Investigating the Effects of Contractual Factors and Arrangements on the Optimum Level of Production in Oil and Gas Projects: Evidence from the South Pars Phases 17 & 18 (original) (raw)

2020, iranian economic review

Development of oil and gas fields is facing many risks, which are mainly due to uncertainties about the existence of commercial reserves, natural and economic environment, political conditions of host countries, legal and infrastructure issues and a market for petroleum products. In such an environment, investors are often engaged as contractors to develop and operate petroleum projects, constantly seeking to recover their capital and operating expenditures quickly, through increasing production levels. But some geological and geophysical factors, hydrocarbon structure, technological and scientific constraints, as well as some of the contractual arrangements, such as cost recovery ceiling, virtually prevent the investor from gaining access to high economic benefits and quick recovery. The purpose of this study is to investigate the effects of contractual factors and arrangements on the optimal production levels of petroleum projects. To this end, information on the South Pars phases...

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