Petroleum exploration and production rights : allocation strategies and design issues / Silvana Tordo ; with David Johnston and Daniel Johnston.

Includes bibliographical references (pages 100-106).

Executive summary -- The exploration, development, and production of petroleum resources -- Alternative approaches to the granting of petroleum exploration, development, and production rights -- The design of appropriate allocation systems -- Conclusions -- Appendix I. Life cycle of a typical oil and gas project -- Appendix II. Main fiscal instruments : advantages and disadvantages -- Appendix III. World average fiscal terms -- Appendix IV. Select countries's experience : Australia, United Kingdom, United States, Brazil, Mexico, and Republic of Yemen -- Appendix V. Allocation systems design : example -- Glossary.

"This paper analyzes the available evidence on the advantages and disadvantages of various systems used by petroleum-producing countries to allocate petroleum exploration, development, and production rights, and considers the policy implications of each system. The experience of six petroluem-producing counties is presented in detail and numerous other examples are provided to derive lessons of wider applicability. The paper presents various conditions for policy makers about the optimal design of allocation systems."--Jacket.