international petroleum contracts

Answer 1

This paper reports on the history and development of International Petroleum Contracts. The emphasis on petroleum exploration has steadily shifted away from the domestic oil patch and toward the international arena. Today an estimated 577.3 billion bbl, or approximately 83% of the world's proven oil reserves, lie outside the Western Hemisphere. The distribution of these proven oil reserves can be broken down into three major socioeconomic categories - developed market economies, centrally planned economies, and developing countries - indicating that fully 76.7% of the world's proven oil reserves occur in developing countries. As multinational oil companies come into contact with the various host countries around the world, their course of action, and the course of the host country's reaction to them, are unfortunately colored by events that proceeded the initial contact