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This book examines the financial, legal and institutional
strategies available to the international oil and gas industry to
manage political and investment risk. The financial techniques for
mitigating and allocating risk include corporate finance, joint
ventures, and project finance. The legal techniques include
production sharing agreements, profit sharing agreements, service
contracts, bilateral investment treaties, and multilateral
investment treaties. The institutional techniques include domestic
courts, national constitutions, international arbitral tribunals,
governmental and non-governmental regulatory agencies, alliances
and energy diplomacy. This book traces the historical development
of these techniques and their application in practice. The
effectiveness with which companies manage political and investment
risk is important for the financial sustainability of individual
firms and the industry as whole. The real and perceived level of
risk affects the level of exploration expenditures and therefore
the balance between supply and demand, and the price of oil and
natural gas. The search for a secure supply of oil and gas affects
the political, military, and economic relations between countries.
Consequently, every developed and developing country has placed
energy policy at or near the top of its national priorities.
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