This work deals with cooperation between companies active in the exploration and exploitation of petroleum. A distinction is made between two forms of cooperation; proportional cooperation between oil companies who jointly own an exclusive petroleum right, either an exclusive licence or a risk contract, and non-proportional cooperation between state enterprises and oil companies who enter into production sharing agreements or other type of risk contracts. The book explains the reasons for cooperation and the strategies followed to minimise non-market-related risks. It provides detailed analysis of customary joint venture agreements and of special provisions in these agreements such as non-consent options and sole risk options. The work further covers compulsory cooperation in the form of either state participation or unitisation agreements. A separate chapter is devoted to production-sharing agreements.

The book is intended for geologists and petroleum engineers in charge of extractive ventures and for international lawyers, consultants and other professionals who are in charge of designing, negotiating and promoting any type of cooperative agreement.