Overview of PSCs Baker McKenzie IBP.Final.pdf

The petroleum economist ranks us amongst the most

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The Petroleum Economist ranks us amongst the most knowledgeable law firms in energy, oil and gas, and project finance.
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4 Global 3,900+ Asia Pacific 1,050+ Europe/Middle East 1,590+ North/Latin America 1,260+ Founded in 1949 67 locations 39 countries Fluent in 70 + languages Admitted to practice in 250 + locations Key Facts and Figures No. of lawyers: Global Presence 750+ lawyers 510+ lawyers North America Latin America 1590+ lawyers Europe & the Middle East 1050+ lawyers Asia Pacific Bogota Brasilia Buenos Aires Caracas Chicago Dallas Guadalajara Houston Juarez Mexico City Miami Monterrey New York Palo Alto Porto Alegre Rio de Janeiro San Diego San Francisco Santiago Sao Paulo Tijuana Toronto Valencia Washington D.C North/ Latin America Europe/ Middle East Bangkok Beijing Hanoi Ho Chi Minh City Hong Kong Jakarta Kuala Lumpur Manila Melbourne Shanghai Singapore Sydney Taipei Tokyo Asia Pacific Abu Dhabi Almaty Amsterdam Antwerp Bahrain Baku Barcelona Berlin Brussels Budapest Cairo Dusseldorf Frankfurt Geneva Kyiv
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In the Beginning
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6 Granting Instruments Evolution of the Oil and Gas Granting Instruments: Three basic stages: 1. Oil and Gas Lease 2. Concession Contracts 3. Production Sharing Contracts
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7 In the Beginning – the Drake Well "Colonel" Edwin L. Drake (right) and his good friend Peter Wilson, a Titusville pharmacist, in front of the historic Drake well in 1861. This was the second derrick and engine house - the first one burned down in 1859.
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8 Granting Instruments The granting instrument under which Drake drilled his well in Pennsylvania: Date: December 30, 1857 From: Pennsylvania Rock Oil Company To: E. B. Bowditch and E. L. Drake A copy of the entire document follows:
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9 ‘Demise and let’ all the lands owned or held under lease by said company in the Country [ sic ] of Vanango, State of Pennsylvania, “To bore, dig, mine, search for and obtain oil, salt water, coal and all materials existing in and upon said lands, and take, remove and sell such, etc., for their own exclusive use and benefit, for the term of 15 years, with the privilege of renewal for same term. Rental, one-eighth of all oil as collected from the springs in barrells furnished or paid for by lessees. Lessees may elect to purchase said one-eight at 45 cents per gallon, but such election, when made, shall remain fixed. On all other minerals, 10 per cent of the net profits. Lessees agree to prosecute operations as early in the spring of 1858 as the season will permit, and if they fail to work the property for an unreasonable length of time, or fail to pay rent for more than 60 days, the lease to be null and void.’” Full Text of the Drake Lease
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10 Granting Instrument Basics The Drake lease contains all the basic elements of a granting instrument whether -oil and gas lease -concession or -production sharing contract.
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11 Granting Instrument Basic Elements 1. Identify the Area 2. Grant Right to Explore and Produce Hydrocarbons 3. Exclusive Grant of Rights 4. Obligation to Pay Royalty 5. Primary Term 6. Secondary Term 7. Obligation to carry out Work Program
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12 Granting Instrument Basics OR:
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  • Winter '14
  • Bijay K Behra
  • contractor, Petroleum industry

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