannot be over emphasised. There are four basis arrangements to develop petroleum between host countries and the multinational oil companies: they are Modern Concession Contract (MCC), Production Sharing Contract(PSC), Participation Arrangement (PA) and, the Service Agreement (SA). This paper is principally concerning with Petroleum Upstream Contract and Arrangements. Upstream are all the services required to find and produce the oil and gas. Therefore, the focus of this paper is to examine the two basic systems of Modern Concession and Production Sharing Contract Arrangements, and see how host countries can make legal and contractual terms as attractive as possible to foreign investors, while still protection the critical interests of their states.
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ALHIKMAH LAW JOURNAL VOL 1(2)